FTSE 100 Live: Index Opens Higher as IMI Jumps 4%; Oil Surge and US Jobs Data in Focus

The FTSE 100 opened 31.75 points higher at 10,445.69, putting the market on track to end a volatile week with gains. Investors are balancing strong corporate updates with macroeconomic uncertainties that are arising from geopolitical tensions.

IMI Leads the Gainers

Engineering group IMI shares rose 4.22% after announcing annual results, along with a £500 million share buyback program. 

The company’s stock climbed roughly £116 to £2,868, reflecting strong investor confidence following the announcement.

Among others, 3i Group advanced 2.36% to £2,998, while Auto Trader Group rose 2.22% to £483.20. 

Metlen Energy & Metals also posted gains of 2.05% to reach £34.20, and Admiral Group added 2.01%  to £3,140.

Property portal Rightmove gained 1.97% to £450.30, continuing its upward momentum as investors rotated into real estate-related stocks.

Defensive Stocks Weigh on the Index

British American Tobacco declined 0.84% to £4,351, while consumer goods giant Unilever fell 0.49% to £5,031.

Coca-Cola Europacific Partners slipped 0.39% to £7,650, and GSK declined 0.48% to £2,066.

Also, Croda International backed 0.32% to £2,830, and Reckitt Benckiser edged 0.21% lower to £5,688.

Oil Prices Surge on Middle East Tensions

Brent and US crude oil prices are heading toward their biggest weekly gains since 2022, rising 16-19% after tanker disruptions in the Middle East limited supply flows.

The surge in energy prices has raised concerns about inflation and could delay interest rate cuts from major central banks. 

Market participants now expect around 40 basis points of Federal Reserve rate reductions this year, significantly lower than previous projections.

Royal London’s AUM Reached Record High 

Royal London’s assets under management (AUM) jumped to a record £199 billion, up from £173 billion the previous year, fueled by Dalmore Capital’s acquisition, which brought in £6 billion. 

Operating profit increased 18% to £327 million, up from £277 million, backed by the growth in its pensions business. 

Net inflows jumped to £4.1 billion from £1 billion the previous year, boosted by flows to liquidity funds and a new £4.6 billion multi-asset mandate from St James’s Place.

Also Read: Stock Market Today: Sensex Falls 511 Points, Nifty at 24,625 as Brent Oil Hits $86; ICICI Bank Leads Losses

Global Markets and Economic Data in Focus

Investors are also awaiting the US February non-farm payrolls report, which economists expect to show job growth of around 60,000, compared to the 130,000 increase in January. The unemployment rate is projected to remain stable at 4.3%.

Retail footfall dropped 4.7% year-on-year in February, marking one of the sharpest declines since April 2024.

In the US, the Dow Jones Industrial Average fell 1.6%, while the S&P 500 dropped 0.6% and the Nasdaq Composite lost 0.3%.

Asian markets are in positive territory, with the Nikkei 225 up 0.6% and the Hang Seng index up by 1.7%.