UK equities moved higher on Monday, lifted by strength in commodity-related shares, even as geopolitical uncertainty persisted with tensions in the Middle East continuing into another week.
U.S. President Donald Trump said there had been “progress” in potential negotiations with Iran, but cautioned that Washington could carry out strikes against several targets if a deal is not reached soon.
In a post on Truth Social, Trump said the United States was engaged in “serious discussions with A NEW, AND MORE REASONABLE, REGIME to end out Military Operations in Iran,” adding that “great progress has been made.”
By 12:23 GMT, London’s benchmark FTSE 100 index was up more than 1%, while the British pound slipped 0.2% against the dollar to 1.3232. Elsewhere in Europe, Germany’s DAX rose 0.2% and France’s CAC 40 gained 0.4%.
UK roundup
Mortgage borrowing by UK households increased in February, with net borrowing reaching £4.8 billion, up from £4.2 billion in January, according to figures released Monday by the Bank of England. The total surpassed the previous six-month average of £4.5 billion.
Net approvals for mortgages used to purchase homes rose to 62,600 in February from 60,200 a month earlier, although the figure remained slightly below the six-month average of about 63,500. Remortgage approvals also climbed, increasing to 41,200 from 38,500 in January.
The annual growth rate for net mortgage lending ticked up to 3.4% in February, compared with 3.3% the previous month. Gross secured lending rose to £23.9 billion from £23.6 billion, while repayments declined to £18.4 billion from £18.8 billion.
In corporate developments, shares of CVS Group Plc (LSE:CVSG) dropped more than 2% after the veterinary services provider said Chief Executive Officer Richard Fairman plans to step down for personal reasons. Fairman, who joined the company as chief financial officer in 2018 and became CEO in 2019, will remain in the role until a successor is appointed. The board said it will launch a search process to identify the next leader of the UK-listed group.
Debenhams Group, previously known as Boohoo Group PLC (LSE:DEBS), reported adjusted EBITDA of £53 million for the fiscal year ending February 28, 2026. The result exceeded prior guidance of £50 million and represented a 36% year-on-year increase. The company also upgraded its outlook for fiscal 2027, forecasting double-digit growth in adjusted EBITDA.
Separately, the UK government imposed a £390,000 ($516,000) penalty on Apple Inc.’s (NASDAQ:AAPL) subsidiary Apple Distribution International Ltd for breaching sanctions related to Russia. In a notice released Monday, authorities said the company made funds available to a sanctioned individual without the required licence through two payments carried out in 2022.
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