London open: FTSE nudges up ahead of ceasefire deadline; AB Foods slumps

21st Apr 2026 08:14

(Sharecast News) - London stocks were just a smidgen higher in early trade on Tuesday as the deadline for the two-week ceasefire between the US and Iran loomed, and as investors mulled the latest UK jobs data.

At 0838 BST, the FTSE 100 was up 0.1% at 10,616.44, while Brent crude was down 0.4% at $95.12 a barrel.

Investors were digesting the latest comments from Donald Trump, who said the current ceasefire with Iran, which ends on Wednesday, is "highly unlikely" to be extended if the two sides can't reach an agreement to end the war by then. Speaking to reporters, the US president also threatened to resume bombing if a deal isn't reached by Wednesday.

Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: "The recent yo-yoing in equity sentiment continues to be driven less by fundamentals and more by swings in oil prices, as investors try to second-guess how Middle East negotiations are progressing. Fresh talks are pencilled in, but timelines for any lasting agreement remain unclear, leaving investors caught between elevated geopolitical risk and hopes that a workable outcome will ultimately be reached - with markets showing a willingness to price in the latter.

"As earnings season gets underway, that backdrop could translate into a run of solid results paired with cautious outlooks, as executive teams acknowledge the potential impact of higher energy costs without committing too heavily to guidance in an environment where volatility is likely to remain a feature."

On home shores, data from the Office for National Statistics showed that unemployment unexpectedly fell in February, while wage growth continued to slow.

The unemployment rate in the three months to February was 4.9%, down from January's 5.2%, versus consensus expectations for no change.

The number of payrolled workers was broadly flat, which the ONS said reflected ongoing weak hiring.

Liz McKeown, director of economic statistics at the ONS, added: "Vacancies fell to their lowest level in almost five years, but with unemployment also falling, the number of vacancies per unemployed person remains broadly unchanged."

Average earnings excluding bonuses, meanwhile, grew by 3.6% over the same period, the lowest increase since November 2020. The rate was down on the previous month's 3.8% uplift although it was higher than forecasts for a 3.5% increase.

Including bonuses, and average earnings grew by 3.8%, down from January's 4.1% rise.

Annual regular earnings growth was 5.2% in the public sector, compared to a more modest 3.2% across private companies.

In equity markets, utilities SSE and Centrica were the top performers, having slumped last week on news the government is considering de-linking electricity and gas prices.

British Land rallied after saying it expects full-year earnings per share to come in ahead of guidance at 28.9p and upgrading its FY27 underlying EPS guidance to at least 30.5p from 30.2p. Land Securities also gained.

Experian rose as it said Adam Crozier would join the board as a non-executive director and chair designate on 12 May. Crozier, who currently serves as chair of BT and Kantar, will succeed Mike Rogers as chairman following the conclusion of Experian's annual general meeting on 22 July.

THG advanced as it reiterated its full-year guidance and hailed its best first-quarter revenue growth since 2021.

JD Wetherspoon was a high riser after an upgrade to 'add' from 'hold' at Peel Hunt.

On the downside, Associated British Foods slumped after saying it plans to demerge its Primark retail business from its food operations after a review. The Weston family's Wittington Investments, ABF's largest shareholder, said it would retain majority ownership of both entities.

The news came as ABF posted a 19% fall in adjusted pre-tax profits to £663m for the six months to 28 February and held its outlook for the full year.

Housebuilders Barratt Redrow, Berkeley, Persimmon and Vistry were all lower as Crest Nicholson tanked after downgrading its full-year outlook and saying it was seeking temporary banking covenant relaxation with its lenders as it cited economic uncertainty and the ongoing conflict in the Middle East.

Market Movers

FTSE 100 (UKX) 10,616.44 0.07%

FTSE 250 (MCX) 22,998.49 0.25%

techMARK (TASX) 5,995.83 -0.20%

FTSE 100 - Risers

SSE (SSE) 2,605.50p 3.34%

British Land Company (BLND) 403.10p 1.92%

Centrica (CNA) 208.30p 1.81%

Experian (EXPN) 2,883.00p 1.35%

Compass Group 11 (CPG) 28.86p 1.21%

Bunzl (BNZL) 2,405.00p 1.13%

Relx plc (REL) 2,732.00p 1.07%

Metlen Energy & Metals (MTLN) 33.95p 1.04%

Flutter Entertainment (DI) (FLTR) 8,128.00p 1.02%

Burberry Group (BRBY) 1,189.20p 1.00%

FTSE 100 - Fallers

Associated British Foods (ABF) 1,800.00p -4.46%

M&G (MNG) 292.20p -1.78%

GSK (GSK) 2,109.00p -1.59%

AstraZeneca (AZN) 14,778.00p -1.16%

Barratt Redrow (BTRW) 263.20p -1.08%

Marks & Spencer Group (MKS) 356.75p -0.91%

Berkeley Group Holdings (The) (BKG) 3,438.00p -0.80%

Coca-Cola HBC AG (CDI) (CCH) 4,366.00p -0.71%

Persimmon (PSN) 1,145.00p -0.69%

Vodafone Group (VOD) 116.00p -0.51%

FTSE 250 - Risers

THG (THG) 41.24p 6.95%

Wetherspoon (J.D.) (JDW) 651.50p 5.51%

Ceres Power Holdings (CWR) 435.40p 3.77%

Safestore Holdings (SAFE) 708.50p 2.92%

SDCL Efficiency Income Trust (SEIT) 42.20p 2.38%

JPMorgan Emerging Markets Growth & Income (JMGI) 155.20p 2.20%

Baillie Gifford US Growth Trust (USA) 313.00p 1.95%

Pollen Street Group Limited (POLN) 888.00p 1.94%

4Imprint Group (FOUR) 3,878.00p 1.78%

Ruffer Investment Company Ltd Red PTG Pref Shares (RICA) 315.00p 1.61%

FTSE 250 - Fallers

Impax Environmental Markets (IEM) 422.50p -2.87%

Vistry Group (VTY) 343.80p -2.54%

Sirius Real Estate Ltd. (SRE) 102.50p -2.34%

Quilter (QLT) 178.50p -2.19%

Moonpig Group (MOON) 211.00p -1.86%

NB Private Equity Partners Ltd. (NBPE) 1,390.00p -1.70%

Pan African Resources (PAF) 159.16p -1.64%

Aston Martin Lagonda Global Holdings (AML) 44.86p -1.45%

Plus500 Ltd (DI) (PLUS) 4,574.00p -1.08%

JPMorgan Japanese Inv Trust (JFJ) 752.00p -1.05%