Stock prices in London were higher on Tuesday midday despite the war between US-Israel and Iran continuing, as gold miner Antofagasta and defence firm BAE Systems saw a rise in their share price.
The US has hit the central Iranian city of Isfahan, where some of Iran’s highly enriched uranium is likely stored or buried, while Tehran struck a fully loaded Kuwaiti oil tanker in the Persian Gulf.
Isfahan is home to one of three sites earlier attacked by the US military in June and some of Iran’s highly enriched uranium is likely stored or buried or there.
The attacks on Tuesday were a testament to the intensity of the month-long war as Iran maintains its chokehold on the Strait of Hormuz, as Iranian Foreign Minister Abbas Araghchi, in response to growing Gulf Arab anger, insisted on Tuesday that Tehran is only targeting US forces.
Meanwhile, the Iranian government said US-Israeli airstrikes hit one of the largest pharmaceutical companies in Iran which produces anaesthetic and cancer drugs.
The pharmaceutical company was named as Tofigh Daru Research & Engineering Co, which is owned by the Social Security Investment Co, a state-run holding firm.
‘The FTSE 100 consolidated Monday’s gains to stand firmly above the 10,000 mark as investors continue to weigh competing narratives over the Iran conflict,’ AJ Bell Investment Director Russ Mould commented, noting that ‘Trump is mulling an exit from the war.
‘Reportedly this might even happen without the Strait of Hormuz being reopened. The hope would be that an arrangement could be made for shipping through this key route to resume once hostilities are concluded. However, much remains uncertain and until there is clarity on a route towards bringing the fighting and disruption to an end, markets are likely to remain nervy.’
The FTSE 100 index was up 34.75 points, 0.3%, at 10,162.71. The FTSE 250 was up 217.71 points, 1.0%, at 21,172.21, and the AIM all-share was up 2.51 points, 0.4%, at 712.63.
The Cboe UK 100 was up 0.6% at 1,013.25, the Cboe UK 250 was up 1.0% at 18,354.47, and the Cboe small companies was up 0.4% at 16,920.04.
Gold miner Antofagasta led the FTSE 100, up 3.1%, followed by defence firm BAE Systems, which rose 2.8%, and Endeavour Mining, up 2.5%.
Gold was quoted higher at $4,559.94 an ounce against $4,541.34.
Raspberry Pi led the FTSE 250, rocketing up 32%, after the low-cost computer manufacturer reported that pretax profit increased 63% to $26.5 million in 2025, while adjusted Ebitda improved 25% to $46.4 million, beating January guidance of ‘not less than’ $45 million.
The firm added that ‘2026 profitability is anticipated to be in-line with market estimates, with revenue materially higher’.
Also, broker Peel Hunt raised Raspberry Pi to ’buy’ from ’add’, with a 460 pence price target.
Wizz Air was the second-worst performer, down 1.8%, just behind Aston Martin’s 2.2% fall.
AG Barr was the second-highest stock, up 7.5%.
The Scotland-based soft drinks manufacturer reported that pretax profit rose 18% to £62.6 million in the financial year that ended January 31, and declaring a final dividend of 15.27p per share, bringing the total payout to 18.71p per share, up 11% from 16.86p the year before.
Looking ahead, the Irn-Bru owner expects to deliver a year of low-double-digit percentage revenue growth in financial 2027, supported by recent acquisitions.
Ashmore came in third, up 5.4% after announcing a strategic partnership with Japan Post Insurance Co Ltd, which could see the Japanese life insurer take an up to 2.9% stake in the London-based firm.
The asset manager said JPI initially intends to invest $1 billion into a range of Ashmore-managed emerging market funds.
On AIM, Plexus Holdings dropped 33%.
The oil and gas wellhead products supplier warned that its revenue for the current year will be significantly below expectations, noting that the ongoing war will likely translate to project delays.
It also reported decreased sales revenue of £1.2 million for the six months to December 31, down from £2.9 million a year ago, and a £2.1 million pretax loss.
Poolbeg Pharma rose 11%.
The cancer immunotherapy-focused biopharmaceutical firm has been granted its first POLB001 cancer immunotherapy-induced Cytokine Release Syndrome patent in Australia.
In European equities on Tuesday, the CAC 40 in Paris was up 0.2%, while the DAX 40 in Frankfurt was up 0.7%.
Annual consumer price index inflation in the eurozone accelerated less than anticipated in March, preliminary data published by Eurostat showed.
The eurozone’s annual CPI rate sped up to 2.5% in March from 1.9% in February, less than an increase to 2.7% that was pencilled in by the FXStreet-cited consensus. Energy is expected to have the highest annual inflation rate in the eurozone in March, with a 4.9% on-year rise compared to a 3.1% fall in February.
Meanwhile, Germany’s unemployment rate was 6.4% in March, down from 6.5% in February, the Federal Employment Agency reported, but retail sales fell by 0.6% in February from January after a downwardly revised 1.1% fall in January, despite market consensus for a 0.2% rise.
Also on Tuesday, the Munich-based ifo Institute said it found that nine in 10 German manufacturing companies expect the war in Iran to impact their business.
Only 9% of industrial firms reported in a survey that they do not foresee being affected by the conflict, ifo said.
More than three-quarters of the companies, 78%, cited rising energy prices as the main source of concern, while 36% pointed to restrictions on shipping routes and supply issues with intermediate products and raw materials.
The pound was quoted higher at $1.3204 midday Tuesday, compared to $1.3191 on Monday. Against the euro, sterling declined to €1.1514 from €1.1518 a day prior. The euro stood at $1.1465, up against $1.1452. Against the yen, the dollar was trading at JP¥159.73, up compared to JP¥159.53.
Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.8%, while the S&P 500 index and the Nasdaq Composite were up 0.7%.
The yield on the US 10-year Treasury was quoted at 4.33%, narrowing from 4.34%. The yield on the US 30-year Treasury was quoted unchanged at 4.90%.
Brent oil was quoted lower at $107.69 a barrel at midday in London on Tuesday from $112.46 late Monday.
Still to come on Tuesday’s economic calendar is Canadian GDP and US house price data.
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