London close: UK blue chips rebound after heavy sell-off, oil prices pull back

(Sharecast News) - Global stock markets rebounded slightly on Wednesday after the previous day's sell-off, with equities in London bouncing off a two-week low, led by decent gains in the mining sector. The FTSE 100 rose 0.8% to 10,567.65, having slumped 2.75% to its lowest since 16 February on Tuesday.

After a tentative start, markets had pushed higher by lunchtime after a report of a secret Iranian outreach to end the conflict with the US and Israel.

"Unconfirmed reports that Iran has privately reached out to the US to discuss terms for ending their escalating conflict was one of the factors helping to restore a measure of calm to global markets on Wednesday afternoon," said AJ Bell investment director Russ Mould.

However, Iran late denied a New York Times article that suggested operatives from its Ministry of Intelligence had reached out indirectly to the CIA with an offer to discuss terms for ending the conflict. According to Bloomberg, Iran's Tasnim News Agency cited a ministry source as saying that the New York Times report was "pure falsehood and psychological warfare".

"The FTSE 100 and other European markets took their cue from US gains to trade firmly higher, with some of the names caught up in the heavy selling at the start of the week bouncing back from their lows. This presents a salutary reminder to investors caught up in the recent volatility that ups and downs are a natural feature of financial markets," Mould said.

Brent crude was 0.6% lower at $80.93 a barrel, after rocketing from the $70 level to briefly touch $85 on Tuesday, amid concerns about supply disruptions in the Middle East. On Wednesday, US Treasury Secretary Scott Bessent said the US would take measure to stabilise oil shipments across the region.

Meanwhile, QatarEnergy declared force majeure on shipments of liquefied natural gas after attacks on its facilities due to the US-Israel war on Iran. Qatar accounts for around 20% ​of global LNG exports, all of which are shipped through ⁠the vital Strait of Hormuz, which is effectively shut with around 200 tankers and cargo ships waiting on both sides amid threats of attack from Iran's Revolutionary Guard.

European natural gas futures were down 9% at €48.30/MWh after a near-60% increase over the past two sessions.

Metlan, Antofagasta rally

Metlen Energy & Metals and Chilean miner Antofagasta both gained as copper prices rose.

Testing and inspection specialist Intertek was in the black, having tumbled on Tuesday after its annual results.

Engineering firm Weir Group slid despite in-line full-year results. RBC Capital Markets noted softer 2026 guidance driven by higher spending on a new company-wide IT system, which it said will weigh slightly on margins.

Oil giants BP and Shell gushed lower following recent gains, as oil prices came off highs.

Barratt Redrow lost ground as it said long-standing chief executive David Thomas will step down after more than a decade.

Market Movers

FTSE 100 (UKX) 10,567.65 0.80% FTSE 250 (MCX) 22,896.67 0.89% techMARK (TASX) 5,989.30 0.91%

FTSE 100 - Risers

Metlen Energy & Metals (MTLN) 36.10p 7.28% St James's Place (STJ) 1,331.50p 5.01% Rolls-Royce Holdings (RR.) 1,363.00p 4.60% Informa (INF) 811.60p 4.18% Entain (ENT) 578.20p 3.96% Intertek Group (ITRK) 4,034.00p 3.92% ICG (ICG) 1,642.00p 3.40% Antofagasta (ANTO) 4,045.00p 3.32% Next (NXT) 13,335.00p 2.89% Flutter Entertainment (DI) (FLTR) 8,362.00p 2.88%

FTSE 100 - Fallers

Weir Group (WEIR) 3,040.00p -10.64% Barratt Redrow (BTRW) 329.10p -3.06% Diageo (DGE) 1,520.00p -2.88% BP (BP.) 481.25p -2.38% Smith & Nephew (SN.) 1,336.00p -1.76% The Sage Group (SGE) 833.40p -1.65% Fresnillo (FRES) 3,852.00p -1.63% Shell (SHEL) 3,063.50p -1.59% Persimmon (PSN) 1,354.00p -1.46% Bunzl (BNZL) 2,184.00p -1.44%

FTSE 250 - Risers

Aston Martin Lagonda Global Holdings (AML) 44.20p 9.73% Ceres Power Holdings (CWR) 316.40p 8.95% Oxford Nanopore Technologies (ONT) 124.40p 8.17% Abrdn (ABDN) 209.80p 5.53% Oxford Biomedica (OXB) 659.00p 5.27% WPP (WPP) 255.10p 5.24% International Workplace Group (IWG) 212.60p 4.52% Watches of Switzerland Group (WOSG) 485.80p 4.34% Bridgepoint Group (Reg S) (BPT) 242.80p 4.12% Trustpilot Group (TRST) 148.20p 4.00%

FTSE 250 - Fallers

Vistry Group (VTY) 469.70p -25.63% Harbour Energy (HBR) 260.60p -4.75% Pinewood Technologies Group (PINE) 281.00p -3.27% Ithaca Energy (ITH) 238.50p -3.25% Breedon Group (BREE) 334.80p -2.96% Quilter (QLT) 181.50p -2.84% Genuit Group (GEN) 350.00p -2.78% Ibstock (IBST) 120.20p -2.75% Taylor Wimpey (TW.) 101.90p -2.63% Genus (GNS) 2,740.00p -2.14%