FTSE 100 opened 24 points higher to 10,633 and tracked positive cues from global markets. This comes amid optimism around potential US-Iran talks after Trump said Washington could send a delegation back to Pakistan in the next two days.
Housebuilder Barratt Redrow advanced 2.4% after it announced quarterly results. It reported a net private reservation rate of 0.64 per outlet per week, up from 0.62 a year earlier. Forward sales increased 11.2% to 11,395 homes worth £3.54 billion and it left the group at 94% of the forward sales for the current financial year.
Standard Life shares rose 1.4% after it bagged Dutch insurance giant Aegon's UK arm for £2 billion in shares and cash. The insurer said the deal will add around £160 billion of assets under management and 3.8 million customers, taking the combined total to about £480 billion and 16 million customers.
Among others, Anglo American gained 1.41% to £3,625.50, while 3I Group jumped 1.66% to £2,811.50 and Rio Tinto rose 0.78% to £7,367.
On the downside, Imperial Brands declined 2.97% to £2,846 and Burberry Group fell 2.72% to £1,138, while Associated British Foods backed 1.71%to £1,844 and Coca-Cola Europacific Partners dipped 1.11% to £7,130.
Also, Lion Finance declined 0.90% to £11,030 and Games Workshop Group fell 0.18% to £19,385.
Antofagasta’s copper production plunged in the Q1 of the year, as output was blocked by ongoing improvement projects at key mines. Copper production dipped 7.6% year-on-year to 143,000 tonnes. This comes after lower processing rates and copper grades across its Los Pelambres and Centinela sites in Chile.
In contrast, gold production jumped 8% to 46,500 ounces, supported by higher ore grades, but further growth was weakened by lower processing rates. Despite this, Antofagasta gained 3.01% to reach £3,991.50.
The UK’s main consumer watchdog put a multi-million fine on the so-called “drip pricing” for learner drivers taught by the AA.
The Competition and Markets Authority (CMA) found that over 80,000 new drivers were “not shown the total price upfront when booking lessons online, as required by law” with “a mandatory fee … included later in the process”.
It slapped a £4.2 million fine on the AA. The group must also repay £760,000 to affected customers. Refunds will be made directly to customers' cards or via cheque.
In the US, Nasdaq added 2% at 23,639 points, S&P 500 was up 1.2% at 6,967 points, and Dow Jones added 0.66% at 48,535 points. Oil fell over 5% to trade at near $94 per barrel.
In Asia, South Korea’s Kospi rose 2.4% to 6,115.6 with the index up 41.7% this year despite Iran war volatility. Japan’s Nikkei 225 saw a modest gain of 0.3% to 58,074.4 points.
Hong Kong’s Hang Seng and Shanghai’s Composite both recorded small gains. It increased 0.4% and 0.2% respectively. Mainland China’s CSI 300 dropped 0.1%. Indian markets witnessed a reversal with both Nifty 50 and Sensex climbing 1.4%.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be risky, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.