Biggest FTSE 100 winners in Iran ceasefire rally
Intense relief that both sides have agreed to stop fighting for two weeks is reflected in reaction by global stock markets. City writer Graeme Evans runs through the blue-chip risers.
8th April 2026 14:29
by Graeme Evans from interactive investor
US President Donald Trump pictured at the White House this week. Iran and the US have agreed to a conditional two-week ceasefire. Photo: Brendan SMIALOWSKI/AFP via Getty Images.
Early bird ISA investors today made the best possible start to the new tax year after a fifth of the FTSE 100 index rose by between 7% and 12%, including Rolls-Royce Holdings (LSE:RR.) and Persimmon (LSE:PSN).
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Lloyds Banking Group (LSE:LLOY) and NatWest Group (LSE:NWG) were among other beneficiaries after the UK economic outlook was lifted by the two-week Iran ceasefire and reopening of the Strait of Hormuz.
As well as early reward for those who immediately deployed their 2026-27 allowance during Tuesday’s uncertainty, the rebound showed the merits of staying invested at times of turmoil.
Today’s rise left the FTSE 100 index down by 2.4% since the start of the Iran war at the end of February but still up by 7.2% in 2026, beaten only by Brazil, and 34% over the past year.
Market | Price | Today (%) | One month (%) | Since Iran war broke out (%) | 2026 (%) | One year (%) |
DAX Xetra (Germany) | 24063 | 5.0 | 2.0 | -4.8 | -1.8 | 18.7 |
FTSE AIM 100 | 3618 | 4.6 | -1.7 | -6.4 | -1.0 | 17.5 |
CAC 40 (Paris) | 8270 | 4.6 | 3.5 | -3.6 | 1.5 | 16.5 |
FTSE 250 | 22525 | 4.5 | 0.1 | -5.2 | 0.2 | 22.8 |
FTSE AIM All-Share | 767 | 3.9 | -2.3 | -6.4 | 0.1 | 19.5 |
Hang Seng (Hong Kong) | 25893 | 3.1 | 0.5 | -2.8 | 1.0 | 28.6 |
FTSE 350 | 5758 | 3.1 | 3.2 | -2.7 | 6.4 | 33.3 |
FTSE All-Share | 5691 | 3.1 | 3.1 | -2.7 | 6.4 | 33.2 |
FTSE 100 | 10647 | 2.9 | 3.5 | -2.4 | 7.2 | 34.6 |
S&P BSE 100 Index (Mumbai) | 24269 | 0.6 | -5.4 | -8.2 | -11.2 | 2.9 |
SSE Composite Index (Shanghai) | 3890 | 0.3 | -5.7 | -6.6 | -2.0 | 23.7 |
NASDAQ Composite | 22018 | 0.1 | -1.7 | -2.9 | -5.3 | 44.2 |
S&P 500 | 6617 | 0.1 | -1.8 | -3.8 | -3.3 | 32.8 |
Bovespa Stock Index (Brazil) | 188259 | 0.1 | 5.0 | 5.0 | 16.8 | 51.9 |
Nikkei 225 | 53430 | 0.0 | -3.9 | -9.2 | 6.1 | 61.8 |
Dow Jones Industrial Average | 46585 | -0.2 | -1.9 | -4.9 | -3.1 | 23.7 |
Swiss Market Index | 12790 | -1.5 | -2.3 | -8.7 | -3.7 | 12.6 |
Source: ShareScope. Data taken before US market opened on 8 April 2026. Past performance is not a guide to future performance.
This year’s top-performing pair of Glencore (LSE:GLEN) and BAE Systems (LSE:BA.) held their ground in today’s session to stand 37.7% and 31.9% higher in 2026. This compares with 27.5% for BP (LSE:BP.) and 21.2% for Shell (LSE:SHEL) after some of their energy price-led gains unwound today.
The prospect that oil tankers and their cargoes will soon begin moving through the Strait of Hormuz helped the benchmark price of Brent crude fall 15% to $92.51 a barrel.
However, the steep drop in price is not repeated further out the forward curve as longer-dated trading shows that Brent is still expected to remain above $70 a barrel throughout 2027.
