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The FTSE 100 opened 56.15 points lower at 10,761.46 amid renewed tensions between the US and Iran, which increased inflation concerns. Brent crude futures rose 1.43% to USD 91.78 per barrel. US West Texas Intermediate (WTI) advanced 1.57% to USD 87.11 per barrel.
Sterling stood at USD 1.3547 early Tuesday, marginally lower than USD 1.3548 on Monday. Against the euro, sterling rose to EUR 1.1670 from EUR 1.1662.
On the upside, Reckitt Benckiser Group climbed 4.79% to 5,378p. BP advanced 3.30% to 531.50p, while Bunzl gained 2.29% to 2,856p. Entain rose 2.14% to 524.20p, Shell added 1.93% to 3,409p, and Convatec Group increased 1.58% to 231.20p.
On the downside, Games Workshop Group fell 1.36% to 18,170p. Endeavor Mining declined 4.98% to 4,506p, while Lion Finance Group dropped 1.34% to 13,240p. London Stock Exchange Group slipped 2.00% to 8,820p, AstraZeneca lost 1.29% to 11,816p, and Computacenter edged 2.38% lower to 5,535p.
Bunzl upgraded its full-year target after its operating margins rose following inflationary pressures. The company recorded a 3% rise in revenue to just over GBP 5.9 billion in the first half of the year, supported by commodity-driven price adjustments.
Bunzl’s gross margin increased to 29.4% from 28.8%. The firm pinned this on being ‘supported by the net impact of inflation in the second quarter.’ It added that the group was able to ‘effectively manage an inflationary environment.’
Gamma Communications agreed to a recommended GBP 1.02 billion cash takeover by private equity firm Epiris, offering shareholders a notable premium to the company’s pre-offer share price.
Under the terms of the deal, Bradbury Bidco Limited will pay 1,120p in cash for each Gamma share, valuing the group at around GBP 1.015 billion on a fully diluted basis and at a value of GBP 1.079 billion.
The price represents a 53% premium to Gamma’s closing price of 732p on 7 April 2026, the final trading day before the company entered an offer period.
Bodycote, a UK industrials group, has agreed to a GBP 1.84 billion takeover by US group Veritas, marking the latest London-listed group to be snapped up by private equity.
Bodycote on Tuesday said it had accepted a proposal that values its shares at 940p each, up from a previous Veritas bid of 914p a share.
Veritas was competing for Bodycote with rival buyout group CVC, which last month submitted a bid that valued the UK group at up to 915p a share.
In the US, the S&P 500 slipped 0.33% to 7,686.14, while the Nasdaq Composite shed 0.12% to close at 26,370.89. The Dow Jones Industrial Average slid 374.09 points, or 0.7%, to finish at 53,185.90.
In Asia on Tuesday, Tokyo's Nikkei 225 fell 0.15% to 66,215.34, while China’s Shanghai Composite dipped 0.16%. Hong Kong’s Hang Seng declined 0.75%, and South Korea’s Kospi surged 0.23%. In India, both the Nifty 50 and the Sensex rose by 0.13% and 0.18%, respectively.
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