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The FTSE 100 opened 16 points higher at 10,243.5 as tensions between the United States and Iran surged. Markets appeared to price in Washington’s insistence that direct military strikes near the Strait of Hormuz would not derail peace negotiations. Meanwhile, Brent crude futures declined 0.28% to $91.11 a barrel. US West Texas Intermediate (WTI) fell 0.41% to $87.84 a barrel.
Metlen Energy & Metals rose 2.37% to £41.48, while Associated British Foods advanced 2.01% to £1,927. Admiral Group also moved higher, gaining 1.68% to £3,394, and Rolls-Royce Holdings climbed 1.65% to £1,245.40. IMI added 1.57% to £2,854, while InterContinental Hotels Group rounded out the top performers, rising 1.56% to $162.70.
On the downside, HSBC Holdings fell 1.89% to £1,286.60, while London Stock Exchange Group declined 1.53% to £8,988. The Sage Group slipped 1.50% to £838.60, and RELX dropped 1.46% to £2,564. Endeavour Mining also weakened by 1.39% to £3,757, while Experian edged lower by 1.30% to £2,585.
Thames Water will have to pay £749 million, plus advisory fees to banks and lawyers, if a deal that would hand senior creditors control of the utility is approved.
The emergency deal would cost the water company £160 million in fees as well as £254 million in other costs, according to a summary of terms submitted by the creditors.
Thames Water would also hand over an estimated £258 million in accrued interest owed to creditors on the day a deal is completed, alongside £50 million in fees owed to other creditors, according to reports in the Financial Times.
WH Smith slashed its profit forecast due to slowdown caused by the Iran war. The retailer now relies on its outlets at airports and train stations.
The firm cuts its best-scenario forecast for profit before tax by £15 million, slashing its range from between £90 million and £105 million to between £75 million and £90 million.
The retailer said its outlook reflects the “decline in passenger numbers and weakening consumer demand across all divisions”. WH Smith is also set to suffer from “a reduction in brand marketing, increased promotional activity and inflation headwinds,” it said.
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Pennon Group turned to a pretax profit of £114.4 million in the year to March 2026, from a loss of £72.7 million a year earlier, as a regulatory tariff reset pushed water revenues up 24.6%, though the utility faces a pending Environment Agency sentencing and an open Ofwat investigation into South West Water’s operational performance reporting.
In US, Nasdaq declines 1% overnight after selling in tech stocks, led by chipmakers, which also saw the S&P 500 slip 0.3%, while the blue-chip Dow Jones jumped 0.2%.
In Asia, the Kospi fell 6.6%, sending the index tumbling back down from the much wanted 8,000 mark, SK Hynix declined a 9.5%. In Tokyo, the Nikkei 225 fell 2.1% to 64,022.6 points, while Taiwan’s TAIEX dropped 3.3%. India’s Nifty 50 backed 0.6% and China’s Shanghai Composite lost 0.5%.
