FTSE Edges Up Amid Middle East Escalation and Strong Corporate Results
The FTSE 100 index rose by 0.2% on Wednesday, bucking weakness in other European markets such as the DAX and CAC 40. The Middle East escalation sent oil prices higher, with Brent crude jumping 3.4% to $84.90 a barrel.
Corporate news dominated the FTSE tape, with Greggs surging 9% after strong interim results showed total sales up 7.2% and operating profit jumping almost 23% to £86.5m. Reckitt Benckiser rallied nearly 5% on its own upbeat half-year figures.
Weir Group jumped 6.9% as it reported 8% order growth and reiterated full-year guidance despite margin pressure, while Standard Chartered gained 4.7% on its half-year report. However, Aberdeen Group fell 5.4% despite adjusted operating profit rising 21%, with investors focusing on continued outflows in its Adviser and Investments arms.
The escalation in the Middle East has reignited fears over supply disruption, though spot gold has remained resilient, up a modest 0.2% to $4,036.