The FTSE 100 opened 40.75 points higher at 10,749.08 on Wednesday, as investors welcomed signs of renewed diplomacy between the United States and Iran. The positive start came ahead of a fresh batch of flash PMI data from Europe, the UK, and the US.
Market Movers
Brent crude futures fell 0.43% to USD 98.82 per barrel, while U.S. West Texas Intermediate (WTI) advanced 0.99% to USD 89.62. Sterling rose to USD 1.3382 early Wednesday from USD 1.3372 late Tuesday, and edged up against the euro to EUR 1.1661 from EUR 1.1658.
Gainers
- Rentokil rose 2.40% to 324.20p
- Sage Group advanced 1.41% to 1,003.50p
- Standard Chartered gained 1.24% to 2,294p
- InterContinental Hotels Group rose 1.14% to USD 155.85
- London Stock Exchange Group added 1.10% to 8,244p
- 3i Group increased 1.09% to 2,702p
Losers
- Smiths Group fell 1.11% to 2,752p
- Spirax Group dropped 0.76% to 7,220p
- Severn Trent declined 0.71% to 3,086p
- Admiral Group slipped 0.54% to 3,686p
- AstraZeneca fell 0.36% to 12,626p
- Next edged 0.34% lower to 14,640p
US-Iran Diplomacy
US President Donald Trump said envoys held a ‘very good’ three-hour meeting with an Iranian delegation on the sidelines of the United Nations General Assembly in New York. Special Envoy Steve Witkoff confirmed talks took place through mediators who “shuttled between the two sides throughout the day,” describing the round as “successfully completed” and indicating a further meeting is expected within days. Iran’s conditions, communicated through Qatari mediators, include a halt to hostilities on all fronts, removal of the US naval blockade, and the return of frozen funds, according to Esmaeil Baghaei, spokesperson of the Ministry of Foreign Affairs of Iran.
JD Sports H1 Profit Declines
British sports and fashion retailer JD Sports reported a 19.7% decline in first-half profit, driven by weakness in its North American market. The group maintained its full-year earnings outlook. Shares are down 10% over the past year. Profit before tax and adjusting items was GBP 282 million, slightly above the GBP 279 million consensus estimate. Revenue fell to GBP 5.90 billion from GBP 5.94 billion a year earlier. Like-for-like sales fell 2.8%, while organic sales dipped 0.7%. JD Sports left its full-year profit before tax and adjusting items guidance at GBP 700 million to GBP 800 million and its free cash flow forecast unchanged at GBP 460 million to GBP 520 million.
Airtel Money Confirms London IPO
Airtel Money confirmed plans for a London IPO. The African mobile payments business is reportedly seeking a valuation as high as $9 billion (GBP 6.8 billion). The fintech, with more than 50 million active customers, aims to raise as much as $800 million. CEO Ian Ferrao said, “A London listing will underpin our next wave of growth. The opportunity ahead of us is substantial and, importantly, there are many demographic and digital tailwinds within the markets that we serve. This listing will give us the platform to continue transforming financial services across Africa and to keep building value for our customers, our partners, African governments and our shareholders.”
Global Market View
In the US, the tech-heavy Nasdaq climbed 0.45% to a record close of 27,244.28, supported by a nearly 7% gain in shares of SanDisk. The S&P 500 was marginally lower at 7,764.64, while the Dow Jones Industrial Average shed 0.36% to finish at 51,863.69. In Asia on Wednesday, Tokyo’s Nikkei 225 was closed, while China’s Shanghai Composite dipped 0.4%. Hong Kong’s Hang Seng declined 0.96%, and South Korea’s Kospi edged up 0.9%. In India, both the Nifty 50 and the Sensex rose by 0.53% and 0.52%, respectively.
Disclaimer: This article is provided for informational purposes only and does not constitute investment advice. Readers are encouraged to conduct their own research before making any financial decisions.
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