London close: Utilities, property stocks push FTSE higher

(Sharecast News) - London stocks ended firmly in the black on Monday, boosted by a strong showing from utilities and property names, as investors once again attempted to make sense of Donald Trump's latest musings.

The FTSE 100 ended up 1.6% at 10,127.96. Brent crude was off earlier highs, up just 0.1% at $112.67 a barrel, while West Texas Intermediate was up 3.8% at $103.39.

Prices had pushed higher earlier in the day after Trump said he wanted to take Iran's oil. Speaking to the Financial Times, the US President said he could "take the oil in Iran" and seize the export hub of Kharg Island.

In an interview with the newspaper on Sunday, he said his "preference would be to take the oil", comparing the potential move to Venezuela where the US intends to control the oil industry "indefinitely" following its capture of leader Nicolas Maduro in January.

Trump said: "To be honest with you, my favourite thing is to take the oil in Iran but some stupid people back in the US say: 'why are you doing that?' But they're stupid people."

Such a move would involve seizing Kharg Island through which most of Iran's oil is exported.

The comments came as Trump boosted US forces in the region, with the Pentagon ordering the deployment of 10,000 troops trained to seize and hold land. About 3,500 troops arrived in the region on Friday, including roughly 2,200 Marines. Another 2,200 Marines are on their way, while thousands of troops from the 82nd Airborne Division have also been ordered to the region.

"Maybe we take Kharg Island, maybe we don't. We have a lot of options," Trump told the FT. "It would also mean we had to be there [in Kharg Island] for a while." Asked about the state of Iranian defence on Kharg Island he said: "I don't think they have any defence. We could take it very easily."

Trump also took to Truth Social on Monday, saying the US would completely obliterate all of Iran's electric generating plants, oil wells and Kharg Island if a peace deal isn't struck and the Strait of Hormuz isn't immediately reopened.

"Great progress has been made but, if for any reason a deal is not shortly reached, which it probably will be, and if the Hormuz Strait is not immediately 'Open for Business,' we will conclude our lovely 'stay' in Iran by blowing up and completely obliterating all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!), which we have purposefully not yet 'touched'," he wrote.

Susannah Streeter, chief investment strategist at Wealth Club, said: "Trump's words are no longer holding as much sway, with increasing scepticism about his claims about the war's trajectory.

"The President is threatening escalation on one hand, positioning to seize the strategically important Kharg Island, while on the other claiming a deal is close to being done."

On home shores, figures from the Bank of England showed that mortgage approvals rebounded in February, beating expectations for a more modest increase. According to the latest Monday and Credit report, net mortgage approvals rose to 62,584 last month, ahead of consensus for 61,300 and up on January's surprisingly weak 60,246.

Net borrowing of mortgage debt by individuals increased to �4.8bn from �4.2bn a month previously, while the effective interest rate - the actual interest paid - on newly-drawn mortgages edged up to 4.1% from 4.09%.

In equity markets, utilities and property stocks were the standout gainers, with British Gas owner Centrica, SSE, Severn Trent, Land Securities and British Land among the top performers.

Landsec was boosted by an upgrade to 'buy' from 'neutral' at Goldman Sachs.

Oil giants BP and Shell also gushed higher.

There wasn't much in the way of corporate news, but Rio Tinto rallied after the miner maintained its 2026 iron ore shipments guidance despite cyclone disruption.

GSK nudged up after saying its Exdensur drug has been approved in China for the treatment of asthma.

On the downside, BA and Iberia owner IAG flew lower amid concerns about higher fuel costs, while CVS Group fell as it said chief executive Richard Fairman was retiring after six years in the post, for personal reasons.

Market Movers

FTSE 100 (UKX) 10,127.96 1.61%

FTSE 250 (MCX) 20,954.50 -0.05%

techMARK (TASX) 5,593.44 0.71%

FTSE 100 - Risers

Centrica (CNA) 210.50p 4.73%

Land Securities Group (LAND) 552.00p 4.45%

British Land Company (BLND) 356.60p 3.90%

London Stock Exchange Group (LSEG) 8,602.00p 3.74%

Rio Tinto (RIO) 6,772.00p 3.72%

SSE (SSE) 2,574.00p 3.62%

Burberry Group (BRBY) 1,073.00p 3.52%

Experian (EXPN) 2,585.00p 3.28%

BAE Systems (BA.) 2,132.00p 3.14%

Severn Trent (SVT) 3,088.00p 3.11%

FTSE 100 - Fallers

Antofagasta (ANTO) 3,161.00p -3.21%

International Consolidated Airlines Group SA (CDI) (IAG) 349.50p -1.88%

Smiths Group (SMIN) 2,264.00p -1.57%

Airtel Africa (AAF) 347.80p -1.53%

Lion Finance Group (BGEO) 9,185.00p -1.50%

Babcock International Group (BAB) 1,150.00p -1.46%

Reckitt Benckiser Group (RKT) 5,102.00p -1.20%

InterContinental Hotels Group (IHG) 129.45p -0.54%

Prudential (PRU) 1,030.50p -0.53%

M&G (MNG) 271.60p -0.44%

FTSE 250 - Risers

Baltic Classifieds Group (BCG) 177.80p 4.10%

Trainline (TRN) 215.60p 3.75%

Bytes Technology Group (BYIT) 271.00p 3.51%

Aston Martin Lagonda Global Holdings (AML) 37.30p 2.87%

Trustpilot Group (TRST) 192.40p 2.83%

Ithaca Energy (ITH) 254.50p 2.83%

Tate & Lyle (TATE) 358.80p 2.81%

Harbour Energy (HBR) 299.60p 2.74%

HGCapital Trust (HGT) 385.00p 2.67%

Diversified Energy Company (DI) (DEC) 1,400.00p 2.64%

FTSE 250 - Fallers

THG (THG) 29.32p -6.15%

Oxford Nanopore Technologies (ONT) 106.60p -5.16%

Harworth Group (HWG) 147.00p -3.92%

Renishaw (RSW) 3,525.00p -3.69%

Oakley Capital Investments Limited (DI) (OCI) 442.00p -3.28%

GCP Infrastructure Investments Ltd (GCP) 70.60p -3.16%

Partners Group Private Equity Limited. (EUR) (PEY) 8.72p -3.11%

Foresight Environmental Infrastructure Limited (FGEN) 68.10p -2.99%

Twentyfour Income Fund Limited Ord Red (TFIF) 104.60p -2.97%

AO World (AO.) 83.90p -2.67%