The FTSE 100 opened 29 points higher at 10,513 on Tuesday, as fresh data showed the UK economy grew faster than expected in the first quarter. The rally was led by mining stocks amid a broader global market uplift, even as uncertainty lingers over the US-Iran peace deal.
Brent crude futures fell 1.04% to $72.39 a barrel, while US West Texas Intermediate (WTI) rose 0.78% to $70.20.
Gainers and Losers
On the upside, Antofagasta jumped 3.12% to £3,864, and Anglo American advanced 3.09% to £3,739. Polar Capital Technology Trust gained 2.55% to £703, Glencore rose 2.43% to £523.40, Sainsbury’s added 2.34% to £323.20, and Rio Tinto climbed 1.94% to £7,213. On the downside, Persimmon fell 2.87% to £1,051, Coca-Cola HBC slipped 1.01% to £4,884, 3i Group declined 1% to £2,471, Coca-Cola Europacific Partners dropped 0.91% to £7,615, Severn Trent eased 0.61% to £2,948, and Games Workshop edged down 0.18% to £21,880.
Smarter Web Company Posts £72 Million Loss
The crypto firm reported a £72 million loss as Bitcoin fell below $60,000. The company, which once had a market cap of around £1 billion, has now fallen below £100 million. Despite the setback, the firm said it remains confident in Bitcoin’s long-term prospects, noting that volatility is a historical feature of the asset.
Sainsbury’s Sales Jump 3.1%
Sainsbury’s total sales rose 3.1% year-on-year to £8 billion, driven by strong demand for berries, barbecue, and deli products during record heat. Grocery sales increased 3.6% to £7.6 billion, but the company warned that the long-term impact on business and customers remains uncertain. General merchandise and clothing sales declined 3.7% to £438 million. Argos continued to struggle due to subdued consumer spending, with sales falling 0.5% to £1.1 billion, though a late spike in TV sales came as the World Cup began.
UK Economic Growth Revised
The UK economy grew 0.6% in the first quarter compared to the previous quarter, unrevised from the earlier estimate. However, year-on-year growth was revised down to 0.9% from 1.1%. Business investment rose 0.9% on the quarter, imports jumped 1.4%, household consumption grew 0.6%, and government spending increased 1.3%. Liz McKeown of the ONS said growth in Q1 was unchanged, but the 2025 growth figure was revised downward.
Global Market View
In the US, the Dow Jones added 0.6% to close above 52,000 for the first time, the Nasdaq rose 2.1%, and the S&P 500 gained 1.2%. In Asia, South Korea’s Kospi rose 0.97%, Japan’s Nikkei 225 gained 0.86%, and Taiwan’s TAIEX advanced 2.5%. India’s Nifty 50 and Sensex both fell slightly, by 0.04% and 0.15% respectively.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks carry risk; readers should conduct their own research before investing.
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