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The FTSE 100 opened 40.75 points higher at 10,749.08 as investors welcomed signs of renewed US-Iran diplomacy ahead of a fresh batch of flash PMI data from Europe, the UK and the US. Brent crude futures fell 0.43% to USD 98.82 per barrel. U.S. West Texas Intermediate (WTI) advanced 0.99% to USD 89.62 per barrel.
Sterling rose to USD 1.3382 early Wednesday from USD 1.3372 late Tuesday. Against the euro, it edged up to EUR 1.1661 from EUR 1.1658.
On the upside, Rentokil rose 2.40% to 324.20p. Sage Group advanced 1.41% to 1,003.50p, while Standard Chartered gained 1.24% to 2,294p. InterContinental Hotels Group rose 1.14% to USD 155.85, London Stock Exchange Group added 1.10% to 8,244p, and 3i Group increased 1.09% to 2,702p.
On the downside, Smiths Group recorded the steepest decline, falling 1.11% to 2,752p. Spirax Group dropped 0.76% to 7,220p, while Severn Trent declined 0.71% to 3,086p. Admiral Group slipped 0.54% to 3,686p, AstraZeneca fell 0.36% to 12,626p, and Next edged 0.34% lower to 14,640p.
US President Donald Trump said envoys held a ‘very good’ three-hour meeting with an Iranian delegation on the sidelines of the United Nations General Assembly (UNGA) in New York.
Special Envoy Steve Witkoff confirmed talks took place through mediators who "shuttled between the two sides throughout the day," describing the round as "successfully completed" and saying a further meeting was expected within days.
The conditions set by Iran were communicated through Qatari mediators, including a halt to hostilities on all fronts, removal of the US naval blockade and the return of frozen funds, as per the spokesperson of the Ministry of Foreign Affairs of Iran, Esmaeil Baghaei.
British sports and fashion retailer JD Sports reported a 19.7% decline in first-half profit on Wednesday, driven by weakness in its North American market, but maintained the full-year earnings outlook.
The group's shares are down 10% over the last year, reflecting pressure on the stock. Profit before tax and adjusting items was GBP 282 million, slightly above the GBP 279 million consensus estimate.
Revenue fell to GBP 5.90 billion from GBP 5.94 billion a year earlier. Like-for-like sales fell 2.8%, while organic sales dipped 0.7%. JD maintained its full-year profit before tax and adjusting items guidance at GBP 700 million to GBP 800 million and left its free cash flow forecast unchanged at GBP 460 million to GBP 520 million.
Airtel Money confirmed plans for a London IPO. The African mobile payments business is reportedly seeking a valuation as high as $9 billion (GBP 6.8 billion).
The fintech has more than 50 million active customers and is seeking to raise as much as $800 million from investors. Airtel Money chief executive Ian Ferrao said, “A London listing will underpin our next wave of growth. The opportunity ahead of us is substantial and, importantly, there are many demographic and digital tailwinds within the markets that we serve.
“This listing will give us the platform to continue transforming financial services across Africa and to keep building value for our customers, our partners, African governments and our shareholders.”
Also Read: Stock Market Update: Nifty 50 Opened 23.15 Points Higher, Sensex Rose 119 Points
In the US, the tech-heavy Nasdaq climbed 0.45% to a record close of 27,244.28, supported by a nearly 7% gain in shares of SanDisk. The S&P 500 was marginally lower at 7,764.64, while the Dow Jones Industrial Average shed 0.36%, to finish at 51,863.69.
In Asia on Wednesday, Tokyo's Nikkei 225 is closed today, while China’s Shanghai Composite dipped 0.4%. Hong Kong’s Hang Seng declined 0.96%, and South Korea’s Kospi edged up by 0.9%. In India, both the Nifty 50 and the Sensex rose by 0.53% and 0.52%, respectively.
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