The FTSE 100 is up 0.4% on Tuesday morning, with broader European markets also pushing higher. The FTSE 250 has so far gained 0.9%, Germany’s DAX is up 1% and France’s CAC 40 leads the way, rising 1.4%.
However, traders remain cautious amid fears that an escalation of the Middle East conflict could follow if Iran fails to reopen the Strait of Hormuz today.
Games Workshop is the standout performer on the FTSE 100, surging 3.9%, with Scottish Mortgage Investment Trust close behind at +3.3%. JD Sports is also among the top risers, up 2.5%.
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Energy names BP and Shell are nudging higher at +0.4% and +0.1% respectively as oil prices pull back slightly. Investors in Shell will be watching closely tomorrow, when the energy giant is due to release its quarterly trading update.
On the downside, Babcock International leads the fallers, off 1.9%, with Rolls-Royce down 1.3% and SSE slipping 0.9%.
Outside the FTSE 100, AIM-listed MobilityOne has surged over 40% after shareholders of US-listed Technology & Telecommunication Acquisition Corporation passed all resolutions at an extraordinary general meeting on 30 March, clearing a key hurdle for its proposed joint venture with Super Apps.
Under the deal, MobilityOne’s Malaysian subsidiary, M1 Malaysia, is set to receive two cash payments of c.£6.84 million and c.£3.42 million, due within 14 days and 180 days, respectively, of the merger completing.
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