The FTSE 100 fell 0.9% on Wednesday morning, reversing part of Tuesday’s relief rally sparked by President Donald Trump’s suggestion that the Iran conflict could be nearing an end.
Markets have turned lower again as tensions in the Middle East persist and oil prices rise once again.
European equities were also weaker, with Germany’s DAX down 1.2% and France’s CAC 40 slipping 0.8%.
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Shares in Legal & General dropped 5% after the group reported a 6% rise in core operating profit to £1.6 billion. Its institutional retirement arm delivered 6% growth, while the retail division posted a 4% increase to £447 million.
Asset management profits were unchanged at £402 million. Despite the broadly resilient update, the stock was among the index’s biggest fallers.
Other major decliners included Smiths Group, down 5.4%, and Intermediate Capital Group, which slipped 2.8%.
The top FTSE 100 risers were Hikma Pharmaceuticals, up 1.4%, Rentokil Initial, gaining 1%, and BT Group, edging 0.9% higher.
The FTSE 250 also traded lower, down 0.6%. The biggest mid-cap mover was Balfour Beatty, up 6.6%, which reported its full-year 2025 results, highlighting strong UK power transmission and US buildings demand.
Breedon was the next biggest riser, climbing 3.7% on the back of its 2025 full-year results, which saw revenue increase by 9%, supported by the acquisition of Lionmark and full-year BMC contribution.
At the bottom of the mid-cap index, 4imprint tumbled 9.6%, while Harbour Energy fell 8.9%.
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