The FTSE 100 finished slightly higher on Tuesday, standing apart from weaker European and US markets as strength in Shell helped offset a broad technology sell-off and falling mining shares.
London’s benchmark index added 14.11 points, or 0.1%, to close at 10,665.88, while the FTSE 250 slipped 125.40 points, or 0.5%.
Across Europe, the CAC 40 in Paris lost 0.5% and Frankfurt’s DAX 40 dropped 1.4%, with US markets also struggling as technology stocks came under renewed pressure. By the London close, the Dow Jones Industrial Average was down 0.4%, the S&P 500 had fallen 0.7% and the Nasdaq Composite was lower by 1.4%.
The weakness spread through the semiconductor sector after Samsung Electronics fell 6.9%, despite forecasting a 19-fold increase in second-quarter profit compared with a year earlier. Investors instead focused on whether earnings growth across the chip industry can be sustained after a prolonged rally.
Selling accelerated across Wall Street’s chipmakers, with Intel dropping 11%, Applied Materials losing 9.8%, Marvell Technology falling 9.7%, Lam Research retreating 8.7% and Micron Technology sliding 7.6%. Advanced Micro Devices shed 8.1%, while Nvidia also traded lower, easing 1.5%.
Investment trusts with heavy exposure to technology also came under pressure, with Polar Capital Technology Trust falling 3.9% and Scottish Mortgage Investment Trust losing 2.9% as investors reduced exposure to growth stocks.
Shell provided the FTSE 100 with its strongest support, climbing 3.4% after raising its second-quarter guidance for integrated gas production.
The oil major also said gas trading performance would be “significantly higher” than in the first quarter as volatility linked to the conflict in the Middle East boosted trading conditions. Shell now expects integrated gas output of between 610,000 and 650,000 barrels of oil equivalent per day, an improvement on previous guidance of 580,000 to 640,000 barrels.
Higher oil prices also underpinned sentiment towards the energy giant, although gains elsewhere in the index were limited by weakness among miners. Fresnillo fell 4.5%, Anglo American lost 4.6%, Antofagasta declined 3.3% and Endeavour Mining dropped 2.7%.
Away from the blue-chip index, Keller surged 23% after telling investors it expects 2026 revenue and underlying operating profit to come in materially ahead of current market forecasts of £3.15 billion and £223 million respectively.
Victrex also enjoyed a strong session, rising 16% after reporting double-digit growth in both revenue and sales volumes during the third quarter of its financial year while leaving full-year guidance unchanged.
ITV was among the weakest performers on the FTSE 250, falling 7.3% after JPMorgan downgraded the broadcaster to “neutral” from “overweight” following further assessment of a potential sale of its media and entertainment business.
JPMorgan said the broadcaster had been unable to secure the transaction the bank had anticipated, adding that the outcome represented “a good deal for Sky”.