The FTSE 100 opened 33 points higher to 10,266 amid mixed global cues and a rise in oil prices. Oil prices surged as US President Donald Trump rejected the peace proposal by Iran, calling it “Totally Unacceptable.” Brent crude futures are up by 4.14% to $105.5 a barrel while US West Texas Intermediate (WTI) gained 4.80% to $100 a barrel.
GBP/USD slipped 0.24% to 1.3601 as the dollar strengthened on safe-haven demand.
Airtel Africa climbed 4.36% to £383, while International Consolidated Airlines Group advanced 4.08% to £400.70 and Compass Group gained 2.85% to $30.34.
Among other gainers, Polar Capital Technology Trust rose 1.37% to £668.50, while Vodafone Group added 1.26% to £120.15 and RELX edged higher by 1.14% to £2,488.
On the downside, 3i Group dropped 1.89% to £2,541, while Reckitt Benckiser declined 1.71% to £4,591 and Fresnillo slipped 1.26% to £3,527.
Among other laggards, Spirax Group eased 0.75% to £7,390, while Next fell 0.65% to £13,100 and Games Workshop Group edged lower by 0.33% to £19,540.
Compass shares rose as much as 4.6% to $30.87 in early trade as it shrugged off inflation concerns after upgrading its profit forecasts. The catering giant increased its profit growth estimate from 10% to “above” 11% for the year to end September.
The firm served up revenue growth of 10.7% to $25 billion (£18.3 billion) for the six months to the end of March, with pre-tax profit of $1.5 billion, up 14.7% on the previous year.
Mark Crouch, market analyst for eToro, said, “Compass Group’s latest results underline why the catering giant continues to command a premium valuation. At a time when many firms are grappling with weaker consumer demand and economic uncertainty, Compass is still producing a dependable mix of growth, rising margins and strong cash generation. The figures also challenge the narrative that hybrid working and advances in AI will materially weaken demand for workplace catering.”
Heathrow said April passenger numbers declined 5% to 6.7 million as the Iran conflict affected Middle East traffic by over 50%, though transfer passengers increased 10% as travellers rerouted through London.
The airport will update its 2026 passenger forecast in June, with chief executive Thomas Woldbye calling the impact "short-term."
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Futures for Frankfurt, Paris and New York are all slightly in the red, while stocks in Asia are mixed, with the Mumbai and Tokyo benchmarks down 1.2% and 0.4%, but the Shanghai counterpart gained 0.9% and Seoul's Kospi jumped 4.5%.
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