FTSE 100 Live: Index Opened 28.73 Points Lower at 10,760

The FTSE 100 opened 28.73 points lower at 10,760.55 amid renewed military action between the US and Iran, which pushed oil prices higher and weighed on sentiment across global markets. Brent crude futures rose 0.36% to USD 94.99 per barrel. US West Texas Intermediate (WTI) advanced 0.04% to USD 90.26 per barrel. 

Sterling stood at USD 1.3502 early Wednesday, below Tuesday’s close at USD 1.3527. Against the euro, sterling fell to EUR 1.1660 from EUR 1.1669 a day prior.

Gainers & Losers

On the upside, InterContinental Hotels Group climbed 1.67% to USD 158.50. Admiral Group advanced 1.63% to 4,000p, while NatWest Group gained 1.32% to 691.80p. Aviva rose 1.01% to 739.20p, Investec added 0.91% to 664p, and BT Group increased 0.88% to 207p.

On the downside, Computacenter fell 3.18% to 5,330p. Reckitt Benckiser Group declined 1.72% to 5,268p, while London Stock Exchange Group dropped 1.13% to 8,736p. Rio Tinto slipped 1.12% to 7,496p, Lion Finance Group lost 0.89% to 13,310p, and Games Workshop Group edged 0.49% lower to 18,220p.

TT Electronics Upgrades Profit Forecast

TT Electronics upgraded its profit forecast despite a fall in revenue, citing ‘margin expansion and stronger commercial momentum’. 

The manufacturer said it now expects to exceed market expectations on adjusted operating profit, which it guided to a top range of GBP 38.5 million. The group’s revenue slipped by 2.7% to GBP 228 million in the six months to June. 

“TT is a stronger and more resilient business than it was twelve months ago,” chief executive Eric Lakin said.

Halma Acquires Pyxis

Halma acquired Texas-based water sensor business Pyxis in a GBP 126 million deal. The FTSE 100 firm said Pyxis, which turns over around GBP 30 million per year, had “capabilities that are complementary to several of our existing companies.” 

Halma will pay up to a further GBP 22 million to Pyxis over the next two years, subject to performance conditions.

Ryanair Cuts Passenger Target

Ryanair trimmed its winter passenger targets to dodge the rising jet fuel prices caused by the Middle East war. The airline said it has secured fixed-price contracts for 80% of its fuel needs for the coming year, but opted to cut some flights to reduce the amount of fuel it has to buy at market rates. 

Ryanair now targets 214 million passengers for the coming year, down from 216 million. The carrier issued a fuel price warning to its competitors: “If high oil prices continue through to next summer, Ryanair believes short-haul prices will increase materially to reflect higher oil prices”. 

Also Read: Stock Market Update: Nifty 50 Declined 0.82%, Sensex Started 472.96 Points Lower Amid Weak Global Cues

Global Market View

In the US, Wall Street closed lower on Tuesday, with the Dow Jones Industrial Average falling 0.8%, the S&P 500 losing 0.7%, and the Nasdaq Composite declining 1%.

In Asia on Wednesday, Tokyo's Nikkei 225 fell 2.85% to 64,325.64, while China’s Shanghai Composite dipped 0.97%. Hong Kong’s Hang Seng declined 0.31%, and South Korea’s Kospi fell 3.99%. In India, both the Nifty 50 and the Sensex fell by 0.84% and 0.69%, respectively.