Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.
(Sharecast News) - London's FTSE 100 was down 0.9% at 10,664.38 in afternoon trade on Tuesday.
Associated British Foods slumped as it posted a sharp decline in annual profits. The Primark owner said challenging conditions hit both its grocery and retail businesses, and warned of further falls to come, with group adjusted operating profits and adjusted earnings per share in the current year to come in below 2026.
BP slid as oil prices fell on reports the US and Iran may be willing to make concessions to end the conflict in the middle East. According to Al Araby Al Jadeed, which cited sources close to the mediation team, the US has approved a draft memorandum of understanding that the Qatari delegation presented to Iran on Monday.
It was understood that Iran will make certain changes to its nuclear doctrine, while the US will release a portion of Iran's frozen assets. The arrangement would serve as a preliminary agreement and create conditions for the two sides to resume negotiations.
On the upside, Hiscox rallied as the specialist insurer said group insurance contract written premiums rose 9.5% in the first nine months of the year, driven by accelerating momentum in the retail segment.
Centrica was in the black as Jefferies upgraded the British Gas owner to 'buy' from 'hold' and lifted the price target to 200p from 190p. The bank said it forecasts earnings per share to grow at a 13% compound annual growth rate over 2026-2030, driven by 17% CAGR growth in visible EPS from retail and infrastructure.
"In our view, the market is overlooking the visibility and growth embedded in the business," it said. "Upside from Centrica Energy and new infrastructure projects provides additional optionality beyond our base case."
FTSE 100 - Risers
Hiscox Limited (DI) (HSX) 1,934.00p 2.76%
3i Group (III) 2,590.00p 2.25%
Balfour Beatty (BBY) 894.50p 2.17%
Lion Finance Group (BGEO) 12,300.00p 2.16%
St James's Place (STJ) 1,101.00p 1.38%
ICG (ICG) 1,929.00p 1.31%
Smith & Nephew (SN.) 1,119.00p 1.27%
Centrica (CNA) 151.70p 1.20%
Prudential (PRU) 944.40p 1.20%
Haleon (HLN) 327.80p 1.18%
FTSE 100 - Fallers
Associated British Foods (ABF) 1,895.00p -2.80%
The Sage Group (SGE) 1,151.00p -2.46%
Barratt Redrow (BTRW) 328.50p -1.79%
JD Sports Fashion (JD.) 94.50p -1.66%
Diageo (DGE) 1,776.00p -1.63%
Glencore (GLEN) 510.50p -1.56%
NATWEST GROUP (NWG) 583.20p -1.49%
BP (BP.) 590.10p -1.47%
Coca-Cola Europacific Partners (DI) (CCEP) 8,430.00p -1.46%
Convatec Group (CTEC) 242.40p -1.22%
