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Stock prices were higher in London on Thursday morning, with Shell and BP boosted amid higher oil prices on a day filled with updates from large-cap companies.
The FTSE 100 index opened up 11.34 points, 0.1%, at 11.34. The FTSE 250 was up 45.34 points, 0.2%, at 22,275.01, and the AIM All-Share was up 3.71 points, 0.5%, at 771.74.
The Cboe UK 100 was flat at 951.73, the Cboe UK 250 was up 0.4% at 19,429.12, and the Cboe Small Companies was down 0.2% at 17,464.22.
Rentokil and London Stock Exchange Group led the blue-chip gains, rising 10% and 5.5%, respectively, as investors digested a raft of earnings and deal updates.
Markets also turned their focus to global politics as US President Donald Trump prepared to travel to Asia for high-stakes meetings with regional leaders, including an anticipated encounter with Chinese President Xi Jinping.
The trip, covering Malaysia, Japan, and South Korea, is Trump’s first to the region since returning to the White House, and it comes amid renewed tensions over trade.
While details remain scarce, Trump has expressed hope of striking a ‘good deal’ with China to end the long-running trade war between the world’s two largest economies, though he cautioned that the planned meeting with Xi in South Korea may not even happen.
In European equities on Thursday, the CAC 40 in Paris was up 0.3%, while Frankfurt’s DAX 40 slipped 0.1%.
The pound was quoted at $1.3346 early Thursday in London, down from $1.3366 at the equities close on Wednesday. The euro traded at $1.1593, compared to $1.1599 late Wednesday, while the dollar strengthened to JP¥152.48 against the yen from JP¥151.78.
On the FTSE 100, oil majors Shell and BP were both up 2.4% amid a higher oil price.
Brent oil traded sharply higher at $64.73 a barrel early Thursday, up from $62.61 late Wednesday, after the US and EU announced fresh sanctions targeting Russia’s energy sector.
Trump said the measures would hit Rosneft and Lukoil, Russia’s two largest oil producers, after talks with President Vladimir Putin ‘went nowhere.’ He described the sanctions as ‘tremendous’ but expressed hope they would be short-lived, saying: ‘We hope that the war will be settled.’
Standing alongside NATO Secretary General Mark Rutte, Trump said his patience had ‘snapped’ following the collapse of plans for a new summit with Putin in Budapest. Rutte, often dubbed ‘the Trump whisperer,’ said he was confident that sustained pressure would ‘bring Putin to the table’ to agree on a ceasefire.
The EU also rolled out its 19th sanctions package since Russia’s 2022 invasion of Ukraine, further tightening restrictions on Moscow’s oil and gas revenues.
Back in London, Lloyds Banking Group traded largely steady, down less than 0.1%, after reporting a 36% fall in quarterly pretax profit to £1.17 billion from £1.82 billion a year earlier.
The decline reflected an £800 million charge related to motor finance commission arrangements, bringing total provisions to £1.95 billion. However, net income rose 7% year-on-year to £4.64 billion, driven by higher net interest income.
Rentokil Initial was the top FTSE 100 performer, soaring 10% after reporting that its satellite branch openings remain on track to reach 150 by year-end.
The company said current trading is in line with expectations, with third-quarter organic revenue growth of 3.4% and total revenue up 4.6% year-on-year to $1.81 billion, led by strong North American performance.
LSEG followed closely, up 5.5%, after confirming it had reached an agreement with 11 major global banks Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, HSBC, JPMorgan, Morgan Stanley, Nomura, Societe Generale, and UBS for them to acquire a 20% stake in its Post Trade Solutions division for £170 million, valuing the business at £850 million.
In a separate trading update, LSEG said total income excluding recoveries rose 6.4% in the third quarter, with Risk Intelligence up 14%, FTSE Russell up 9.3%, Data & Analytics up 4.9%, and Markets up 6.3%. The company raised its 2025 Ebitda margin guidance to the top end of its range, expecting a 100-basis-point improvement.
In the FTSE 250, Renishaw fell 4.6% after reporting mixed first-quarter trading. Revenue declined 1.8% year-on-year to £170.8 million from £173.9 million, though it rose 2.8% at constant exchange rates.
The precision engineering firm said global market conditions ‘remain mixed’ but expects to achieve steady revenue growth in the year ahead.
Kerry Group rose 2.3% after reporting year-to-date volume growth of 3%, outpacing end markets, alongside strong margin expansion and reaffirmed full-year guidance. Pricing was up 0.2%, and the Ebitda margin improved by 90 basis points.
Chief Executive Edmond Scanlon said the group achieved ‘good growth in the Americas’ and continues to invest in bio-fermentation, taste technology, and regional capacity expansion.
In Asia, markets were mixed. The Nikkei 225 in Tokyo fell 1.4%, while the Shanghai Composite rose 0.2% and the Hang Seng in Hong Kong gained 0.6%. The S&P/ASX 200 in Sydney edged up 0.1%.
In New York on Wednesday, Wall Street closed lower, with the Dow Jones Industrial Average down 0.7%, the S&P 500 down 0.5%, and the Nasdaq Composite falling 0.9%.
Gold rose to $4,100.70 an ounce early Thursday from $4,028.64 late Wednesday.
Still to come on Thursday’s economic calendar are Canadian retail sales and eurozone consumer confidence data.
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