The FTSE 100 opened 10 points lower at 10,486.74 on Monday, as renewed escalation in the Middle East pushed oil prices sharply higher. Energy-heavy blue-chip stocks helped offset a broader risk-off mood across the market.
Brent crude futures surged 3.72% to $78.90 a barrel, while US West Texas Intermediate (WTI) advanced 3.74% to $74.08 a barrel. Sterling weakened to $1.3380, down from $1.3419 at the London close on Friday, and fell against the euro to €1.1730 from €1.1737.
Gainers and Losers
Top Gainers:
- Persimmon: +3.52% to £1,073.50
- Vodafone Group: +3.13% to £113.55
- Shell: +1.38% to £3,080.50
- BP: +2.59% to £495.15
- Computacenter: +1.93% to £4,540
- BT Group: +1.55% to £193
Notable Losers:
- AstraZeneca: -1.26% to £12,672
- Spirax Group: -1.53% to £6,455
- Endeavour Mining: -1.80% to £3,610
- Diploma: -0.96% to £6,735
- Halma: -1.70% to £3,578
- Antofagasta: -1.43% to £3,724
Corporate Updates
ME Group Reaffirms Profit Guidance
ME Group has expanded into user-operated dog washing machines to recover from the revenue hit caused by the Iran war. The firm installed 200 machines across the UK, France, and the Republic of Ireland, noting they are proving popular. Revenue slipped 1% to £152 million on a constant currency basis in the six months to end of April, while pre-tax profit fell 6% to £32 million.
PageGroup Profit Declines 5.4%
Recruiter PageGroup reported a 5.4% drop in second-quarter profit to £21.8 million, an improvement from the 11.4% decline in the prior quarter. Temporary recruitment rose 1%, outperforming permanent recruitment, which fell 8%. Group profit remained flat at £197.6 million, with about half of operating markets seeing growth, particularly southern Europe.
Plus500 Half-Year Revenue Jumps 12%
Plus500 reported its highest half-year revenue in three years at $462.9 million, up 12% year-over-year. Customer income rose 24% to a five-year record of $460.8 million. Underlying EBITDA edged up 1% to $187.5 million, though the margin slipped to 41% from 45% due to increased spending on customer acquisition and US investment.
Global Market Overview
US futures pointed lower, with the Nasdaq expected to fall 1.3%, while the Dow Jones and S&P 500 were seen dropping 0.35% and 0.55%, respectively. In Asia, Tokyo’s Nikkei 225 fell 1.92% to 67,242.73, China’s Shanghai Composite dropped 2.06%, and Hong Kong’s Hang Seng edged up 0.064%. Australia’s S&P/ASX 200 rose 0.03%. In India, the Nifty 50 and Sensex advanced 0.14% and 0.11%, respectively.