London open: FTSE steady after two days of heavy losses
By Michele Maatouk
Date: Wednesday 04 Mar 2026
(Sharecast News) - London stocks were flat in early trade on Wednesday following two days of heavy losses, as investors continued to eye developments in the Middle East.
At 0840 GMT, the FTSE 100 was steady at 10,482.65.
Meanwhile, oil prices remained higher despite US President Donald Trump's suggestion to have the US navy escort tankers through the strait of Hormuz. Brent crude was up 2.7% at $83.56 a barrel.
Trump said on Truth Social: "If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible.
"No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD."
Kathleen Brooks, research director at XTB, said: "Events in the Middle East remain in focus today as Iran prepares to bury the Ayatollah and announced its new supreme leader, Motjaba Khamenei, son of the former Ayatollah. There is still no sign of a deescalation of the conflict. Iran continues to bomb US targets in the region, and Israel has struck inside Tehran. An Iranian war ship is sinking off the coast of Sri Lanka, and there are reports that a Russian ship is also on fire.
"There may be some mild optimism that President Trump's plan to get oil flowing through the Strait of Hormuz could boost risk sentiment on Wednesday, although the risks remain to the downside.
"The rise in energy prices continues today, although gains are milder than they were earlier this week. The Brent crude oil price is higher by 3% today and is back above $83 per barrel. The European Natural gas price is up another 20% and has risen 93% in the last 5 days. Although these gains are moderate compared to the spikes in prices we have seen in recent days, they suggest that there is some skepticism in the shipping market about President Trump's plan for US warships to escort tankers through the Gulf of Hormuz and underwrite insurance.
"The free flow of oil is essential to avoid a damaging energy price shock in the coming weeks. However, there is concern that President Trump's plan is complex and cannot be executed as quickly as the market may like. This means that the risks remain to the upside for the oil price."
In equity markets, Vistry Group tumbled as the housebuilder said Greg Fitzgerald will retire as chief executive next March after 45 years in the sector.
The company also said adjusted pre-tax profits rose 2% to £268m despite a challenging market and uncertainty ahead of the government's Budget in November. Revenues fell 4% and completions were down 9% to 15,658 units.
Barratt Redrow also lost ground as it said long-standing chief executive David Thomas will step down after more than a decade. Thomas, who was appointed chief executive in 2015, is retiring after 17 years with the blue chip. He will be replaced by Dean Banks, the current chief executive of Australian infrastructure services provider Ventia.
Fellow housebuilders Persimmon and Bellway also fell, while engineering firm Weir slumped despite in-line full-year results.
Quilter fell despite reporting record net inflows and better-than-expected full-year profits, as the wealth manager announced a £100m share buyback.
Beazley was little changed as the Lloyd's of London insurer posted a fall in full-year profit amid a "softening" insurance market, ahead of its agreed takeover by Zurich Insurance.
Market Movers
FTSE 100 (UKX) 10,482.65 -0.01%
FTSE 250 (MCX) 22,657.26 -0.16%
techMARK (TASX) 5,964.84 0.49%
FTSE 100 - Risers
Pearson (PSON) 976.60p 2.46%
Intertek Group (ITRK) 3,964.00p 2.27%
Relx plc (REL) 2,606.00p 2.22%
Flutter Entertainment (DI) (FLTR) 8,314.00p 2.17%
Experian (EXPN) 2,736.00p 2.09%
Tesco (TSCO) 481.10p 1.99%
Smith & Nephew (SN.) 1,379.50p 1.91%
Diploma (DPLM) 5,420.00p 1.78%
Marks & Spencer Group (MKS) 378.20p 1.75%
Severn Trent (SVT) 3,208.00p 1.48%
FTSE 100 - Fallers
Weir Group (WEIR) 3,164.00p -6.11%
Persimmon (PSN) 1,347.50p -1.53%
Fresnillo (FRES) 3,856.00p -1.33%
HSBC Holdings (HSBA) 1,242.80p -1.24%
Barratt Redrow (BTRW) 334.10p -1.06%
Melrose Industries (MRO) 530.80p -1.03%
BP (BP.) 487.25p -0.93%
SEGRO (SGRO) 788.80p -0.88%
Burberry Group (BRBY) 1,062.00p -0.79%
Metlen Energy & Metals (MTLN) 33.17p -0.74%
FTSE 250 - Risers
Abrdn (ABDN) 203.40p 2.21%
Chemring Group (CHG) 546.00p 2.06%
Kainos Group (KNOS) 752.00p 1.97%
AJ Bell (AJB) 443.20p 1.89%
Greggs (GRG) 1,648.00p 1.87%
Future (FUTR) 405.20p 1.79%
Johnson Service Group (JSG) 131.00p 1.70%
Pennon Group (PNN) 575.00p 1.58%
Oakley Capital Investments Limited (DI) (OCI) 491.50p 1.55%
Edinburgh Worldwide Inv Trust (EWI) 232.00p 1.31%
FTSE 250 - Fallers
Vistry Group (VTY) 515.60p -18.97%
Aston Martin Lagonda Global Holdings (AML) 38.58p -2.93%
Ithaca Energy (ITH) 240.50p -2.64%
Pacific Horizon Inv Trust (PHI) 907.00p -2.37%
Harbour Energy (HBR) 267.00p -2.34%
Schroder Oriental Income Fund Ltd. (SOI) 371.50p -2.24%
JPMorgan Japanese Inv Trust (JFJ) 763.00p -2.18%
RHI Magnesita N.V. (DI) (RHIM) 2,790.00p -1.96%
Schroder Asia Pacific Fund (SDP) 707.00p -1.81%
SDCL Efficiency Income Trust (SEIT) 47.80p -1.65%
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