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London’s blue chip index easily outperformed its peers in Paris and Frankfurt on Tuesday morning, despite the US striking Iran, as the price of Brent oil edged up compared to Monday but stayed just below the $100 per barrel mark. The FTSE 100 index opened up 69.22 points, 0.7%, at 10,535.48. The FTSE 250 was up 209.87 points, 0.9%, at 23,377.34, and the AIM all-share was up 10.66 points, 1.3%, at 810.89. The Cboe UK 100 was up 0.6% at 1,048.52, the Cboe UK 250 was 0.9% higher at 20,305.70, and the Cboe small companies was down 0.1% at 18,720.78. In European equities on Tuesday, the CAC 40 in Paris was 0.6% lower, while the DAX 40 in Frankfurt was down 0.5%. Sterling was at $1.3471 on Tuesday morning, up from $1.3441 at the London equities close on Friday. Against the euro, sterling was down slightly at €1.1571 from €1.1584. The euro was up at $1.1637 from $1.1603. Against the yen, the dollar was slightly higher at JP¥159.19 versus JP¥159.12. US forces on Tuesday attacked missile sites in southern Iran and boats trying to lay mines, US Central Command said, as top Iranian negotiators arrived in Doha for talks to end the war. ‘US forces conducted self-defense strikes in southern Iran today to protect our troops from threats posed by Iranian forces,’ Tim Hawkins, a US Central Command spokesman, said in a statement. It gave no details of the attacks and said only that the targets included missile launch sites and boats trying to ‘emplace mines.’ Meanwhile, Iran’s Supreme Leader Mojtaba Khamenei said that regional countries would no longer be shields for US bases, in a written statement carried by state television. ‘What is certain in this regard is that the hands of time will not turn backwards, and the nations and lands of the region will no longer serve as shields for American bases,’ said Khamenei, who has not appeared in public since he took office in March, in a message marking the Eid al-Adha holiday. Brent oil was trading lower at $99.25 a barrel on Tuesday morning from $104.22 on Friday, but was up from $96.26 on Monday. US Secretary of State Marco Rubio said that a deal with Iran was still possible despite new strikes. ‘There were some talks going on in Qatar today, so we’ll see if we can make progress. I think it’s a lot of talking back and forth going on about specific language in the initial document, so it’ll take a few days,’ Rubio told reporters in Jaipur during a visit to India. ‘The president’s expressed his desire to make it. He’s either going to make a good deal or no deal,’ he said. In Asia on Tuesday, the Nikkei 225 in Tokyo was down 0.3%. In China, the Shanghai Composite was 0.2% lower, while the Hang Seng Index in Hong Kong was 0.1% lower. The S&P/ASX 200 in Sydney was 0.4% lower. In the US on Friday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.6%, the S&P 500 0.4% higher and the Nasdaq Composite gained 0.2%. The yield on the US 10-year Treasury was quoted at 4.51% on Tuesday, narrowed from 4.58% on Thursday. The yield on the US 30-year Treasury slimmed to 5.03% from 5.14%. Back in London, Kingfisher led the way on the FTSE 100 index as its shares rose 3.6%, despite reporting lower like-for-like sales, citing a ‘strong’ prior year comparator. The London-based home improvement products retailer said like-for-like sales for its first quarter to the end of April declined against a ‘soft market backdrop’ but said it is on track to deliver its full year guidance. The firm said first quarter sales rose 1.4% to £3.30 billion on a reported basis, but fell 0.9% on a like-for-like basis. Underlying sales, excluding calendar and leap-year impacts, declined by 0.7%. ‘We delivered a resilient start to the year, executing well and gaining market share against a soft market backdrop,’ said Chief Executive Officer Thierry Garnier. Looking ahead, Kingfisher said it is on track to deliver its full-year guidance. It expects adjusted pretax profit between £565 million and £625 million for the full financial year to the end of January 2027, higher than £560 million it had reported for financial 2026. Shares in Melrose Industries sank 4.5% after it reported an ongoing incident at GKN Aerospace’s Garden Grove facility in California, US. The Birmingham, England-based aerospace and defence business said a thermal issue was identified regarding a storage tank containing methyl methacrylate on Thursday. The firm said the Orange County Fire Authority made a precautionary decision on Friday to issue mandatory evacuation orders for parts of the surrounding area. ‘Since then, technical specialists, the emergency services and the relevant authorities have continued to work closely to resolve the situation, with a focus on ensuring the safety of the local community, employees and everyone else involved,’ Melrose said. Due to ‘positive progress’, on Monday the mandatory evacuation order was ‘significantly reduced’. By Monday evening, no injuries, leaks or contamination had occurred. On the FTSE 250 index, shares in CVS Group rose 4.8%. The veterinary services provider launched a £50 million share buyback programme and said it has refinanced its bank debt facilities on improved terms. The new facilities are a £125 million term loan repayable on May 20, 2030, a revolving credit facility of £225 million repayable on the same date, and the existing £5 million overdraft facility, renewable annually. CVS said the margin payable on drawn debt has reduced by 20 basis points. The company said it believes it is well positioned for growth, but added that its current rating make a buyback of shares attractive. It launched a £50 million share buyback programme, to be conducted by Peel Hunt and Berenberg, which will be completed by November 24. CVS also announced the acquisition of a further single site first opinion companion animal practice in Sydney, Australia. Shares in Shawbrook Group were up 2.5% after Sky News reported it is considering a merger with competitor bank Aldermore. The Essex, England-based digital banking platform is reportedly in the early stages of considering whether to make an offer for Reading, England-based Aldermore, which has been put up for sale by its South Africa-based owner FirstRand. Industry sources would be ‘surprised’ if Shawbrook would not participate in the sale process, Sky reported. On the AIM index, shares in Sound Energy sank 44%. The transition energy-focused firm said it has agreed to sell its 20% interest in the Tendrara Exploitation Concession, onshore Morocco, via the disposal of Sound Energy Merijda to Managem. It will receive $57 million, made up of nominal consideration of $1 for the shares in SEML together with the repayment of shareholder loans advanced by the company to SEML. Sound Energy also relinquishes its 27.5% interest in the Anoual exploration permit and waives any subsisting rights in the Grand Tendrara exploration permit. ‘Following many years of involvement in the Tendrara project, the sale of our remaining interest in Tendrara to Managem accelerates the crystallisation of significant value for shareholders, while also reducing the company’s exposure to the future funding requirements of the larger Phase II development, and enables the company to reallocate capital and management focus towards its next phase of growth and strategic priorities,’ said Chief Executive Officer Majid Shafiq. Gold was higher at $4,531.90 an ounce early on Tuesday from $4,520.92 late Friday. Still to come on Tuesday’s economic calendar is manufacturing sales data for Canada and the US house price index. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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