28th Apr 2026 09:20
(Alliance News) - Stock prices in London opened mixed on Tuesday, with gains among energy stocks offsetting weakness in banks and mid-caps.
The FTSE 100 index opened up 22.24 points, 0.2%, at 10,343.45. The FTSE 250 was down 45.74 points, 0.2%, at 22,535.60, and the AIM all-share was down 0.39 points, marginally lower at 794.79.
The Cboe UK 100 was up 0.1% at 1,030.48, the Cboe UK 250 was down 0.3% at 19,576.32, and the Cboe small companies was down 0.1% at 18,022.81.
In European equities on Tuesday, the CAC 40 in Paris was and the DAX 40 in Frankfurt were both marginally higher.
Global oil markets remained in focus as traders weighed the prospects for a deal between the United States and Iran to end the war and fully reopen the Strait of Hormuz. Brent oil fell to USD104.44 a barrel early Tuesday from USD108.92 late Monday.
US President Donald Trump signalled on Monday that he was unlikely to accept Iran’s latest proposal to end the conflict, two people familiar with the matter told CNN. Tehran had proposed reopening the Strait of Hormuz while deferring discussions over its nuclear programme to later negotiations.
The pound was quoted at USD1.3508 early Tuesday, lower than USD1.3549 at the London equities close on Monday. Against the euro, sterling rose to EUR1.1552 from EUR1.1543 a day prior.
The euro traded at USD1.1712 early Tuesday, lower than USD1.1733 late Monday. Against the yen, the dollar was quoted at JPY159.08, down versus JPY159.27.
On the FTSE 100, BP led the index, climbing 3.0% after the oil major reported first-quarter profit that beat estimates, supported by higher oil prices amid the Iran war.
BP said profit attributable to shareholders rose to USD3.84 billion from USD687 million a year before, as underlying replacement cost profit increased to USD3.20 billion from USD1.38 billion. Operating cash flow edged up to USD2.86 billion from USD2.83 billion, while net debt fell to USD25.31 billion from USD26.97 billion.
The results mark the first under new chief executive Meg O'Neill, who took over at the start of April following the departure of Murray Auchincloss after less than two years in the role.
The US-Israel conflict with Iran, which began on 28 February, has driven oil prices higher, as the Strait of Hormuz - which typically carries around 20% of global oil and LNG supplies - has effectively been closed.
Brent crude is currently trading above USD100 per barrel, compared with around USD73 before the war began.
BP reported an average Brent oil marker price of USD81.13 per barrel in the first quarter of 2026, up 27% from USD63.73 in the fourth quarter and 7.1% higher than USD75.73 a year earlier.
The other London-listed oil major, Shell, was the second biggest riser, up 1.5%.
Diploma was in third place after Exane BNP Paribas initiated coverage of the London-based supplier of technical products and services with an 'outperform' rating and a price target of 8,100 pence.
At the bottom of the blue-chip index, Barclays fell 3.5% despite reporting higher first-quarter profit.
Pretax profit rose 3% to GBP2.81 billion from GBP2.72 billion a year earlier, as total income increased 6% to GBP8.16 billion from GBP7.71 billion. Attributable profit rose 4% to GBP1.93 billion from GBP1.86 billion, while basic earnings per share improved 8% to 14.1 pence from 13.0p.
Return on tangible equity slipped to 13.5% from 14.0%, though Barclays said all divisions delivered double-digit returns.
Barclays said litigation and conduct charges of GBP104 million primarily reflected a GBP105 million increase in the provision for the UK Financial Conduct Authority motor finance redress scheme, lifting the total provision to GBP430 million from GBP325 million at the end of 2025.
It also announced a new GBP500 million share buyback to begin after completion of the current GBP1.0 billion programme.
On the FTSE 250, Telecom Plus dropped 11% after forecasting adjusted pretax profit for the full year at the lower end of its previously guided range, citing reduced energy consumption during a warm winter.
Travis Perkins fell 6.1% after reporting that construction activity remained subdued in the first quarter. The company said first-quarter revenue declined 3.1% year-on-year, down 1.7% on a like-for-like basis. In Merchanting, revenue fell 4.2% year-on-year, while Toolstation UK grew 3.2%. The group added that opportunities to improve cash generation are strengthening its financial position.
Fitted kitchen firm Howden Joinery slipped 0.1% after reporting steady sales growth in the first four months of 2026, stating that its "near-sourced" supply chain has not been affected by the war on Iran. Underlying revenue in the 16 weeks to April 18 rose 3.7% year-on-year, including 3.5% growth in the UK and 9.1% in the International division.
The comparison adjusts for two fewer trading days, worth GBP11 million. The company said it implemented price increases at the start of the year and that its supply chain remains “robust” despite Middle East instability. It has hedged fuel expenses through year-end.
Among smaller caps, iron ore pellet miner Ferrexpo fell 2.9%. The Ukraine-focused company said a delay to its intended equity fund-raise will also delay its 2025 audited results and trigger an expected suspension of listing and trading in its shares from May 1.
Tullow Oil rose 8.6% after swinging to a 2025 pretax loss of USD63 million from a USD174 million profit, while revenue fell to USD847 million from USD1.29 billion in 2024.
In Asia on Tuesday, the Nikkei 225 index in Tokyo closed down 1.0%. The Shanghai Composite ended down 0.2%, while the Hang Seng index in Hong Kong fell 0.9%. The S&P/ASX 200 in Sydney closed down 0.6%.
Central banks are in focus this week. The Bank of Japan opted on Tuesday to hold rates steady, with attention turning to signs of rising inflation pressures. The Federal Reserve is also widely expected to keep policy unchanged, as officials assess the impact of higher energy costs on the economic outlook.
In Europe and the UK, both the European Central Bank and the Bank of England are due to announce rate decisions on Thursday.
In the US on Monday, Wall Street ended mixed, with the Dow Jones Industrial Average down 0.1%, the S&P 500 up 0.1% and the Nasdaq Composite up 0.2%.
The yield on the US 10-year Treasury was quoted at 4.36%, widening from 4.32%. The yield on the US 30-year Treasury was quoted at 4.97%, widening from 4.93%.
Gold was quoted at USD4,626.69 an ounce early Tuesday, lower than USD4,677.74 on Monday.
Still to come on Tuesday’s economic calendar, Ireland publishes producer price data.
In the US, the schedule includes ADP employment figures, the S&P/Case-Shiller home price index and the house price index, alongside Conference Board consumer confidence and the Richmond Fed manufacturing index.
By Eva Castanedo, Alliance News reporter
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