London midday: FTSE stays up as investors wade through earnings deluge

(Sharecast News) - London stocks were still higher by midday on Thursday amid hopes of a US-Iran deal to reopen the Strait of Hormuz, as investors waded through a deluge of corporate releases from the likes of Diageo and Admiral.

The FTSE 100 was up 0.3% at 10,923.87, while Brent crude was up 1.1% at $80.32 a barrel and West Texas Intermediate was 0.8% firmer at $75.85.

Market participants were mulling news that Iran's talks with Oman are progressing and that an agreement has been reached on a shipping route, although safe passage and a broader deal remain uncertain.

On home shores, a survey showed the downturn in the construction sector eased in July.

The S&P Global construction purchasing managers' index rose to a four-month high of 44.7 from 38.4 in June. It remained above the 50.0 mark that separates contraction from expansion, however.

The survey found that total new business received by construction companies fell at the slowest pace for 10 months in July. Some firms noted a recent turnaround in tender opportunities, including for commercial development, residential projects and transport infrastructure work.

However, many survey respondents also noted that heightened geopolitical uncertainty and subdued domestic economic conditions continued to weigh on customer demand, S&P said.

Tim Moore, economics director at S&P Global Market Intelligence, said: "July data suggests that the performance of UK construction sector has started to stabilise after a sharp downturn throughout the second quarter of 2026. Business activity levels continued to decline in all three main categories, but in each case the rate of contraction was much slower than in June. This was supported by the weakest reduction in new business intakes since September 2025.

"Survey respondents commented on signs of a turnaround in client demand and a revival in new tender opportunities in some cases, despite subdued underlying market conditions. This contributed to more upbeat business activity expectations for the year ahead, with confidence levels the highest since February.

"A renewed improvement in supplier performance and softer input cost inflation were also positive developments in July. Construction companies widely commented on fuel surcharges and higher raw material prices due to the war in the Middle East, but the overall rate of cost inflation was the lowest for five months."

In equity markets, drinks giant Diageo fizzed to the top of the FTSE 100 as it reported full-year results and outlined plans to save around $1bn over the next three years.

Insurer Admiral was also a high riser after results, while Persimmon rallied as the housebuilder said full-year completions were set to be at the upper end of guidance and reported a rise in first-half profit, although it also warned over inflationary pressures.

WPP rocketed to the top of the FTSE 250 as the advertising agency's interim profits beat analysts' expectations and the company said there had been a further sequential improvement in like-for-like growth in the second quarter.

Harworth shot up after Peel Group made a �583m takeover offer for the land and property firm, while Hikma and Serco advanced after results.

On the downside, OSB Group, TP Icap, Wizz Air, Michael Page and Derwent London all fell on the back of results.

Budget airline Wizz reported a big drop in firstquarter profits as a 39% surge in fuel costs due to the Iran war offset strong passenger and capacity growth.

Meanwhile, Michael Page - formerly PageGroup - reaffirmed its full-year guidance as it posted a rise in first-half pre-tax profit amid growth continued growth in the Americas and Asia Pacific.

Market Movers

FTSE 100 (UKX) 10,923.87 0.33%

FTSE 250 (MCX) 24,667.39 0.14%

techMARK (TASX) 6,179.09 0.84%

FTSE 100 - Risers

Diageo (DGE) 1,749.50p 8.14%

Admiral Group (ADM) 3,944.00p 6.21%

Persimmon (PSN) 1,159.00p 3.29%

Vodafone Group (VOD) 117.30p 2.45%

Weir Group (WEIR) 2,748.00p 2.38%

BAE Systems (BA.) 2,205.00p 2.32%

Spirax Group (SPX) 7,450.00p 1.36%

NATWEST GROUP (NWG) 723.40p 1.34%

Prudential (PRU) 1,038.50p 1.32%

Haleon (HLN) 370.00p 1.26%

FTSE 100 - Fallers

Relx plc (REL) 2,644.00p -2.73%

St James's Place (STJ) 1,117.50p -1.67%

SEGRO (SGRO) 958.00p -1.38%

Smith & Nephew (SN.) 1,094.50p -1.26%

Tesco (TSCO) 474.60p -1.25%

Glencore (GLEN) 566.60p -1.17%

Scottish Mortgage Inv Trust (SMT) 1,364.50p -1.16%

Schroders (SDR) 583.00p -1.10%

Melrose Industries (MRO) 486.00p -1.08%

3i Group (III) 2,891.00p -1.06%

FTSE 250 - Risers

WPP (WPP) 385.50p 24.91%

Harworth Group (HWG) 173.00p 20.47%

Hikma Pharmaceuticals (HIK) 1,740.00p 10.44%

Ceres Power Holdings (CWR) 413.80p 8.07%

Serco Group (SRP) 258.80p 6.68%

Harbour Energy (HBR) 247.60p 6.63%

Globaldata (DATA) 86.15p 3.42%

Raspberry PI Holdings (RPI) 696.75p 3.30%

Mondi (MNDI) 932.00p 2.96%

Ithaca Energy (ITH) 234.40p 2.89%

FTSE 250 - Fallers

OSB Group (OSB) 504.00p -12.13%

TP Icap Group (TCAP) 317.80p -7.94%

Seraphim Space Investment Trust (SSIT) 172.00p -4.75%

Wizz Air Holdings (WIZZ) 1,096.00p -4.62%

Michael Page (PAGE) 180.00p -3.41%

Ocado Group (OCDO) 204.60p -3.31%

Tritax Big Box Reit (BBOX) 166.00p -3.20%

Derwent London (DLN) 2,046.00p -3.13%

Jupiter Fund Management (JUP) 160.00p -2.56%

Man Group (EMG) 308.00p -2.53%