Thursday Morning Markets: FTSE Edges Higher as Earnings Rolls On; WPP, MTLN, HWG Surge

London’s blue-chip index nudged up 0.2% in early trading on Thursday, tracking modest gains across Europe, with the FTSE 250 also adding 0.2%.

The DAX was flat, while the CAC 40 rose 0.6% and the Stoxx 50 gained 0.5%, as investors sifted through a dense slate of half-year corporate results.

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Brent crude has edged 0.6% higher to $79.89, even as reports suggested Washington and Tehran are inching closer to a deal to reopen the Strait of Hormuz.

Talks have reportedly entered a “very progressive stage,” though today’s uptick and previous breakdowns suggest traders remain cautious until an agreement is formalised.

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Risers: Metlen Energy & Metals surged over 10% after posting record H1 revenue of €3.987b and EBITDA of €550m, alongside a first Gallium offtake deal with a major US tech firm.

Admiral Group climbed 4.3% despite an 18% drop in half-year profit to £429.2m, as investors welcomed continued customer growth and a £45m buyback. Persimmon added 3.3% on solid half-year results.

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On the FTSE 250, WPP rocketed nearly 27% after H1 results showed operating profit up 18% and reassurance that its “Elevate28” turnaround remains on track.

Harworth Group has jumped almost 20% after Peel Group’s Goodweather Holdings tabled a 172.5p-per-share cash offer, a 36% premium to the three-month average price. Hikma Pharmaceuticals gained 8.8% on strong interim results alongside a directorate change announcement.

Fallers: Tritax Big Box REIT has dropped 4.2% after pricing its £350m equity issue to fund data centre expansion. RELX and St James’s Place slipped 2.65% and 2.03% respectively in early trade.

OSB Group tumbled over 13% after flagging elevated funding costs and trimming its return-on-tangible-equity guidance to c.12.5%.

TBC Bank fell 8.3% on its Q2/H1 results, while TP ICAP dropped 4.4% following its interim report.