FX.co ★ FTSE 100 Trades Cautiously Lower

The FTSE 100 traded flat to slightly lower on Wednesday after rising 0.3% in the previous session, as higher oil prices and renewed worries over US-Iran negotiations weighed on sentiment. With little sign of progress in the talks, escalating tensions in the Middle East further unsettled markets. US forces intercepted Iranian missiles and drones aimed at neighboring countries and later struck a command center inside Iran in response. Banks, miners and defence stocks were generally weaker, while oil majors lent some support, with Shell and BP advancing between 0.7% and 0.9%.

B&M European Value Retail jumped more than 14% despite reporting a decline in annual profits, as it delivered continued like-for-like sales growth across its UK and French operations, with overall revenue also boosted by new store openings. Meanwhile, Howden Joinery gained more than 3% after agreeing to acquire DIY Kitchens in a deal that values the business at £390 million.