The FTSE 100 opened 64.86 points higher at 10,935.88 as renewed tensions in the Middle East pushed oil prices higher, while investors awaited the latest US Federal Reserve interest rate decision. Meanwhile, Brent crude futures rose 3.54% to $87.07 per barrel. US West Texas Intermediate (WTI) advanced 3.60% to $82.11 ‌per barrel.

Sterling eased to $1.3298 from $1.3306 in the previous session. Against the euro, it fell to €1.1662 from €1.1674. 

Gainers & Losers 

On the upside, Weir Group surged 8.40% to 2,736p. Reckitt Benckiser advanced 5.37% to 5,454p, while Burberry Group gained 4.91% to 1,196p. Standard Chartered climbed 4.44% to 2,190p, Glencore rose 3.93% to 526.40p, and The Sage Group increased 3.15% to 969.40p.

On the downside, Admiral Group declined 1.22% to 3,720p. Endeavour Mining fell 1.03% to 3,551p, while Severn Trent slipped 0.92% to 3,032p. Halma eased 0.91% to 3,498p, Coca-Cola HBC dropped 0.79% to 5,045p, and Coca-Cola Europacific Partners edged 0.47% lower to 8,400p.

Sage Revenue Increased 

Sage posted another quarter of double-digit revenue growth. Revenue rose 11% to £2.06 billion in the first nine months of the year, with third-quarter growth accelerating to 12%, driven by demand for its cloud accounting, payroll and HR software. 

Cloud revenue climbed 15% to £1.76 billion, while recurring subscription revenue topped £2 billion. Chief financial officer Jacqui Cartin said Sage had delivered “nine months of accelerating revenue growth”, buoyed by growing use of AI features and strong demand for products including Sage Intacct, its finance software. 

The company maintained its forecast for organic revenue growth of more than 9% this year and said operating margins would continue to improve. Sage shares are still around 13% lower than a year ago.

Greggs Share Jumps 

Greggs share increased as investors warmed to its profit jump and bullish approach to expansion. The company posted a 20% jump in pre-tax profit to £76 million and said it plans to reach at least 3,500 stores across the UK. 

Shares in Greggs jumped by more than 10% in early trade, to 1,862p. Duncan Ferris, an analyst at Freetrade, said: “This morning’s boost in profits from Greggs looks less about its produce selling like hot cakes, and more about a helping hand from cost controls and lower inflation. 

“Greggs says performance of new stores was particularly strong. This may alleviate fears the bakery chain’s expansion is merely leaving its own stores competing with each other.”

Glencore Profit Rises 

Glencore reported profits at its commodities trading arm of around $3.3 billion in the first half, shy of its annual earnings guidance of $3.5 billion. This was shared by CEO Gary Nagle in the group's production report. 

He said he was "pleased to report a strong production performance for the first six months of the year, where our key assets largely performed in line with expectations and previously communicated guidance". 

Full year production guidance for copper, zinc and nickel remains unchanged, while the mid-points of energy and steelmaking coal guidance are up by 1Mt and down by 1Mt, respectively.

Also Read: Stock Market Update: Nifty 50 Opens 191.3 points Higher, Sensex Over 650 points

Global Market View

In the US, Wall Street saw mixed results last night, with the Dow Jones climbing 537 points or 1% to close at 52,747 and the S&P 500 adding 0.2%. However, the Nasdaq slipped 0.2% to 24,877.

In Asia on Wednesday, Tokyo's Nikkei 225 fell 1.49% to 61,434.19, while China’s Shanghai Composite gained 0.4%. Hong Kong’s Hang Seng advanced 1.77%, and South Korea’s Kospi edged lower by 5.98%. In India, both the Nifty 50 and the Sensex rose by 0.99% and 1.15%, respectively.