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London’s blue chip index was higher on Tuesday midday as oil majors Shell and BP rose comfortably, however Barclays fell despite announcing a new £500 million share buyback and what it described as a ‘solid’ first quarter. The FTSE 100 index was up 49.24 points, 0.5%, at 10,370.33. The FTSE 250 was down 22.56 points, 0.1%, at 22,556.87, and the AIM all-share was down 2.68 points, 0.3%, at 792.50. The Cboe UK 100 was up 0.4% at 1,032.95, the Cboe UK 250 was down 0.2% at 19,585.77, and the Cboe small companies was marginally lower at 18,039.63. In European equities on Tuesday, the CAC 40 in Paris was up 0.3%, while the DAX 40 in Frankfurt added 0.2%. Oil markets remained central to sentiment as traders weighed the prospects for a diplomatic breakthrough between the United States and Iran that could bring the conflict to an end and lead to a full reopening of the Strait of Hormuz. Brent crude eased to $104.32 a barrel early Tuesday from $108.92 late Monday, though it remained well above pre-war levels of around $73. According to CNN, US President Donald Trump signalled on Monday that he was unlikely to accept Iran’s latest proposal to end the conflict. Tehran’s offer reportedly included reopening the Strait of Hormuz while postponing discussions over its nuclear programme to future negotiations. The apparent impasse has kept volatility elevated across energy markets. In currency markets, the pound was quoted at $1.3489 at midday Tuesday. Against the euro, sterling traded at €1.1535 from €1.1552 a day earlier. The euro stood at $1.1692, down from $1.1733. Against the yen, the dollar was at JP¥159.63, compared to JP¥159.27 previously. In the UK, fresh retail data suggested inflationary pressures in supermarkets may be easing, even as consumers remain cautious. Grocery inflation slowed to 3.8% in the four weeks to April 19, its lowest level in a year, according to Worldpanel by Numerator. Take-home grocery sales rose 0.9% year-on-year over the same period. The easing in price growth indicates that the impact of the Middle East conflict has not yet significantly filtered through to supermarket shelves. However, shoppers appear increasingly focused on value. Spending on promoted items jumped 7.8% year-on-year, while spending on full-price goods fell 0.2%. Fraser McKevitt, head of retail & consumer insight at Worldpanel by Numerator, said: ‘Concerns about the impact of the Middle East conflict on prices of everyday goods are front of mind for British households. Already feeling the squeeze at the petrol pump, shoppers are responding by turning to special offers in growing numbers when buying groceries.’ On the FTSE 100, oil majors led gains as elevated crude prices supported earnings expectations. BP rose 2.7% after reporting first-quarter profit that exceeded expectations, underpinned by stronger oil prices. Shell climbed 2.0%, also lifted by the sustained strength in energy markets. Coca-Cola Europacific Partners gained 2.1% after posting revenue growth in the first quarter, adding to the positive tone among consumer staples. By contrast, Barclays fell 3.3% despite announcing a new £500 million share buyback alongside what it described as a ‘solid’ first quarter. Investors appeared to focus on the broader banking outlook amid higher credit impairment charges and ongoing regulatory provisions. On the FTSE 250, Watches of Switzerland was among the better performers after UBS raised its price target to 565 pence from 540 pence, reflecting improved confidence in the luxury retail segment. Telecom Plus dropped 9.4% after forecasting annual adjusted pretax profit at the lower end of its previously guided range, citing lower energy consumption during a mild winter. SSP Group fell 5.4% following a broker downgrade from UBS, while Travis Perkins lost 4.9% after reporting subdued construction activity in the first quarter. Taylor Wimpey slipped 4.6% despite saying trading so far this year has been ‘steady’, suggesting investors remain cautious on the UK housing outlook in the face of economic uncertainty. Among smaller caps, Mila Resources jumped 21% after reporting its highest-grade gold intercept to date at the Yarrol project, boosting optimism about the asset’s potential. Technology Minerals rose 9.3% after installing new separation equipment at its Recyclus facility, a development aimed at improving operational efficiency. In contrast, IQE plunged 24% after raising £513 million via a placing and retail offer at 19.8 pence per share, a move that weighed heavily on the semiconductor materials group’s stock. Across the Atlantic, US futures pointed to a mixed open. The Dow Jones Industrial Average was called up 0.3%, while the S&P 500 was indicated down 0.3% and the Nasdaq Composite down 0.7%. The yield on the US 10-year Treasury was quoted at 4.36%, widening from 4.32%. The yield on the US 30-year Treasury was quoted at 4.96%, widening from 4.93%. Elsewhere, data from Ireland showed wholesale prices returned to monthly growth in March and declined at a much slower annual pace. The Central Statistics Office reported that the wholesale price index rose 3.1% month-on-month, reversing a 1.1% fall in February. Export sales prices increased 3.3% on the month, while home sales prices rose 1.2%. On an annual basis, overall wholesale prices declined 0.2% in March, a marked change from the 5.5% drop recorded in February. ‘It should be noted that the monthly March changes capture the initial impact of the events in the Middle East,’ CSO Statistician Deirdre Toher said. Gold was quoted at $4,613.743 an ounce at midday Tuesday, down from $4,677.74 on Monday, as investors rotated toward risk assets and energy stocks. Still to come on Tuesday’s economic calendar in the US are ADP employment figures, the S&P/Case-Shiller home price index and the house price index, along with Conference Board consumer confidence and the Richmond Fed manufacturing index. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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