London midday: FTSE pops higher as Rentokil, Entain rally
By Michele Maatouk
Date: Thursday 05 Mar 2026
(Sharecast News) - London stocks had popped higher by midday on Thursday, helped along by well-received results from Rentokil, Entain and Admiral, as events in the Middle East continued to dominate markets.
The FTSE 100 was up 0.2% at 10,586.15, reversing earlier losses. Stocks took a leg up following a report that the Iranian deputy foreign minister said the country was ready to abandon its nuclear program on condition that the US presents "a satisfactory alternative offer".
The news, reported by Bloomberg, lifted European markets across the board, although gains were minimal.
Kathleen Brooks, research director at XTB, said: "There's been an abrupt change in sentiment this morning, European stock markets are higher and oil and gas prices are moderating, after comments from Iran's deputy minister about pre-conflict talks between Iran and the US.
"He said that Iran was ready to get rid of their uranium stockpile before the attacks from the US. The market is taking this as good news. Does it mean that Iran is willing to surrender their nuclear capabilities, and the war won't be prolonged? These comments don't actually change anything at this moment, but it does highlight how reactionary markets are to headlines right now."
On home shores, a survey showed the downturn in the construction sector deepened in February, dragged lower by residential building.
The S&P Global construction purchasing managers' index fell to 44.5 from a seven-month high of 46.4 in January. A reading above 50.0 indicates expansion, while a reading below signals contraction.
Activity fell for the fourteenth month in a row.
Tim Moore, economics director at S&P Global Market Intelligence, said: "A sharper downturn in house building was the main factor behind the setback for UK construction activity in February, following some signs of stabilisation at the start of 2026. Total industry activity has decreased in each month since January 2025 and the latest decline was faster than seen on average over this period. The reduction in output was largely due to sluggish demand conditions, but some firms also noted that exceptionally wet weather had disrupted construction projects.
"Construction companies were hopeful of a turnaround in business activity over the year ahead, with optimism levels hitting a 14-month high in February. This was often linked to forthcoming new projects in the infrastructure and energy sectors, as well as projected improvements in broader economic conditions.
"Sharply rising input costs were a challenge in February. The rate of purchasing price inflation hit a seven-month high as suppliers passed on rising raw material costs, especially metals."
In equity markets, Rentokil shot higher as the pest control firm reaffirmed guidance following a strong finish to the year.
Entain advanced as the Ladbrokes owner said full-year underlying EBITDA was ahead of expectations.
Admiral rallied as the insurer reported a rise in full-year profit, hailing a growing customer base and an "exceptional" performance form the UK motor division.
Coats Group surged as the industrial threads maker lifted margin and free cash flow targets after a jump in earnings amid a tough market.
Senior gained as the aero parts supplier said that Arcline Investment Management has made a preliminary, non-binding all-cash offer for the company. Arcline joins a consortium comprising of Tinicum Incorporated and Blackstone, and private equity firm Advent International.
Grafton also broadcaster ITV also made solid gains on the back of results.
On the downside, airlines were among the worst performers, with easyJet, BA and Iberia owner IAG, and Wizz all sharply lower.
After the close of markets on Wednesday, Wizz Air said the conflict in Iran would dent its FY26 net profits by around €50m. The airline said it now expects net profits to be below the guidance given in January for between a net loss of €25m and a net profit of €25m.
Reckitt Benckiser was weaker as the consumer goods giant hailed a strong full-year performance, ahead of its expectations, but also cautioned it expects a continued challenging trading environment in Europe.
Aviva fell despite posting a 25% jump in full-year operating profit supported by a strong performance in its UK & Ireland and Canadian operations.
PageGroup tumbled as the recruiter said annual profits plunged 67% and slashed its dividend as persistent economic uncertainty hit hiring across Europe. The company also warned the outlook remained uncertain.
Ibstock lost ground as it posted a drop in full-year profit in a "challenging" market, while Lancashire Holdings also fell after results.
Housebuilder Taylor Wimpey slipped, giving back earlier gains, after it reported a 54.3% slide in full-year pre-tax profit, pointing to "uncertainty" ahead of the Budget last year.
Market Movers
FTSE 100 (UKX) 10,586.15 0.18%
FTSE 250 (MCX) 22,998.34 0.44%
techMARK (TASX) 6,002.70 0.22%
FTSE 100 - Risers
Rentokil Initial (RTO) 477.90p 12.22%
Entain (ENT) 609.60p 5.15%
Weir Group (WEIR) 3,162.00p 3.95%
Admiral Group (ADM) 2,968.00p 3.85%
Mondi (MNDI) 869.00p 3.70%
Convatec Group (CTEC) 249.40p 2.63%
JD Sports Fashion (JD.) 77.44p 2.56%
DCC (CDI) (DCC) 4,888.00p 2.56%
Intertek Group (ITRK) 4,124.00p 2.13%
Flutter Entertainment (DI) (FLTR) 8,510.00p 1.91%
FTSE 100 - Fallers
Reckitt Benckiser Group (RKT) 5,740.00p -4.83%
Rio Tinto (RIO) 6,952.00p -3.19%
3i Group (III) 3,083.00p -2.70%
easyJet (EZJ) 425.30p -2.08%
Aviva (AV.) 654.60p -1.89%
Metlen Energy & Metals (MTLN) 35.55p -1.52%
International Consolidated Airlines Group SA (CDI) (IAG) 380.80p -1.42%
British American Tobacco (BATS) 4,471.00p -1.28%
St James's Place (STJ) 1,314.00p -1.16%
Imperial Brands (IMB) 3,238.00p -1.01%
FTSE 250 - Risers
Coats Group (COA) 95.40p 9.50%
Senior (SNR) 314.50p 4.83%
Grafton Group Ut (CDI) (GFTU) 961.00p 4.16%
WPP (WPP) 264.40p 3.72%
ITV (ITV) 80.40p 3.48%
Playtech (PTEC) 362.50p 3.42%
GB Group (GBG) 207.50p 2.98%
Inchcape (INCH) 824.50p 2.68%
Quilter (QLT) 185.80p 2.53%
3i Infrastructure (3IN) 355.50p 2.44%
FTSE 250 - Fallers
Pagegroup (PAGE) 138.80p -21.68%
Wizz Air Holdings (WIZZ) 1,023.00p -8.18%
Ibstock (IBST) 114.40p -5.43%
Domino's Pizza Group (DOM) 181.80p -5.36%
Lancashire Holdings Limited (LRE) 623.00p -4.15%
Foresight Environmental Infrastructure Limited (FGEN) 71.70p -3.89%
Pan African Resources (PAF) 167.00p -1.88%
Hochschild Mining (HOC) 728.50p -1.82%
Clarkson (CKN) 4,400.00p -1.79%
Schroder Oriental Income Fund Ltd. (SOI) 380.00p -1.68%
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