Source: Sharecast
The FTSE 100 finished just 4.8 points lower (-0.05%) at 9,967.35, erasing earlier losses that sent it to a low of 9,883.15. The index closes the week up 0.5%, but has still fallen 8.6% since the end of February when America's initial assault on Iran began.
"Oil prices are on track for their third straight day of gains with Brent crude climbing back above $100 per barrel as doubts over a near-term US-Iran deal and escalating military activity kept supply risks elevated, particularly around the Strait of Hormuz," said Axel Rudolp, chief technical analyst at IG.
"Despite a temporary pause in US strikes and ongoing diplomatic efforts, markets remain sceptical about de-escalation, with troop build-ups on both sides and disrupted tanker flows sustaining upward pressure on energy prices and pushing US Treasury yields to their highest levels since mid-2025.”
Donald Trump has claimed that talks with Tehran were still ongoing as he announced a 10-day extension to the pause on attacking Iranian energy facilities to 6 April, though the president's assurances have largely failed to allay investor uncertainty that that a ceasefire deal will eventually be struck.
"Not even news that Trump would avoid striking Iranian energy targets for a further 10 days helped to calm markets. Effectively, this is just another 10 days where nothing will be achieved and 20% of the world’s oil supply will remain constrained. This is why traders have failed to react to this ‘positive news’ and instead the sell-off continues," said Kathleen Brooks, research director at XTB.
Brent crude climbed a further 2.2% to $104.11 a barrel on Friday, remaining close to levels not seen since the outbreak of the Russia-Ukraine war in early 2022.
On home shores, figures from the Office for National Statistics showed that retail sales fell 0.4% in February following a revised 2% increase in January, less than the 0.8% fall expected by economists. Investors were also mulling the latest survey from GfK, which showed that the consumer confidence index fell to an 11-month low of -21 in March, down from -19 in February, amid concerns about the knock-on effects of the US-Iran war.
AstraZeneca jumps, Carnival slumps
AstraZeneca shot to the top of the index saying its respiratory treatment tozorakimab showed a meaningful reduction in flare-ups of chronic obstructive pulmonary disease (COPD) in two late-stage trials.
Mining stocks were also performing well as commodity prices jumped across the board, including heavyweights Endeavour, Rio Tinto and Glencore.
Shares in cruise operator Carnival dropped sharply as record first-quarter results and a new share buyback were overshadowed by a cut to full-year profit guidance owing to higher fuel costs. Carnival said it now expected adjusted earnings per share to be around $2.21 for 2026, up from $2.10 in 2025 but below the previous guidance of $2.48
3i Group was in the black, recovering from heavy losses in the previous session, after it warned of potential headwinds at portfolio holding Action, a Dutch discount retailer.
Metlen Energy tumbled as it said full-year results will be delayed by nine days after PwC asked for more time to complete its audit of the first financial statements of the firm as a dual-listed company in the UK and Greece.
On the FTSE 250, engineer Senior gained after saying that private equity firm Advent has been granted an extension to the ‘put up or shut up’ deadline as takeover talks between the two remain ongoing.
Market Movers
FTSE 100 (UKX) 9,967.35 -0.05%
FTSE 250 (MCX) 20,964.75 -1.56%
techMARK (TASX) 5,553.77 -0.58%
FTSE 100 - Risers
AstraZeneca (AZN) 14,302.00p 3.41%
Rio Tinto (RIO) 6,545.00p 1.79%
Reckitt Benckiser Group (RKT) 5,164.00p 1.77%
Glencore (GLEN) 538.40p 1.20%
3i Group (III) 2,323.00p 1.04%
Tesco (TSCO) 459.60p 0.99%
Imperial Brands (IMB) 3,075.00p 0.92%
NATWEST GROUP (NWG) 539.80p 0.90%
Diageo (DGE) 1,402.50p 0.68%
Antofagasta (ANTO) 3,266.00p 0.62%
FTSE 100 - Fallers
Metlen Energy & Metals (MTLN) 31.75p -8.63%
Babcock International Group (BAB) 1,155.00p -4.70%
Barratt Redrow (BTRW) 255.70p -4.70%
Persimmon (PSN) 1,075.00p -3.85%
Autotrader Group (AUTO) 447.30p -3.77%
Rolls-Royce Holdings (RR.) 1,108.50p -3.61%
Convatec Group (CTEC) 218.60p -3.36%
British Land Company (BLND) 343.20p -3.32%
JD Sports Fashion (JD.) 67.98p -2.75%
Entain (ENT) 539.60p -2.70%
FTSE 250 - Risers
Diversified Energy Company (DI) (DEC) 1,360.00p 2.87%
Mony Group (MONY) 152.50p 2.69%
Senior (SNR) 283.00p 2.54%
Hochschild Mining (HOC) 572.50p 2.23%
Endeavour Mining (EDV) 4,262.00p 1.91%
Currys (CURY) 119.80p 1.78%
Playtech (PTEC) 320.00p 1.75%
Pollen Street Group Limited (POLN) 816.00p 1.24%
B&M European Value Retail (BME) 158.50p 0.96%
Pan African Resources (PAF) 131.60p 0.92%
FTSE 250 - Fallers
Shawbrook Group (SHAW) 310.00p -6.34%
Ceres Power Holdings (CWR) 308.60p -6.31%
THG (THG) 31.24p -6.30%
Close Brothers Group (CBG) 373.40p -5.42%
HGCapital Trust (HGT) 375.00p -4.94%
Chemring Group (CHG) 486.00p -4.71%
Breedon Group (BREE) 301.40p -4.56%
Discoverie Group (DSCV) 525.00p -4.55%
RHI Magnesita N.V. (DI) (RHIM) 2,325.00p -4.52%
Raspberry PI Holdings (RPI) 291.80p -4.52%
