The FTSE 100 opened 70.84 points higher at 10,707.55 as data showed the UK economy grew faster than expected in the second quarter. Brent crude futures rose 0.17% to USD 102.8 per barrel. US West Texas Intermediate (WTI) advanced 0.06% to USD 89.43 per barrel.
Sterling traded higher at USD 1.3237 on Wednesday from USD 1.3210 at the London equities close on Tuesday. Against the euro, it climbed to EUR 1.1670 from EUR 1.1656.
On the upside, SSE gained 2.91% to 2,508p, while Antofagasta advanced 2.90% to 3,756p. National Grid rose 2.81% to 1,154.50p, United Utilities Group added 2.70% to 1,445p, and Severn Trent increased 2.61% to 3,148p. Marks & Spencer Group also traded higher, gaining 2.25% to 390.20p.
On the downside, Shell fell 0.88% to 3,562.50p, while Sage Group declined 1.05% to 961.20p. BP dropped 1.45% to 542.70p, and Ithaca Energy was the biggest faller among those shown, losing 1.96% to 269.60p. BT Group also moved lower, slipping 0.36% to 195.30p.
Greggs shares jumped to a two-month high on Wednesday after the British bakery chain raised its 2026 profit outlook as sales growth strengthened. The shares rose 7% to 2,006p, trading near their 52-week high and at their highest level since July 30.
The British bakery chain said it now expects a modestly ‘improved’ outcome for 2026, after previously forecasting underlying pretax profit to be around the prior year’s £172 million.
Greggs reported total sales growth of 7.7% in the 13 weeks to September 26, while like-for-like sales at company-managed shops rose 3.4%, improving from 2.1% growth in the first half.
UK GDP grew 0.5% in April-June, against a 0.4% forecast and 0.6% in the first quarter, the Office for National Statistics said. Net trade was the main boost, with export volumes up 2.8%. Services output rose 0.6%, while production fell 0.1%.
Household spending rose 0.3%. Government borrowing rose to 5.2% of GDP from 4.2%. Germany grew 0.3% and France was flat.
Saga upgraded its profit targets, as the company hunts £100 million of underlying pre-tax profits by the end of the decade. The group saw underlying pre-tax profit double to £46.6 million in the six months to July and lifted its full-year profit targets to between £65 million and £70 million.
Saga saw a 100% increase in underlying profit at its holidays arm. The group said its new ‘no-fly’ packages, which send over-50s to summer breaks at UK universities, ‘have proved to be very popular’.
In the US, Wall Street finished lower as elevated borrowing costs continued to pressure equities, with the Dow Jones Industrial Average down 0.3%, the S&P 500 losing 0.2% and the Nasdaq Composite edging 0.1% lower.
In Asia on Wednesday, Tokyo's Nikkei 225 rose 1.93% to 66,753.72, while China’s Shanghai Composite advanced 0.31%. Hong Kong’s Hang Seng gained 0.37%, and South Korea’s Kospi edged down by 0.48%. In India, both the Nifty 50 and the Sensex rose by 0.3% and 0.52%, respectively.
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