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The FTSE 100 opened 97 points lower to 10,408 on Thursday after the US launched fresh strikes on an Iranian military facility, which reignited concerns over stability in the Middle East and global energy supplies. Meanwhile, Brent crude futures rose 2.76% to $96.88 a barrel. US West Texas Intermediate (WTI) advanced 2.03% to $91.37 a barrel.
Sterling was at $1.3394 on Thursday morning, down from $1.3429 at yesterday’s close.
Melrose Industries led the gainers, rising 1.27% to £477.60, while Babcock International advanced 1.17% to £1,077 and BAE Systems gained 1.15% to £1,988.
Also, Vodafone Group climbed 0.63% to £111.85, while Aviva added 0.54% to £630.60 and Compass Group moved higher by 0.39% to $31.12.
On the downside, Fresnillo declined 3.79% to £3,096, while Endeavour Mining slipped 3.72% to £4,268 and AstraZeneca fell 2.57% to £13,648.
Among other laggards, DCC dropped 2.56% to £5,910, while Intertek Group eased 2.09% to 5,400.00p and Games Workshop Group edged lower by 1.49% to £19,900.
UK total vehicle manufacturing declined slightly in April as weaker domestic demand outweighed a slight increase in export demand.
The Society of Motor Manufacturers & Traders said total vehicle production in the UK fell 1.2% to 58,513 units in April from 59,203 units during the same month a year earlier.
The average house price has crossed the £500,000 mark, a new peak for first-time buyers in London. According to the latest Zoopla House Price Index report, London saw an 8% increase in sales year-on-year.
The data shows first-time buyers are targeting homes worth £10,000 more than last year, as they seek to buy homes at an average price of £254,750, 4.3% higher than last year. In the capital, the average first-time buyer house price reached £502,250, while overall average house prices have not moved.
Richard Donnell, executive director at Zoopla, said: “Despite fewer buyer enquiries than last year, more sales are being agreed as committed movers press ahead as mortgage rates drift lower.”
SSE reported £3.6 billion in capital investment, a 20% increase from the previous financial year, as part of its commitment to invest £33 billion by 2030 into modernising the UK’s electricity infrastructure.
Profit before tax fell 6% to £2 billion from £2.1 billion, reflecting the group’s ongoing heavy investment into revamping its renewable and network projects and wider ongoing macroeconomic volatility.
Earnings per share declined to £153.5 from £161.3, but remained at the upper end of guidance. The final dividend came out at £47.3, taking the full year dividend to £68.7, a 7% rise.
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A deal with Tesco helped the Esquires Coffee owner to jump in turnover. Cooks Coffee Company, which is listed on Aquis, posted sales of £43.1 million for the year to end March, a surge of 22.8%.
The firm opened a host of new coffee shops during the year, including 12 net openings in the UK, making it the country’s sixth largest chain, and 5 new shops in Ireland within Tesco stores as part of a new partnership with the supermarket.
In the US, stock futures are in the red, led by a 0.5% decline forecasted for the tech-heavy Nasdaq, while the Dow Jones gained 0.4%, and the S&P 500 edged just above the flatline.
In Asia, the Kospi fell 1.7% to 8,086.3 points, while Japan’s Nikkei 225 dropped 0.5%. Taiwan’s TAIEX also tumbled 1.4% to 43,636.4 points. In China, Hong Kong’s Hang Seng fell 1.4%, while the Shanghai Composite climbed 0.2%, driven by a surge in semiconductor stocks. India’s Nifty 50 and Sensex are both closed today.
