London open: FTSE nudges lower as oil holds below $100 a barrel

(Sharecast News) - London stocks were just a touch lower in early trade on Wednesday, with oil prices holding below $100 a barrel as investors continued to mull developments in the Middle East conflict after Iran threatened to retaliate following US strikes.

At 0840 BST, the FTSE 100 was down 0.1% at 10,482.10, while Brent crude was 2.4% lower at $97.24 a barrel.

Susannah Streeter, chief investment strategist at Wealth Club, said: "The mood has turned flat, as the stalemate in the Middle East dampens enthusiasm and businesses brace for higher bills which will weigh on spending. The FTSE 100 has wavered in early trade as investors assess the latest twists in the conflict, with Iran accusing the US of breaching their ceasefire and warning it was ready to retaliate.

"Bandar, a port city, has reportedly been targeted and a US drone was brought down. Nevertheless, there are still hopes that a deal will be reached despite the recent skirmishes, and that's being reflected to some extent in oil prices, which remain fluctuating below $100 a barrel, with Brent crude currently trading just above $97.

"With Gulf states intensifying pressure on the US to pursue peace, and the mid-term election campaigns heating up in the States, the expectation is that some kind of resolution will be agreed, but more patience is clearly needed."

In equity markets, Pets at Home gained as it reported a drop in full-year profit and a dip in revenue, but said "material" progress has been made over the past six months stabilising the retail business.

Hollywood Bowl surged after it posted a jump in interim profit and revenue and lifted its dividend as it hailed "robust" demand for affordable leisure experiences.

Greencore slumped as the food producer said it swung to a first-half operating loss of £13.4m from an operating profit of £38.1m a year earlier, mainly due to the £1.2bn acquisition of rival Bakkavor, with increased exceptional items relating to one-off transaction and integration costs of £60.6m.

Market Movers

FTSE 100 (UKX) 10,482.10 -0.09%

FTSE 250 (MCX) 23,436.33 0.47%

techMARK (TASX) 6,059.89 0.03%

FTSE 100 - Risers

JD Sports Fashion (JD.) 84.32p 3.35%

Marks & Spencer Group (MKS) 357.90p 2.70%

International Consolidated Airlines Group SA (CDI) (IAG) 421.70p 2.28%

Smurfit Westrock (DI) (SWR) 2,928.00p 2.27%

Halma (HLMA) 4,704.00p 2.26%

Persimmon (PSN) 1,125.00p 1.81%

Barratt Redrow (BTRW) 263.50p 1.74%

Spirax Group (SPX) 7,070.00p 1.73%

Croda International (CRDA) 3,030.00p 1.67%

Weir Group (WEIR) 2,500.00p 1.46%

FTSE 100 - Fallers

Melrose Industries (MRO) 464.80p -3.57%

Centrica (CNA) 195.25p -2.12%

Flutter Entertainment (DI) (FLTR) 6,998.00p -1.60%

Shell (SHEL) 3,137.00p -1.46%

Tesco (TSCO) 447.60p -1.45%

SSE (SSE) 2,423.00p -1.30%

National Grid (NG.) 1,276.50p -1.08%

British American Tobacco (BATS) 4,762.00p -1.02%

BT Group (BT.A) 219.20p -0.99%

Airtel Africa (AAF) 333.00p -0.95%

FTSE 250 - Risers

Oxford Nanopore Technologies (ONT) 139.10p 4.35%

Utilico Emerging Markets Ltd (DI) (UEM) 295.00p 3.51%

easyJet (EZJ) 386.80p 2.71%

Foresight Environmental Infrastructure Limited (FGEN) 78.30p 2.64%

Raspberry PI Holdings (RPI) 832.50p 2.52%

Wizz Air Holdings (WIZZ) 1,039.00p 2.47%

Vesuvius (VSVS) 475.80p 2.37%

Morgan Advanced Materials (MGAM) 229.50p 2.23%

Chemring Group (CHG) 536.00p 2.19%

SDCL Efficiency Income Trust (SEIT) 44.65p 2.17%

FTSE 250 - Fallers

Ithaca Energy (ITH) 230.90p -3.49%

PPHE Hotel Group Ltd (PPH) 1,550.00p -3.00%

Rathbones Group (RAT) 1,932.00p -2.52%

Drax Group (DRX) 825.50p -2.30%

Diversified Energy Company (DI) (DEC) 1,128.00p -1.91%

Harbour Energy (HBR) 273.20p -1.72%

Caledonia Investments (CLDN) 358.00p -1.65%

JPMorgan Japanese Inv Trust (JFJ) 794.00p -1.61%

Pennon Group (PNN) 529.50p -1.03%

Pets at Home Group (PETS) 184.80p -0.76%