FTSE 100 Rallies As House Prices Hold Steady In April

On Tuesday, U.K. stocks experienced a significant uplift, achieving record highs as negotiations to establish a ceasefire in Gaza persisted.

Markets responded positively to data from Halifax, a mortgage lender, which showed that U.K. house prices remained stable in April, recovering from a dip experienced in March. With trading recommencing after a bank holiday on Monday, the FTSE 100 index saw a boost of 86 points or 1.1 percent, reaching 8,299.

Among the biggest gainers were housebuilders Barratt Developments and Persimmon, seeing their stocks rise by 1.2 percent and 1.6 percent respectively. Similarly, shares in Ferrexpo, the Swiss iron ore company with assets in Ukraine, jumped by 3 percent. This development came after the company issued an update on legal proceedings involving its Ukrainian subsidiary, Ferrexpo Poltava Mining.

The company revealed its decision to partially pay the bail set by the Kiev Court of Appeal on April 29th. This payment is for Viktor Lotous, the General Director and Chair of the FPM Management Board, who is currently implicated in a royalty-related investigation.

In contrast, the office-space provider, IWG, experienced a marginal downturn after announcing a stagnant revenue for the first quarter of 2024.

Finally, shares in oil and gas behemoth, BP Plc, fell slightly by half a percent following disappointing first-quarter profits that fell below expectations.