The UK’s FTSE 100 index opened 0.4% higher on Wednesday, driven by strong gains in energy and industrial metal shares. Oil stocks surged 2.5% following increased concerns about Middle East tensions and potential disruptions to crude output, while metal miners rose 1% on higher copper prices, boosted by China’s economic stimulus measures.
However, JD Sports Fashion dropped 5.5%, despite reporting higher-than-expected first-half profits. The retailer maintained its annual outlook, citing a £20 million foreign exchange impact in the second half.
Meanwhile, the FTSE 250 index remained flat, and the automobiles and parts sector led declines, with Aston Martin falling 3.6% for the third consecutive session. Additionally, a survey showed British employer pay settlements held steady at their lowest level in two years, potentially easing pressure on the Bank of England to cut interest rates.