FTSE 100 Live: Barclays Gains 1.55%, Fresnillo Drops 96 Points After Ofgem Approval

The FTSE 100 opened Thursday’s session slightly lower, trading with a discount of 9 points at 9,683.35. In the US and across Asian indices, market sentiment improved overnight.

Ofgem Approves £28 billion Network Investment as Bills Set to Rise

A major development shaping the UK market was Ofgem’s approval of a £28 billion investment package for gas and electricity networks. 

Although the regulator emphasized the importance of the upgrade part of a much larger £90 billion modernisation plan, it warned that consumers will face an additional £108 per year on energy bills by 2031.

Most of the funding will support new power lines, sub-stations, and critical grid capacity enhancements under the RIIO-3 regulatory framework.

Blue-Chip Movers: Mining and Banking Stocks Lead Early Gains

Rio Tinto climbed 2.58% to £ 5,646, reflecting optimism in the commodities sector. Barclays also posted a rise of 1.55% to reach £440.05 amid easing concerns over UK banking profitability. 

Prudential gained 1.23% to £1,114 and 3I Group gained 1.13% to £3,033, signalling buying interest in diversified financials.

Rolls-Royce Holdings continued its recent momentum, rising 1.04% to £1,074, while Informa gained  0.97% to £956.20.

On the downside, Fresnillo slid 3.53% to £2,624, losing 96 points as precious metals weakened slightly. Endeavour Mining dropped 2.27% to £3,364.

AstraZeneca dipped 0.49% to £13,618, while British American Tobacco also registered decline of 1.15% to £4,292. Coca-Cola Europacific Partners slipped 0.58% to £6,910.

Corporate Earnings and Reviews Drive Sector Focus

Travel-catering specialist SSP lifted guidance after posting an 8.3% rise in operating profit to £223 million. 

The company also launched a broad review of its underperforming European rail division. Watches of Switzerland also pleased investors, reporting a 6% rise in earnings to £69 million, fuelled by strong US demand.

Magazine publisher Future also jumped 11% to £664.5 after announcing a big dividend increase alongside annual results.

In contrast, Frasers Group reported a 2.8% decline in profits to £290.9 million, citing subdued consumer confidence and lingering excess inventory across UK retail. 

Vodafone attracted attention after announcing a €1.8 billion deal to take control of Safaricom.

Also Read: US Stock Market Today: Dow Jones Rises 0.4% as Labor Weakness Reinforces a Dovish Fed Outlook

Global Cues Support Stability

A positive session on Wall Street where the Dow Jones gained 0.9% and a 2% surge in Japan’s Nikkei helped improve sentiment in early trade. 

Brent crude edged up to $63.08, while gold held at $4,188 an ounce. Bitcoin traded at $93,137, reflecting steady risk appetite across asset classes.