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The FTSE 100 opened 182.9 points higher at 10,359.09. The rise can be attributed to improving sentiment around a potential de-escalation in the Middle East. The rally comes even as oil prices stay elevated though Brent crude has eased slightly to $101.
Antofagasta led the mining pack. It surged 5.32% to £3,504 and the price scenario reflects sustained strength in commodity demand.
Aerospace giant Rolls-Royce climbed 5.17% to £1,190.5 while airline group IAG advanced 4.89% to £366.9.
In addition Compass Group rose 4.82% to $28.82, St. James’s Place gained 4.63% to £1,231 and Anglo American moved higher by 4.22% to £3,313. This indicates wider strength.
Despite the rally some stocks remained under pressure due to company-specific developments and sector headwinds.
Berkeley Group emerged as the biggest laggard as it plunged 17.29% to £2,842 after announcing a halt in new land acquisitions citing rising costs and an uncertain housing market outlook. The company which specialises in building homes in urban areas especially in London said the decision comes in the context of recent global events. Berkeley had said earlier in March that the Iran war was “weighing heavily on risk sentiment” and that it was mindful of the potential for higher inflation this year and for interest rates to stay elevated for longer.
Energy stocks also faced declines as crude prices eased with Shell falling 1.73% to £3,521 and BP declining 2.44% to £591.5. Meanwhile RELX slipped 1.17%, Unilever edged down 0.37% and Experian declined 0.58% suggesting selective profit-taking after recent gains.
Investor sentiment improved as US President Donald Trump said that the Middle East conflict could ease within weeks, reducing immediate concerns around global energy supply disruptions. However, Brent crude remains approximately 50% higher than mid-February levels, indicating inflationary pressures.
In the US, the S&P 500 index jumped 2.9%, led by an advance for tech stocks including NVIDIA, while the Nasdaq Composite jumped 3.8% and the Dow Jones Industrial Average advanced 2.5%.
Interest rate expectations also shifted, with markets now pricing a 32% probability of a July rate cut.
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On the domestic front, UK households experienced temporary relief as energy bills fell 7% to £1,641. However, forecasts suggest a potential 18% increase in July 2026, driven by ongoing geopolitical risks and volatility in the energy market.
Topps Tiles announced plans to close 23 stores as it responds to weak demand and rising costs, while industry data suggests that nearly two-thirds of hospitality firms may cut jobs due to increasing financial pressures.
Meanwhile, Blank Street Coffee is in early talks to raise $100 million as it eyes further expansion. The cafe chain, which has over 40 stores in the UK, is known for its matcha drinks and has grown rapidly since it was founded in 2020. The firm was valued at around $500 million last year but could see its value reach nearly $1 billion in a deal, according to reports.
