FTSE 100 Live: Index Opened 43 points Higher at 10,779 Amid Easing Tensions in the Middle East, 6.26% Fall in Brent Crude Prices

The FTSE 100 opened 43.04 points higher at 10,779.27 amid a third consecutive night without US strikes on Iran, supported by active Iran-Oman negotiations to reopen the Strait of Hormuz, easing fears of a broader Middle East war. Meanwhile, Brent crude futures fell 6.26% to $90.72 per barrel. US West Texas Intermediate (WTI) declined 5.26% to $84.64 ‌per barrel.

Sterling edged higher to $1.3352 early Monday, while the euro strengthened to $1.1405 against the dollar.

Gainers & Losers 

On the upside, JD Sports Fashion climbed 4.41% to 92.88p. RELX advanced 2.88% to 2,642p, while Whitbread gained 2.79% to 2,505p. Vodafone Group rose 2.66% to 117.65p, International Consolidated Airlines Group (IAG) added 2.53% to 445.20p, and Marks & Spencer increased 2.29% to 389.20p.

On the downside, BP declined 3.39% to 529.80p. Shell fell 1.76% to 3,247.50p, while SSE slipped 1.20% to 2,393p. Imperial Brands dropped 0.96% to 2,796p, IMI eased 0.72% to 3,028p, and British American Tobacco edged 0.28% lower to 4,559p.

Vodafone Expects Upper End of the Guidance 

Vodafone witnessed a strong start to its financial year and says it now expects to reach the upper end of full-year guidance. Organic service revenue increased 5.2% in the first quarter, with growth recorded across every segment, and inching up from 5.1% in the final quarter of the past year. 

Reported service revenue rose 9.8% to €8.6 billion, while total revenue climbed 9.7% to €10.3 billion, helped by the merger of its UK business with Three. Underlying profits on an EBITDAaL basis increased 6.7% to €2.9 billion, or 6.2% on an organic basis.

AstraZeneca Q2 Earnings Beats Expectations 

AstraZeneca reported better second-quarter earnings than expected; core earnings per share increased 21% to $2.63 in the second quarter, ahead of analysts' forecast of $2.48. Revenue rose 6% to $15.4 billion, narrowly below the $15.4 billion predicted. 

Chief executive Pascal Soriot says the company was disappointed by the failure of the key CARDIO-TTRansform trial earlier this month, which has seen more than 11% of the group's valuation shaved off, but the group is ‘on track to deliver our $80 billion total revenue ambition, which assumes successes and setbacks’.

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DCC Agrees to £5.75 billion KKR-led Takeover

DCC has agreed to a £5.75 billion takeover by a group of private equity firms. US private equity firm KKR and Energy Capital Partners, a subsidiary of London-listed Bridgepoint, said this morning they would pay a total of £65 per share in cash for the firm plus a final dividend of 147p per share. 

The agreed deal comes at a 24% premium to DCC’s undisturbed share price before the offer period began. “Whilst the DCC Energy board remains confident in the energy strategy and associated 2030 Ambition announced in 2022, the board believes the Consortium’s offer represents a compelling opportunity for shareholders to crystallise value in cash at an attractive premium to DCC Energy’s historical trading price,” said Mark Breuer, Chair of DCC Energy. 

Global Market View

In US, Dow futures have added 0.8%, S&P 500 futures rose 0.9% and Nasdaq futures climbed 1.45%.

Meanwhile, in Asia on Monday, Tokyo's Nikkei 225 rose 0.4% to 64,931.19, while China’s Shanghai Composite gained 1.15%. Hong Kong’s Hang Seng advanced 1.02%, and South Korea’s Kospi jumped 0.97%. In India, both the Nifty 50 and the Sensex rose by 0.85% and 0.86%, respectively.