The FTSE 100 opened 29 points higher at 10,513 as data showed the UK economy grew faster than expected in the first quarter, even as uncertainty surrounds the US-Iran peace deal. Meanwhile, Brent crude futures fell 1.04% to $72.39 a barrel. US West Texas Intermediate (WTI) advanced 0.78% to $70.20 a barrel.
On the upside, Antofagasta rose 3.12% to £3,864, while Anglo American advanced 3.09% to £3,739. Polar Capital Technology Trust gained 2.55% to £703, and Glencore moved higher by 2.43% to £523.40. Sainsbury’s added 2.34% to £323.20, while Rio Tinto climbed 1.94% to £7,213.
On the downside, Persimmon declined 2.87% to £1,051, while Coca-Cola HBC slipped 1.01% to £4,884. 3i Group fell 1% to £2,471, and Coca-Cola Europacific Partners moved lower by 0.91% to £7,615. Severn Trent eased 0.61% to £2,948, while Games Workshop edged down 0.18% to £21,880.
The crypto firm has suffered a £72 million loss as Bitcoin fell below $60,000. Smarter Web Company, which hit a market cap of around £1 billion last year, has since fallen below £100 million.
Despite the fall, the company has insisted it remains “confident” in the long-term case for Bitcoin. “It is worth reminding shareholders that Bitcoin is a volatile asset and that periods of challenging price action are a feature of its history rather than an exception to it,” Smarter Web said.
“Every material move higher has been accompanied by periods that test conviction, and the recent price environment is no different.”
Sainsbury’s total sales were up 3.1% year-on-year to £8 billion, primarily driven by increased demand for berries, barbecue and deli products during record-breaking heat.
Grocery sales increased 3.6% from the prior year to £7.6 billion, but the company warned that the long-term impact on both the business and customers “remains uncertain”.
General merchandise and clothing sales declined 3.7% to £438 million. Argos continued to struggle from the impact of “subdued customer spending”, with sales falling 0.5% to £1.1 billion, but saw a late spike in sales of televisions as the World Cup kicked off.
The UK economy grew by 0.6 percent in the first quarter of the year compared to the preceding three-month period, unrevised from the last estimate. But year-on-year, GDP grew 0.9%, down from the previous estimate of 1.1%.
Business investment rose 0.9% on the quarter, while imports jumped 1.4%. Household consumption grew 0.6%, and government spending increased 1.3%.
Commenting on today’s Q1 GDP figures, the ONS's director of economic statistics, Liz McKeown, said, “Our latest set of figures shows no revision to economic growth in the first quarter of this year. However, growth for 2025 was revised downward.
In the US, Dow Jones added 0.6% to close above 52,000 for the first time, while Nasdaq rose 2.1% and S&P 500 closed up 1.2%.
In Asia, South Korea’s Kospi rose 0.97% to 8,479.48. Japan’s Nikkei 225 rose 0.86% to 70,062.32 points. Taiwan’s TAIEX advanced 2.5%. India’s Nifty 50 and Sensex both fell 0.04% and 0.15%, respectively.
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