Some hugely significant price action this morning across even the largest cap UK stocks after Trump’s latest threats towards Iran thankfully failed to materialise. Copper miner Antofagasta was sitting at the top of the FTSE-100 in early trade, with the idea that peace in the Middle East will deliver a broad-based boost to the global economy, in turn boosting demand for copper. The Antofagasta share price is up 13% in early trade, but with the company’s valuation having dropped by almost one third since the start of the US offensive in the Gulf, today’s rebound needs to be taken in context.
The big energy companies are at the other end of the FTSE-100 but the story is largely the same. Crude oil prices collapsed overnight, falling more than 20% as that news of the Straits of Hormuz re-opening – at least temporarily – was priced in. The significant margins that had been eyed are decimated and that’s taking a toll on valuations in the sector. The BP share price was down almost 8% whilst Shell traded down almost 7% shortly after the open.
Away from the geopolitical situation and merchant bank Close Brothers issued a note this morning updating the market in terms of its liabilities following the FCA’s final ruling over the car finance compensation scheme. They now estimate settlement will cost £320m, against a previously made balance sheet provision of £294m. Despite waring of potential variance in this figure and the risk of legal challenges to the scheme, the market has welcomed the certainty provided here. The Close Brothers share price was up more than 20% by 8.30am.
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