FTSE 100 Rises on Summit Optimism as Retailers and Miners Gain

FTSE 100 edges higher on summit optimism, with retailers and miners up but IWG plunging.

Bert O Bert O

London stocks opened higher on Tuesday, lifted by optimism over reported progress at peace talks between the US, Ukraine, Russia and European leaders.

The FTSE 100 gained 0.28% to 9,182.35, the FTSE 250 edged up 0.1% to 21,771.47, and the AIM All-Share also rose 0.1% to 762.01.

UK grocery inflation showed tentative signs of easing. Data from Worldpanel revealed annual price growth of 5.0% in the four weeks to 10 August, down from 5.2% in July. Grocery sales in the 12 weeks to the same date rose 4.5% year-on-year to £35.74 billion.

Retailers helped lead the FTSE 100 higher. JD Sports gained 2.7% and Marks & Spencer rose 1.6%. Miners also advanced, with Anglo American and Glencore both up 1.2%, Rio Tinto up 0.7% and Antofagasta 0.6%.

Fresnillo slipped 1.4%, while defence stocks came under pressure. BAE Systems dropped 2.1% and Babcock International fell 1.7%.

The FTSE 250 was dragged by International Workplace Group, which sank 15% after posting a sharp fall in interim pretax profit, down to $12 million from $32 million.

While system-wide revenue rose to $2.16 billion, group revenue fell to $1.85 billion. It forecast adjusted Ebitda at the lower end of guidance, between $525 million and $565 million, amid continued investment.

In smaller companies, Applied Nutrition jumped 9% after announcing it expects half-year revenue to rise 24% year-on-year to about £107 million, comfortably ahead of market forecasts.

Net cash is also expected to top expectations at £18.5 million. The company said it now anticipates full-year revenue to surpass current guidance of £112.4 million.

Wall Street ended mixed on Monday, with the Dow down 0.1%, the S&P 500 flat, and the Nasdaq up 6.8 points.