FTSE 100 Live: Index Opens Higher as Energy Prices Rise and Global Markets Remain Volatile

The FTSE 100 opened the session on a positive note despite ongoing geopolitical tensions. The benchmark index rose 17.86 points to 10,335.55, supported by gains in mining, utilities, and healthcare stocks, even as Wall Street futures pointed to a weaker session ahead.

Gainers and Losers

3I Group rose 3.24% to £3,030, reflecting investor demand for private equity exposure. Healthcare stock Hikma Pharmaceuticals advanced 1.50% to £1,285, supported by continued interest in defensive sectors.

United Utilities climbed 1.33% to £1,370, while Severn Trent rose 1.14% to £3,182, as investors turned toward stable, income-generating stocks.

Also, Endeavour Mining gained 1.06% to £4,574, benefiting from rising gold prices, while Centrica jumped 1.01% to £210.40.

On the downside, London Stock Exchange Group slipped 0.46% to £8,718, reflecting cautious sentiment around financial stocks.

British American Tobacco declined 0.53% to £4,548, while defense company BAE Systems dropped 0.99% to £2,299.

Also, Coca-Cola Europacific Partners edged lower by 0.26% to £7,600, while household products manufacturer Reckitt Benckiser backed 0.37% to £5,464.

Close Brothers to Cut Jobs

Close Brothers is set to cut around 600 jobs as the group posted losses due to the motor finance compensation bill.

The first said around a quarter of its 2,600 workforce would be cut over the next 1.5 years across the UK and Ireland.

The group reported a half-year loss before tax of £65.5 million, primarily reflecting the additional £135 million motor finance provision taken in October. 

GP Landlord PHP Welcomes Labour NHS Plan

GP landlord Primary Health Properties (PHP) has welcomed Labour’s ten-year NHS plan, which it says will offer opportunities for investment in community practices. 

The real estate firm saw income growth of 49% to £230 million last year, as the value of its investment portfolio more than doubled to £6 billion.

PHP completed a £1.8 billion takeover of insurance firm Assura last year, which it says has created a healthcare real estate investment trust worth £6 billion.

Central Bank Decisions in Focus

The Reserve Bank of Australia raised its benchmark interest rate by 0.25% to 4.1%, citing higher inflation pressures and rising fuel prices.

Investors are also awaiting policy decisions from the US Federal Reserve, Bank of England, European Central Bank, and Bank of Japan, which are widely expected to keep interest rates unchanged.

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Global Market View

Brent Crude oil has failed to hold last night’s position below $100 a barrel, having rebounded by 4% in Asian trading hours to stand at $103.96. 

In the US, the S&P 500 index rose 1%, and the Dow Jones Industrial Average rose 0.8%, while the tech-focused Nasdaq Composite surged 1.2%.

In Asia, Japan’s Nikkei 225 rose 0.7% in early trading, but dipped slightly at close. Hong Kong’s Hang Seng inched up 0.1% after tech shares rebounded, but Shanghai’s Composite failed to follow, with shares down 0.8%.