The FTSE 100 opened 18 points higher at 10,907 on Thursday, driven by renewed optimism over a potential reopening of the Strait of Hormuz. Investors also weighed corporate earnings, oil price movements, and global market trends.
Market Overview
Brent crude futures edged up 0.21% to $79.52 per barrel, while US West Texas Intermediate (WTI) fell 0.24% to $75.04. Sterling traded at $1.3461 early Thursday, slightly down from $1.3466 at the London equities close on Wednesday. Against the euro, sterling slipped to €1.1654 from €1.1663 the previous day.
Gainers and Losers
On the upside, Admiral Group surged 5.07% to 3,894p, Metlen Energy & Metals advanced 3.88% to €50.30, and Persimmon climbed 2.45% to 1,150.5p. Vodafone Group gained 2.01% to 116.7p, Haleon rose 1.89% to 372.6p, and London Stock Exchange Group added 1.41% to 8,750p.
On the downside, RELX fell 2.98% to 2,634p, Computacenter declined 1.58% to 4,736p, and Antofagasta slipped 1.21% to 4,001p. Halma eased 1.16% to 3,756p, Games Workshop Group dropped 0.84% to 18,850p, and Lion Finance Group edged 0.42% lower to 11,970p.
WPP Cuts Jobs
WPP slashed 1,267 jobs in the first half of the year, around 1.3% of its total staffing, as revenue continued to fall. Over the 12 months to June, the media group reduced its workforce by 6.4% to 104,083 employees. Revenue in the half came in at £6.4 billion, down over 3% from last year. Revenue less pass-through costs, a key metric for professional services firms, fell nearly 5% to £4.7 billion.
Admiral’s Profit Drops
Insurer Admiral reported an 18% drop in profit before tax to £429.2 million, down from the record £521 million in the first half of 2025. Turnover remained flat at £3.11 billion. Milena Mondini de Focatiis, group CEO, said: “Against more challenging market conditions, we are pricing for long-term sustainable growth with our UK motor business having increased rates earlier than the market, following a softer period in the cycle.”
Wizz Air Profits Decline
Increased fuel costs from the Middle East conflict swung Wizz Air to a €198.2 million (£170 million) loss in the first quarter of 2026. Total revenue rose 5.5% to €1,507.4 million, driven by a 25.1% increase in passengers, but revenue per available seat fell 8.1%. The budget airline expects industry challenges to persist and is reallocating capacity to popular European markets over long-haul flights to the Middle East.
Global Market View
In the US, the Dow Jones rose 0.5% to a record closing high, while the S&P 500 slipped 0.2% and the Nasdaq fell 0.8%. In Asia on Thursday, Tokyo’s Nikkei 225 fell 0.93% to 65,683.26, China’s Shanghai Composite gained 0.57%, Hong Kong’s Hang Seng declined 1.68%, and South Korea’s Kospi edged lower by 4.58%. In India, the Nifty 50 and the Sensex rose by 0.06% and 0.29%, respectively.