The FTSE 100 ended Tuesday’s session marginally higher, but the move masked a split market where heavy losses in BP dragged against firmer mining and retail stocks.
The index closed up 0.24%, at 10,491.39, with trading activity also influenced by a catch-up session after the UK and US bank holiday break, which left European markets adjusting to a fuller flow of global news.
BP was the standout faller, dropping around 5% after the abrupt removal of Chair Albert Manifold. The company pointed to serious governance concerns tied to oversight and conduct, adding another chapter to a period of boardroom instability at the oil major. Investors reacted sharply to the news, with concerns centring on leadership continuity at a time when the energy group is already grappling with a difficult geopolitical and operational backdrop.
Brent crude hovered just above the 100 dollar level, reacting to renewed tension around the Strait of Hormuz after US strikes on Iran disrupted hopes of a near-term stabilisation in the region. Normally, firmer oil prices would have supported the FTSE through its heavyweight energy sector, but BP’s slide outweighed any positive spillover from crude strength.
Mining stocks helped counterbalance the weakness, with Antofagasta, Glencore and Endeavour Mining all posted gains, reflecting continued demand for industrial metals alongside renewed interest in gold exposure as investors continue to weigh geopolitical risk.
Retail and property names also added support. Kingfisher advanced after reaffirming its full-year outlook despite softer like-for-like sales, suggesting resilience in trading conditions.
British Land also moved higher following a broker upgrade that highlighted improving earnings visibility and an attractive valuation backdrop, adding to the steady flow of selective stock-specific optimism in the session.
Elsewhere, weakness in individual stocks limited the broader advance. Melrose Industries slipped after operational issues at a US facility prompted caution, while Auto Trader fell following analyst downgrades that questioned the sustainability of its growth outlook after recent product developments failed to fully convince the market.
Global markets offered a mixed but broadly supportive backdrop. European indices such as the CAC 40 and DAX 40 ended lower, while US equities edged higher, leaving London in a relatively balanced position.