- The FTSE 100 is trading near 10,804 as gains in energy, mining and technology stocks offset weakness elsewhere in the London market.
- Computacenter shares jumped around 4% after the company raised its 2026 profit outlook following record first-half results driven by AI infrastructure demand.
- BP, Shell, Antofagasta and Glencore gained as Brent crude approached $100 and copper traded near record highs, while HSBC, Lloyds and consumer stocks weighed on the index.
The FTSE 100 was little changed on Tuesday, trading around 10,804 near open as surging commodity prices and strong results from Computacenter provided support for London equities.
Energy and mining stocks were among the stronger performers as Brent crude approached $100 a barrel and copper remained near record highs. Computacenter also stood out after raising its full-year profit outlook on accelerating demand for artificial intelligence and digital infrastructure.
Those gains were offset by weakness in banks, retailers and healthcare stocks, leaving the UK’s benchmark index struggling to establish a clear direction.
Why Is the FTSE 100 Flat Today?
The FTSE 100 is trading near flat today because strength among its heavyweight commodity companies is being countered by losses elsewhere.
Brent crude climbed above $98 a barrel as concerns over supply disruptions linked to the Iran conflict continued to support energy prices. WTI crude also advanced above $94.
That helped BP shares rise around 1.5%, while Shell also traded higher.
Mining stocks benefited from another strong session for copper. US copper futures extended their advance after the metal reached record levels, supporting Antofagasta and Glencore, which both gained more than 1% in early London trading.
The commodity rally is particularly important for the FTSE 100 because energy and mining companies carry significant weight in the index.
However, oil approaching $100 also creates a less favourable macroeconomic backdrop. Higher energy costs could keep UK inflation elevated and put additional pressure on household spending and interest-rate expectations.
Computacenter Shares Jump on AI Demand
Computacenter is one of the FTSE 100’s biggest gainers, rising around 4% after reporting record first-half results and raising its 2026 profit outlook. The technology and services company said adjusted profit before tax surged 87% to £152.4 million, while revenue increased 71.6% to £6.85 billion during the six months to June 30. AI and digital infrastructure demand was a major driver.
North America accounted for 62% of group adjusted operating profit before central costs, helped by spending from hyperscale, neocloud and enterprise customers on AI infrastructure. The UK business also strengthened, with revenue more than doubling to £1.51 billion and adjusted operating profit increasing 52.6%.
Computacenter now expects 2026 adjusted profit before tax to reach at least £380 million, comfortably above the previous analyst consensus of £340.9 million. Its committed product order backlog also reached a record £9.3 billion, up 323% year over year. The numbers provide another indication that AI-related investment is increasingly influencing the London market beyond traditional semiconductor companies.
BP and Shell Rise as Brent Crude Nears $100
Energy stocks provided another important source of support for the FTSE 100 today. Brent crude traded around $98–$99 per barrel, bringing the psychologically important $100 level back into view as geopolitical tensions continue to threaten global energy supplies.
BP gained around 1.5%, while Shell also advanced. Higher oil prices can directly support earnings expectations for the FTSE’s large energy producers. However, a sustained move above $100 could become more complicated for the wider UK market. Higher fuel and transport costs could feed into inflation, potentially limiting the Bank of England’s room to ease monetary policy and squeezing household disposable income.
That leaves rising oil prices as both a tailwind for BP and Shell and a potential headwind for the wider FTSE 100.
Antofagasta and Glencore Gain as Copper Hits Record High
Mining stocks are benefiting from an equally significant move in industrial metals. Three-month copper reached a record high above $14,500 per tonne, while US copper contracts also extended their advance. Tighter global supply, declining mine production and growing demand from electricity grids, electric vehicles and AI data centres have contributed to the rally.
Expectations of potential US tariffs on refined copper have added another layer of supply uncertainty. The move helped Antofagasta rise around 1.2% and Glencore gain roughly 1%. For the FTSE 100, continued strength in both oil and copper could provide important support because of the index’s relatively large exposure to energy and mining companies.
HSBC and Lloyds Weigh on the FTSE 100
The gains were not broad-based. HSBC fell around 1%, while Lloyds Banking Group also traded lower. Standard Life and St James’s Place were among other financial names under pressure. Consumer stocks were also weak, with Kingfisher, JD Sports and Next declining.
UK retail data added to the cautious tone. British Retail Consortium figures showed total retail sales growth slowing to 0.7% year over year in August from 1.3% in July, while non-food sales declined 0.8%. Separate Barclays data was somewhat stronger, showing card spending increased 2.1%, its fastest growth in 13 months.
The mixed numbers underline the challenge facing UK consumers as higher energy prices threaten to add another source of pressure to household budgets.
Stronger Pound Adds Another FTSE 100 Headwind
Sterling also remains important for the FTSE 100 outlook. The pound traded around $1.354 against the US dollar, creating a modest headwind for internationally focused companies. Many FTSE 100 constituents generate a large proportion of their revenue overseas. A stronger pound can reduce the sterling value of those foreign earnings when they are translated back into the UK currency.
That helps explain why strong commodities alone have not been enough to drive a broader FTSE rally.
FTSE 100 Outlook: Can the Index Return to 10,900?
The FTSE 100 remains close to its recent highs, trading around 10,804 in the latest market data. Commodity strength continues to provide support, particularly through BP, Shell, Antofagasta and Glencore, while Computacenter’s results have added another positive company-specific catalyst.
However, the index is struggling to regain the 10,900 area reached during August. For now, the FTSE 100 outlook remains broadly constructive while the index holds around the 10,700–10,800 region. A return above 10,900 would bring the 11,000 milestone back into focus.
The bigger risk is increasingly macroeconomic. Brent approaching $100 and record copper prices are helping London’s commodity heavyweights, but persistent commodity inflation could eventually pressure consumers and keep UK interest rates higher.
That tension may determine whether the FTSE 100 can turn its recent consolidation into another push toward record highs.
The latest market data in your chart puts the FTSE 100 around 10,804, with the index trading relatively flat during Tuesday’s session.
Computacenter shares jumped after the company reported record first-half results and raised its 2026 adjusted profit-before-tax outlook to at least £380 million, helped by strong AI and digital infrastructure demand.
The FTSE 100 remains within reach of 11,000, but the index first needs to regain the recent 10,900 area. Continued strength in commodity stocks could support another attempt, while stronger sterling and inflation concerns remain potential obstacles.
The FTSE 100 outlook remains broadly constructive near 10,800. Energy and mining stocks continue to provide support, but the index may need broader participation from financial and consumer stocks to make a sustained move toward 10,900 and 11,000.