Intertek Group Surges on Strategic Review as FTSE 100 Remains Flat

The FTSE 100 exhibited a mixed performance during Tuesday's morning session, ending slightly lower at 10,579.35, a decrease of 3.61 points or 0.03%. Market sentiment was influenced by a combination of corporate strategic shifts and evolving geopolitical tensions. A primary driver for the session was the announcement from Intertek Group, which saw its shares jump 12.5%. The company has initiated a strategic review that may lead to a split of its business operations, while simultaneously maintaining its annual outlook. Intertek reported quarterly revenue of GBP 838.5 million for the period ending March 2026, marking an increase from the GBP 808.9 million recorded during the same period the previous year. In contrast, the tobacco sector faced significant headwinds. Imperial Brands shares plummeted nearly 8% after the company warned of increased losses related to its Next Generation Products (NGPs) as it invests heavily to build scale and market share. British American Tobacco also declined by approximately 4.4%. Broader market movement was tempered by a decline in oil prices, spurred by optimism surrounding a potential peace agreement between the U.S. and Iran following a second round of negotiations. Other notable gains were seen in Metlen Energy & Metals and Fresnillo, while Tesco and BAE Systems saw modest declines.