The FTSE 100 Index Opens 0.11% Lower

The FTSE 100 traded flat to slightly lower on Tuesday, underperforming broader European markets as declines in energy and utility stocks weighed on the index. Sentiment was pressured by lower oil prices amid hopes of progress toward a peace agreement between the US and Iran, despite continued uncertainty around security in the Strait of Hormuz. Shell fell around 1.7% while BP lost 0.8%. Utilities also weakened, with Centrica down more than 2%, Severn Trent and SSE falling 1.8% each, National Grid down 1.4% and United Utilities losing 1.2%. Meanwhile, Ofgem confirmed that the UK household energy price cap will rise 13% from July, adding around £18 a month to typical bills, marking the biggest increase since 2023 as Middle East tensions continue to lift energy costs. On the corporate side, Greencore reported robust third quarter trading, while Pets at Home posted annual profit in line with expectations.

The FTSE 100 Index is losing 12 points. Losses were led by Melrose (-3.75%), Centrica (-2.25%) and Shell (-1.87%). Offsetting the fall, top gainers were Marks & Spencer (2.93%), JD Sports Fashion (2.76%) and B&M European Value (2.62%).

The FTSE 100 Index rose 32 points or 0.31 percent on Tuesday to close at 10498 points. Leading the gains are International Airlines Group (3.91%), Antofagasta (3.66%) and Burberry (3.29%). Top losers were Melrose (-5.18%), BP (-4.46%) and Auto Trader (-4.18%).