London shares opened higher on Wednesday, led by utilities and Antofagasta, while oil majors have slipped, and Saga, Greggs and IWG topped the FTSE 250.
The FTSE 100 gained 0.8% in early trade today, with the FTSE 250 rallying 0.9%. Europe is firmer too, with the DAX rising 0.7%, the CAC 40 up 0.2% and the Stoxx 50 having increased by 0.5%.
Sterling gained 0.3% to $1.3265. Meanwhile, in commodities, spot gold added 0.3% to $4,194, spot silver slipped 0.3% to 61.30, Brent fell 0.2% to $95.96 and WTI is flat at $89.40.
In geopolitics, US President Donald Trump said the war with Iran will end “very soon”, without giving details. The US-led coalition has also completed its withdrawal from Iraq.
Sky News quoted Iraqi security analyst Jasim al-Bahadli yesterday as warning that Iran “stands to benefit strategically from the coalition’s departure”.
FTSE 100: utilities and Antofagasta lead, oil names lag
Utilities stocks including United Utilities, Severn Trent, and National Grid are leading the FTSE 100, having risen between 2.7% and 2.8%, while Antofagasta is another top gainer, up 3.07%.
Oil-linked stocks are trading lower, with Ithaca dropping 2.11%, BP falling 1.73% and Shell down 1.07%.
FTSE 250: Saga Surges
Saga has jumped 10.30% as the over-50s travel and insurance group lifted full-year underlying profit before tax guidance to £65-70m. Chief executive Mike Hazell said profitability “has increased significantly in the first half of the year”.
Meanwhile, Greggs has advanced 5.49%, with the bakery chain reporting third-quarter sales up 7.7%, with like-for-like sales in company-managed shops up 3.4%. The company expects “a modestly improved outcome for 2026”.
IWG the flexible workspace operator, has climbed 5.07% after it increased its 2026 share buyback by up to $50m, to a total of up to $200m.
Goodwin is down 5.55% as the engineering group’s trading update flagged a £1.7m loss at its Duvelco plastics business.
Elsewhere in the index, Oxford Nanopore rose 7.32%, while Auction Technology Group fell 2.18% and WPP 1.85%.