Consumer stocks lift UK indexes as investors await US-Iran talks

By Reuters News10:43 (UTC), 22 September 2026 Updated

Sept 22 (Reuters) - UK's equity indexes edged higher on Tuesday as gains in consumer stocks offset weakness in energy shares, while investors awaited potential US-Iran talks.

The blue-chip FTSE 100 index .FTSE rose 0.20% to 10,760.01 points by 1011 GMT, while the midcap FTSE 250 .FTMC climbed 0.65%.

Oil prices fell 1%, paring gains from earlier in the session, after Kyodo news reported that Iran has offered to reopen the Strait of Hormuz within seven days. Energy stocks .FTNMX601010 were down 1.4%, with BP BP.L and Shell SHEL.L down 2.2% and 0.8%, respectively. O/R
Investors are awaiting developments on potential US-Iran talks at the United Nations General Assembly this week after more supplies emerged through the strait over the weekend.
Defensive consumer stocks offered support to the main index with British American Tobacco BATS.L and Unilever ULVR.L rising about 1% each.
Industrial metal miners .FTNMX551030 also advanced 1.3% after copper prices rose. Copper miners Anglo American AAL.L and Antofagasta ANTO.L climbed 2.7% and 3.4%, respectively. MET/L
Among other stocks, home improvement retailer Kingfisher KGF.L climbed 9.2% after it raised its full-year profit guidance following a 9.9% increase in first-half earnings, and said it won market share in the UK, Poland and Spain.
British engineering firm Smiths Group SMIN.L rose 6.5% after it beat expectations for its full-year operating profit and launched a process to sell its US asbestos liability.
M&C Saatchi SAA.L fell 6.1% after the advertising group's like-for-like net revenue fell 1.4% to £86.2 million, hurt by Middle East weakness and lower UAE advertising revenue.
Cell and gene therapy manufacturer Oxford Biomedica OXB.L slipped 1.4% after its gross margin fell to 37% from 43% due to product and client mix changes.
On the data front, Britain's government borrowed more than expected in August, official data showed, pushing the financial year-to-date deficit further above forecasts and adding pressure on finance minister John Healey ahead of his first budget.