FTSE 100 round-up: Anglo American, Howden Joinery, Games Workshop
Oil majors have managed respectable gains, but not enough to keep the blue-chip index in positive territory. City writer Graeme Evans runs through today’s risers and fallers.
3rd June 2026 12:31
by Graeme Evans from interactive investor
The central atrium of the London Stock Exchange. Photo: Justin TALLIS/AFP via Getty Images.
Record-breaking sessions in Tokyo and New York today contrasted with London’s AI-light performance as deal-making by Howden Joinery Group (LSE:HWDN) took top billing in the FTSE 100 index.
Chip and technology stocks including Tokyo Electron and Nikon surged as optimism over AI-led demand helped Japan’s Nikkei 225 to jump 2.5% to close above 68,000 for the first time.
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The gains followed a ninth positive session in a row by the S&P 500 index, which if followed by another today would be the longest daily run since 1995. The benchmark is also on track for a 10th consecutive weekly gain, which would be the longest run since 1985.
The latest record for the S&P 500 and subdued trading by European markets highlights the tug-of-war between AI-driven exuberance and disruptive effects of the Middle East conflict.
As we reported yesterday, Deutsche Bank’s World Outlook said the current climate looked more like a collision between the dotcom boom year of 1999 and the Gulf War period of 1990.
This interplay continued today as renewed clashes between the US and Iran caused the price of Brent crude to move 2% higher to $98 a barrel, compared with near $90 last week.
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BP (LSE:BP.) and Shell (LSE:SHEL) shares rallied but their gains were not enough to keep the FTSE 100 index in positive territory as London’s top flight continued its sideways run since the start of May.
Heavyweight fallers included AstraZeneca (LSE:AZN), British American Tobacco (LSE:BATS) and Barclays (LSE:BARC), while Rolls-Royce Holdings (LSE:RR.) faded from Friday’s near record at 1,337p by slipping 22.4p to 1,258.2p.
Games Workshop Group (LSE:GAW) fell 270p to 19,320p, meaning shares have given up more than half the gains that followed the Warhammer firm’s upgrade to guidance ahead of annual results on 28 July.
The retreat from last week’s peak of 20,640p has widened the gap to the price targets of City firms Peel Hunt and Jefferies at 22,000p and 21,850p respectively.
Other fallers today included Anglo American (LSE:AAL), which dropped 51p to 4174p even as Deutsche Bank lifted its price estimate from 3,800p to 4,500p.
The new figure includes modelling for the miner’s planned merger with Canada’s Teck Resources, which is expected to complete by the end of the year and make Anglo Teck one of the world’s premier copper companies.
Deutsche Bank said: “Given the volatile histories of Anglo and Teck (multiple phases of simplification, operational challenges), building a track record of consistency and reliability will be key in driving the company’s multiple towards the top end of the peer group.”
The FTSE 100 risers board showed a leaning towards defensive stocks as Sainsbury (J) (LSE:SBRY)’s, Tesco (LSE:TSCO), United Utilities Group Class A (LSE:UU.), Bunzl (LSE:BNZL) and Centrica (LSE:CNA) all fared well.
Howden Joinery led the top flight earlier in the session after the supplier of fitted kitchens to UK builders announced it is buying the company behind DIY Kitchens for £292.5 million in cash and £97.5 million in Howdens’ shares.
DIY Kitchens operates an online only, made-to-order model that contrasts with Howden’s traditional trade-only, in-stock proposition through over 890 UK depots.
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The move expands Howden’s addressable customer base in the UK without cannibalising its core business, as DIY Kitchens attracts customers who prefer to self-manage their kitchen design and purchase online rather than operate through the trade route.
The transaction is expected to be immediately accretive to revenue, underlying margin and earnings per share, with strong cash generation and returns above the cost of capital.
Howdens said it will retain a robust balance sheet and there is no change to its previously announced £100 million share buyback programme or future capital allocation priorities.
Shares settled 19.5p higher at 774.5p, which represents a fall of 7.5% so far this year.
City firm Berenberg rates the shares at 1,000p as it continues to believe Howden can take share given its business model, market positioning and healthy net-cash position.
The bank added today: “The balance sheet remains central to the Howden investment proposition and also supports its ability to build and invest when its peers cannot.”
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