29th Jun 2026 09:24
(Alliance News) - Stock prices in London opened slightly higher on Monday in a muted start, despite the US and Iran agreeing to stop attacking each other, and ahead of Andy Burnham setting out his agenda should he become the UK's prime minister as is widely expected.
The FTSE 100 index opened up 2.67 points at 10,510.69. The FTSE 250 was up 33.67 points, 0.2%, at 23,180.86, and the AIM all-share was up 0.31 points at 770.66.
The Cboe UK 100 was down slightly at 1,042.80, the Cboe UK 250 was up 0.2% at 19,894.40, and the Cboe small companies was up 0.2% at 18,036.68.
In European equities on Monday, the CAC 40 in Paris was down 0.2%, while the DAX 40 in Frankfurt was 0.2% higher.
Sterling was at USD1.3212 on Monday morning, down from USD1.3216 at the London equities close on Friday. Against the euro, sterling fell slightly to EUR1.1580 from EUR1.1588.
The euro was unchanged at USD1.1406. Against the yen, the dollar advanced to JPY161.80 from JPY161.64.
The US and Iran have agreed to stop attacking each other, American media reported citing senior US officials, and plan to meet Tuesday in Qatar to resolve their dispute over the Strait of Hormuz.
The US and Iran have traded strikes in recent days despite a fragile June 17 memorandum of understanding aimed at ending the conflict that began in late February and disrupted shipping through the vital waterway.
"We decided to stop all the kinetic activity," a senior US official told media outlet Axios, using a military term for strikes.
A second American official told Axios both sides will stand down "for now" and that "vessels can move freely" as talks are set to continue.
Brent crude was trading higher at USD72.97 a barrel on Monday morning from USD71.49 on Friday.
Meanwhile in the UK, Andy Burnham will pledge to give Britain the "circuit-breaker it needs" in a major speech unveiling his plans for devolution and the economy with ambitions for a decade of Labour government.
The Makerfield MP will confirm a flagship proposal to create a "No 10" in the North and ambitions for "good growth in every postcode" with what allies say is the biggest transfer of power out of Whitehall in modern times.
In a sign he hopes to fight and win at least two general elections, the Labour leadership frontrunner will set out a "10-year mission" to raise living standards through reindustrialisation, housing, infrastructure and reform of essential utilities.
In Asia on Monday, the Nikkei 225 in Tokyo was up 0.2%. In China, the Shanghai Composite was 1.2% higher, while the Hang Seng Index in Hong Kong gained 1.5%. The S&P/ASX 200 in Sydney advanced 0.7%.
In the US on Friday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.1%, while the S&P 500 ended slightly lower and the Nasdaq Composite fell 0.2%.
The yield on the US 10-year Treasury was quoted at 4.38% on Monday morning, widened slightly from 4.37% on Friday. The yield on the US 30-year Treasury was unchanged at 4.86%.
Back in London, BT Group shares were up 1.0% after it agreed to form a joint venture with Verizon Communications, made up of their respective international enterprise operations.
The London-based telecommunications company says the new 50/50 joint venture will focus on serving multinational organisations. It expects the join venture to serve over 3,000 customers in more than 180 countries, representing around USD4 billion in combined annual revenue.
Both BT and Verizon will hold equal voting rights and Verizon has agreed to pay BT an equalisation payment of USD625 million. The joint venture will bring together BT International with Verizon's international enterprise wireline arm.
BT said its International division will be reported as a discontinued operation in its accounts until completion. It updated its financial 2027 outlook and mid-term guidance, which now only reflects the continuing business.
It now forecasts adjusted group revenue between GBP17.1 billion and GBP17.6 billion, down from between GBP19.0 billion and GBP19.5 billion previously.
Lion Finance Group led the FTSE 100, and climbed 3.0%, after JPMorgan raised its price target on the stock to 13,900 pence from 13,100p. The bank maintained an 'overweight' rating.
Bridgepoint was the biggest gainer on the FTSE 250 index as it jumped 8.9%.
The London-based private equity firm agreed to buy Kayne Anderson Real Estate for an upfront enterprise value of around USD1.39 billion. This comprises USD759 million of cash and around 189 million of newly issued Bridgepoint shares.
Kayne Anderson Real Estate is a Florida, US-based real estate investment platform, with USD22 billion of assets under management across real estate equity and debt strategies.
The transaction is expected to be earnings per share accretive, boosting Bridgepoint's earnings per share by a mid-single-digit percentage in 2027 and by more than 20% in 2028.
On the AIM market, shares in Futura Medical gained 9.6%.
The Guildford, Surrey-based developer of sexual health products said it has terminated its commercial partnership with Haleon for Eroxon in the US market, and replaced the FTSE 100 firm with Market Performance Group.
Futura Medical said US Eroxon sales progress has been slower than expected after launching in October 2024.
"Alongside this, whilst the market opportunity is clear to both parties, its strategic importance to Haleon has lessened. Futura has therefore reached an agreement with Haleon to terminate its partnership," it said. Futura and Haleon have agreed an early termination fee of USD1.9 million.
Share in Haleon were down 0.5%.
The distribution agreement with MPG will start from September 2026.
Chief Executive Officer Alex Duggan said: "The scale of the market opportunity remains strong, and we believe success in the US is both achievable and significant with the right targeted marketing and distribution strategy."
Fiinu shares slumped 6.8% as it reported a wider loss for 2025.
The Weybridge, Surrey financial technology provider said its pretax loss widened to GBP10.4 million in 2025 from GBP700,068 in 2024. The company reported revenue of GBP662,666 for the year, up from none in 2024.
It faced an exceptional items charge of GBP8.6 million, compared to none a year earlier, as it recognised a GBP7.3 million non-cash goodwill impairment charge relating to the Everfex acquisition.
Chief Executive Officer Marko Sjoblom said: "While disappointing, this accounting adjustment does not affect the group's cash resources, operational performance or strategic rationale for the acquisition. Everfex continues to provide revenue generation, a foothold in Central Europe and opportunities to support the group's wider growth ambitions."
Gold was lower at USD4,063.11 an ounce early on Monday from USD4,085.63 late Friday.
Still to come on Monday's economic calendar is UK mortgage approvals data, due shortly, as well as eurozone economic sentiment figures and a reading from the US Dallas Fed manufacturing index.
By Michael Hennessey, Alliance News reporter
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