The FTSE 100 rose 0.3% on Wednesday, building on Tuesday’s 0.2% gain, as hopes for a potential US–Iran agreement bolstered risk appetite. US President Donald Trump said talks with Iran were “moving along very nicely” and suggested there could be more clarity within 48 hours, while Qatar announced that a proposal concerning the Strait of Hormuz had been drafted.
Corporate earnings also supported the index. Next jumped more than 5% after once again raising its full-year profit guidance. Glencore advanced over 3.5% after reporting an 86% year-on-year increase in adjusted profit and unveiling a special cash distribution of $0.085 per share alongside a $500 million share buyback. Coca-Cola HBC gained more than 4% after posting better-than-expected first-half sales and upgrading its full-year organic revenue growth outlook. Legal & General rose 0.7% after reporting results broadly in line with expectations, whereas HSBC fell more than 4% following its latest earnings release.