FTSE 100 risers and fallers as Iran war ends second month
Two months after conflict began in the Middle East, Graeme Evans looks at how UK blue-chips have performed plus latest developments affecting global stock markets.
28th April 2026 15:59
by Graeme Evans from interactive investor
The London Stock Exchange Group (LSEG) offices today. Photo: by JUSTIN TALLIS/AFP via Getty Images.
The Iran war today ended its second month with the price of Brent crude about 50% higher and the FTSE 100 index and Wall Street benchmarks far apart in terms of their performance.
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The Nasdaq Composite leads the way, having last night closed at another record after a run that has seen the tech-focused index rebound 13.4% from its post-war low point and by 10% since the conflict started on 28 February.
The Magnificent Seven of mega-cap companies is also up 10% over the two months of the war, pushed higher by a sharp rebound for NVIDIA Corp (NASDAQ:NVDA) after the chip giant yesterday closed with a record market value of $5.27 trillion (£3.9 trillion).
The US outperformance reflects renewed confidence in rates of AI adoption, as well as earnings optimism following a robust start to the quarterly results season. America’s position as a net energy exporter has also given Wall Street a degree of protection from the oil price shock.
The S&P 500 index last night stood 4.3% higher than before the war at a record 7,173, some 9% stronger than its low point on 30 March.
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In contrast, fears of energy supply shortages and much higher prices have weighed on European assets to leave the Dax and Cac 40 down by about 5% since the war started.
That’s in line with the 5.3% reverse of the FTSE 100 index, having fallen by 3% since a three-week rebound peaked at 10,667 on 17 April. The FTSE 250 index is down 5.5% since the war started.
Global stock market performance since Iran war began
Name | Price | Since Iran war began (%) | Since Iran war low (%) | 2026 (%) |
NASDAQ Composite | 24887.1 | 9.8 | 13.4 | 7.1 |
Bovespa Stock Index (Brazil) | 189579 | 5.7 | 4.2 | 17.7 |
S&P 500 | 7173.91 | 4.3 | 9.0 | 4.8 |
Nikkei 225 | 59917.5 | 1.8 | 16.3 | 19.0 |
Dow Jones | 49167.8 | 0.4 | 6.4 | 2.3 |
SSE Composite Index (Shanghai) | 4086.34 | -1.8 | 7.2 | 3.0 |
S&P BSE 100 Index (Mumbai) | 25543 | -3.4 | 8.3 | -6.6 |
Hang Seng (Hong Kong) | 25679.8 | -3.6 | 5.3 | 0.2 |
FTSE AIM All-Share | 789.4 | -3.7 | 10.7 | 3.1 |
DAX Xetra (Germany) | 23983.5 | -5.1 | 5.9 | -2.1 |
CAC 40 (Paris) | 8120.19 | -5.4 | 5.1 | -0.4 |
FTSE 100 | 10318.4 | -5.4 | 4.3 | 3.9 |
FTSE All-Share | 5533.84 | -5.4 | 4.5 | 3.4 |
FTSE 250 | 22459.9 | -5.5 | 5.7 | 0.0 |
Swiss Market Index | 13165.2 | -6.1 | 6.3 | -0.9 |
Source: ShareScope.
Apparent deadlock in the negotiations between the US and Iran meant benchmarks on both sides of the Atlantic were in the red today, with the Nasdaq and S&P 500 index down by 0.8% and 0.5% respectively in early dealings.
The global selling pressure followed a fresh rise in the price of Brent crude to $111 a barrel, as well as higher government bond yields on expectations that mounting inflation pressures will result in interest rate hikes later this year.
Rate-sensitive stocks dominated today’s fallers board in the FTSE 350 index as the UK’s 10-year gilt yield returned above 5% to levels last seen in 2008. The increase of 74 basis points (bps) since the conflict began compares with France at 47bps and the US at 40 bps.
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Deutsche Bank said the spike globally was partly due to concern of more fiscal easing. The bank added: “Yields were at relatively low levels coming into the war on AI deflation and job displacement fears, which feels rather like a distant memory now.”
The mortgage affordability pressures have combined with fears of rising costs to leave the shares of Barratt Redrow (LSE:BTRW), Persimmon (LSE:PSN) and Berkeley Group Holdings (The) (LSE:BKG) down by between 25% and 30% since the war started.
FTSE 250-listed Taylor Wimpey (LSE:TW.) highlighted the strain on the sector today when it said year-to-date pricing was 1% lower than last year and that higher costs were starting to come through the supply chain.
Consumer-focused Reckitt Benckiser Group (LSE:RKT), Kingfisher (LSE:KGF) and Unilever (LSE:ULVR) are among other stocks in the FTSE 100 down by a fifth or more, while Marks & Spencer Group (LSE:MKS) has weakened 17% and Rolls-Royce Holdings (LSE:RR.) by 16%
Precious metals miners Fresnillo (LSE:FRES) and Endeavour Mining (LSE:EDV) have also fallen 24% and 19% respectively after the prices of gold and silver came off record highs amid expectations for higher US interest rates.
Five biggest FTSE 100 fallers since Iran war began
Name | Price | Since Iran war began (%) | Since Iran war low (%) | 2026 (%) | %chg 1y | fc Yield | fc PE |
253.5p | -30.6 | -5.1 | -33.5 | -44.4 | 5.7 | 9.1 | |
1070.5p | -28.9 | -6.3 | -21.2 | -16.2 | 5.8 | 10.7 | |
4737.5p | -27.2 | -6.7 | -21.1 | 1.1 | 4.6 | 14.2 | |
3242p | -25.0 | -7.0 | -17.0 | -20.0 | 2.8 | 9.8 | |
3226p | -23.9 | 1.8 | -3.2 | 223.0 | 4.1 | 13.7 |
Source: ShareScope. Past performance is not a guide to future performance.
Ten stocks have risen by 10% or more since the war started, led by BP (LSE:BP.) at 23.8% and followed closely by quality compounder Diploma (LSE:DPLM).
The US tech sector resurgence has lifted Polar Capital Technology Ord (LSE:PCT) and Scottish Mortgage Ord (LSE:SMT) Investment Trust by 18% and 13.5% respectively, while London Stock Exchange Group (LSE:LSEG) is up 11%.
Five biggest FTSE 100 risers since Iran war began
Name | Price | Since Iran war began (%) | Since Iran war low (%) | 2026 (%) | %chg 1y | fc Yield | fc PE |
591.45p | 23.8 | 9.8 | 36.7 | 63.4 | 4.4 | 9.1 | |
6985p | 23.1 | 19.8 | 31.9 | 81.3 | 0.9 | 30.9 | |
602.5p | 17.9 | 22.5 | 29.8 | 110.0 | |||
1526.25p | 17.3 | 7.3 | 16.1 | 43.6 | 3.2 | 13.7 | |
3405.5p | 14.9 | 9.8 | 7.2 | 5.4 | 5.1 | 14.2 |
Source: ShareScope. Past performance is not a guide to future performance.
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