London, April 30, 2026, 18:07 BST
- The FTSE 100 finished 1.6% higher at 10,378.82. The FTSE 250, after five days in the red, added 1.2%.
- The Bank of England kept Bank Rate steady at 3.75%, letting rate-sensitive shares claw back some ground, though inflation risks lingered.
- Rolls-Royce, United Utilities, and Glencore took the lead. DCC and Weir dropped back, each following their own company updates.
The FTSE 100 charged ahead Thursday, finishing up 165.71 points, pushed higher by fresh results out of Rolls-Royce, United Utilities, and Glencore. Investors shrugged off another choppy day for interest rates and oil. The more domestically focused FTSE 250 gained 264.28 points, settling at 22,465.15.
The timing stood out: Bank of England decision day, and markets were already wrestling with how the Middle East energy spike might hit UK assets. The Monetary Policy Committee stuck with Bank Rate at 3.75%—an 8-1 split—signaling caution as inflation climbed to 3.3%. Another jump, they said, might be in the cards if energy prices keep rising.
Shares sensitive to higher borrowing costs caught a break after the central bank kept rates steady. But don’t call it a dovish pivot—Governor Andrew Bailey described the pause as an “active hold,” stressing that future action hinges on how big and how long the energy shock lasts. Reuters
Rolls-Royce surged 7.6%, giving the FTSE 100 its strongest lift after the engine maker stuck to its 2026 underlying operating profit target—unchanged at 4.0 billion to 4.2 billion pounds, which strips out select one-offs. Chief Executive Tufan Erginbilgic told investors the company aims to “fully mitigate” ongoing Middle East disruption. First-quarter figures landed with 18% growth in large-engine original-equipment deliveries. Rolls-Royce
Glencore jumped in on the mining push, reporting first-quarter copper production up 19% to 199,600 tonnes—lifted by richer African ore and a boost from Peru’s Antamina mine. CEO Gary Nagle noted the Iran conflict barely touched first-quarter operations, but flagged climbing diesel and acid costs. Even so, he expects firmer commodity prices to easily counter those expenses.
Shares of United Utilities shot up 11.1%, hitting a record, after the company flagged higher revenue and boosted its five-year spending target to 11.5 billion pounds. That optimism spilled into Pennon and Severn Trent as well. Jefferies’ Ahmed Farman, in a note, called the higher-growth roadmap and the company’s beefed-up balance sheet a clear positive for both United Utilities and the broader water space.
The day’s gains didn’t stop Weir Group from slipping. Shares dropped after the engineering firm reported a 3% decline in first-quarter organic orders and tapped Andrew Neilson, currently running its minerals division, as incoming chief executive. Annual guidance? Unchanged. JPMorgan’s analysts called Neilson the “obvious choice” for the top job, but flagged that both the CEO handoff and softer orders could drag on the shares. Reuters
DCC shares slipped after the Irish energy distributor turned down a £4.95 billion bid from KKR and Energy Capital Partners, arguing the offer fell short of the company’s value. “Heavily opportunistic,” was how Berenberg’s James Bayliss put the timing. But RBC’s Andrew Brooke suggested a deal isn’t off the table—just don’t count on a big premium over the current price. Reuters
Oil sits at the center of the story. Brent crude pulled back after briefly spiking to a four-year peak just under $126 a barrel. That eased the squeeze on stocks, though prices hovered at about $113.5—still nearly twice what they were at the year’s open, so inflation and margin concerns linger.
The UK market faces a tighter trade-off than Thursday’s close might indicate. According to Aberdeen deputy chief economist Luke Bartholomew, recession risks could contain those second-round inflation pressures—the cycle where higher prices push up wages, leading to even more inflation. Still, if oil keeps rising, Bartholomew said it’s difficult to imagine the Bank sidestepping a rate hike later this year.
Right now, buyers are running the tape. London’s push higher leans on sturdy earnings and the central bank hitting pause, not any clear macro backdrop. The next moves in energy, pay packets, and what the Bank of England does next will tell if the FTSE 100’s gain sticks.
