FTSE 100 Gains as European Markets Mixed: M&G Falls, Sage Rises

The FTSE 100 rose 0.2% on Tuesday, edging higher despite mixed sentiment across European markets. The DAX slipped 0.2% while the CAC 40 was flat.

M&G opened lower after confirming direct exposure to £722 million of ground rent assets that would be affected by the UK Government’s proposed Leasehold Reform Bill. The legislation would cap existing annual ground rents in England and Wales at £250, putting pressure on portfolios tied to higher charges.

In contrast, Sage Group climbed sharply after delivering a strong trading update, lifting confidence in the software company’s momentum heading into the year. The upbeat performance helped support the overall index, alongside gains in financial stocks.

Among the top FTSE 100 risers were HSBC, up 2.3%, Prudential, up 1.7%, and NatWest, which rose 1.6%.

Miners lagged the market, with Fresnillo down 3.1%, while Entain fell 1.8% and InterContinental Hotels Group slipped 1.7%.

Elsewhere, Dr Martens reiterated its profit guidance after reporting a mixed third quarter. The bootmaker saw strong momentum in the Americas, where revenues increased 2.2% on a constant currency basis. However, overall third-quarter revenues fell 2.7%.

The company said its Europe, Middle East and Africa business remained challenging, with sales declining 6% in the period. It pointed to market conditions and a more disciplined promotional approach as factors weighing on direct-to-consumer performance in the region.