The FTSE 100 rose 0.3% on Tuesday but underperformed other major markets as losses in energy stocks offset a sharp rally in miners. Risk appetite improved on growing expectations that the US and Iran could reach an agreement, easing fears of supply disruptions and driving oil prices markedly lower.
BP fell more than 4.5% despite posting stronger‑than‑expected quarterly results, while Shell slipped about 2.4%. Smith & Nephew was another major drag on the index, dropping more than 6% after cutting its full‑year sales growth guidance.
In contrast, mining shares rallied strongly. Antofagasta surged around 7%, Anglo American climbed 5.3%, and Fresnillo advanced 4.4%. Rio Tinto, Endeavour Mining, and Glencore also gained on the back of firmer commodity prices. HSBC, meanwhile, finished broadly flat, even after reporting robust earnings and unveiling a $1 billion share buyback.