This reflects the amount of time it will take for industry operations in the Persian Gulf to normalise, plus the significant risk that negotiations end with a resumption of the conflict.
Shore Capital said: “The flows of oil, LNG and oil products from the Persian Gulf cannot quickly spring back to pre-conflict levels.
“The damage to energy facilities across the Gulf combined with production shutdowns (both precautionary and due to storage constraints) means that supply could remain constrained for several months, even if this two-week ceasefire ends with a permanent peace deal.”
The outlook for a sustained period of elevated oil prices today failed to prevent bargain hunters from targeting British Airways owner International Consolidated Airlines Group SA (LSE:IAG).
The shares bounced 34.4p to 394.6p, although demand fears and revised assumptions for jet fuel costs mean the shares remain 8% cheaper than before the start of the war.
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Rolls-Royce was another beneficiary of today’s turnaround as the improved outlook for engine flying hours meant shares lifted 114.4p to return to positive territory for the year-to-date at 1,257p.
Four stocks remain as much as 20% lower than where they were prior to the conflict, including Barratt Redrow (LSE:BTRW), Persimmon and Berkeley Group Holdings (The) (LSE:BKG) despite the housebuilders featuring among today’s biggest risers.
They rebounded by between 7% for Berkeley and 10% in the case of Persimmon after the 10-year gilt yield today fell 0.2% on hopes that lower energy prices will ease the pressure for higher interest rates.
The average mortgage rate recorded by Moneyfacts last night stood at 5.76%, which compares with 4.89% at the start of March. The strain on affordability was highlighted in today’s Halifax house market report, which showed a 0.5% fall in the average price for March.
Company | Price | Today (%) | 1 month (%) | Since Iran war broke out (%) | 2026 (%) | 1 year (%) | Forward dividend yield | Forward PE |
3871.5p | 12.6 | 3.6 | -9.3 | 18.1 | 179.0 | 1.6 | 26.4 | |
3618.25p | 10.7 | 12.0 | -2.2 | 17.3 | 94.9 | 1.5 | 26.7 | |
3723p | 10.6 | 5.9 | -12.2 | 11.7 | 332.0 | 3.9 | 13.8 | |
1257.5p | 10.1 | -0.6 | -5.7 | 9.4 | 85.1 | 1.1 | 31.5 | |
394.65p | 9.6 | 8.6 | -6.9 | -4.7 | 66.0 | 2.7 | 5.9 | |
555.1p | 9.4 | 3.2 | -1.9 | -5.7 | 36.6 | 1.7 | 13.3 | |
1182p | 9.2 | -8.7 | -21.5 | -13.0 | 3.2 | 5.8 | 10.5 | |
1713.6p | 8.9 | 4.5 | -6.5 | -6.0 | 85.7 | 3.3 | 9.2 | |
441.325p | 8.8 | 9.2 | -2.5 | -7.3 | 73.7 | 3.5 | 7.7 | |
75.03p | 8.7 | -1.8 | -8.5 | -11.2 | 18.8 | 1.5 | 6.1 |
Source: ShareScope. Past performance is not a guide to future performance.
The other stock down by more than 20% since the start of the war is Unilever (LSE:ULVR), which has been further impacted by a negative reaction to its plans for the spin-off of its food division.
The shares are down 21.9% since the end of February, which compares with 17.6% for Reckitt Benckiser Group (LSE:RKT) and 13.4% for Diageo (LSE:DGE) as the uncertain demand outlook has combined with fears of another industry supply chain price shock.
UK-focused retail stocks including Marks & Spencer Group (LSE:MKS) and JD Sports Fashion (LSE:JD.) fared well today, although the long road back to normality for the domestic economy means they remain 8% lower than at the start of the war.
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Today’s rebound also boosted confidence in the banking sector, although NatWest, Barclays (LSE:BARC) and HSBC Holdings (LSE:HSBA) are still between 2% and 5% cheaper than just over a month ago. Lloyds Banking Group is back where it was after returning above 100p in today’s session.
City firm Peel Hunt said: “Even if this truce marks the genuine end of fighting, some economic damage is already baked in – expect higher inflation in the second half of the year and slower growth for major parts of the global economy compared to the pre-war outlook.”
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