The FTSE 100 jumped again on Tuesday on optimism that the UK would be in the running to strike a favourable trade deal with the United States.

London’s leading index was 0.9% higher at 8,210 at the time of writing and is now over 2% higher on the year compared to a 8% decline for the S&P 500. The German DAX is 6% higher for the year.

Investors tiptoed back into the market after a relatively benign Monday for global equities. There were no major fresh developments in the global trade war yesterday, and traders were happy to mull over electronics exemptions announced over the weekend.

However, analysts cautioned that the lull should be treated with caution, with the next development in the trade likely to be just around the corner.

“The eye of a hurricane is said to be unnaturally still, characterised by calmer conditions, and bright skies. The eye is also the most dangerous part of a storm, often lulling people into a false sense of security, only to then be caught off guard by violent winds, and tempestuous conditions, once the eye passes,” said Michael Brown, Senior Research Strategist at Pepperstone.

“Don’t worry, this isn’t a weather report, though I feel the analogy is a rather apt summation of where markets stood as the new, holiday-shortened, trading week got underway. News on the tariff front was eerily lacking, despite an hour or so of idle waffling from President Trump in the Oval Office.”

Despite ongoing uncertainty resulting from Trump’s tariffs, UK investors were happy to focus on UK-centric news flow and stepped back in to pick up FTSE 100 bargains on Tuesday.

“The FTSE 100 made a strong start to proceedings on Tuesday after comments from US Vice President JD Vance that there’s a ‘good chance’ of a UK-US trade deal,” said AJ Bell investment director Russ Mould.

“Suggestions there might also be a softening of tariffs on the motoring sector also helped lift the mood – with names which have sold off most heavily on US trade policy like Rolls-Royce bouncing back. Housebuilders were in demand as slowing UK wage growth raised hopes for a cut to interest rates, which would in turn boost the affordability of mortgages.”

Taylor Wimpey and Barratt Redrow were both over 2% higher at the time of writing.

3i Group was the top riser after analysts at Citigroup bumped up its price target to 4,850p from 4,670p. 3i shares were 4% higher at 4,060p at the time of writing.

Silver miner Fresnillo was among the gainers as investors bought into the stock ahead of the ex-dividend date for an ordinary dividend of 26.1c per share and a one-off special dividend of 41.8c per share. The combined dividend would yield investors around 6%.

At the time of writing, 95 of the FTSE 100’s constituents were gaining, with just 5 in the red.

Accountancy firm MHA has raised £98m in a successful AIM IPO, providing a much-needed boost to London’s junior market.

The company raised £98m at 100p, valuing the company at around £271m on listing. MHA shares were steady at 101p at the time of writing.

MHA, the 13th largest accountancy firm in the UK, has established itself as the joint fastest-growing among the top 20 firms in 2023.

The group has set an ambitious medium-term goal to break into the top 10 UK accounting and professional services businesses, with targeted annual revenues exceeding £500 million.

The firm has demonstrated a strong track record of acquisitions, most notably completing its largest deal to date in April 2024 with Moore and Smalley, which contributed £30.4 million in revenue and approximately 400 new employees.

MHA is targeting a fragmented UK accountancy market and eyes further strategic acquisitions as a listed company.

Over the past decade, MHA has recorded a compound annual revenue growth rate of 13.7%, while maintaining 87% recurring revenue in FY24, helped by an increasingly complex regulatory environment.

“Against a backdrop of rising demand for high-quality advisory services and increasing regulatory complexity, we believe we are well placed to build on the strong momentum we have established in recent years,” said Geoff Barnes, Chair of MHA

“Admission gives us the ideal platform to strengthen our market position and broaden our capabilities, enabling us to scale at pace and drive further innovation while continuing to deliver the high standards our clients expect. Importantly, it also allows us to offer equity participation to future partners and leaders, ensuring they share directly in the firm’s ongoing success.”

As the UK and Ireland representative of the Baker Tilly International Network, MHA benefits from connections to independent firms across 143 territories generating approximately $5.62bn in annual revenue, whilst maintaining its own brand identity in the UK market.

Greatland Gold has provided investors with a clear path to ‘significant cash flow’ from its Telfer gold mine and confirmed plans to expand its flagship Havieron assets with cash generated from production, which is set to commence in 2028.

The company released an in-depth outlook for production and expansion plans for both Telfer and Havieron on Tuesday.

Greatland Gold unveiled its initial ore reserve at the Telfer gold-copper mine, delivering 712K ounces of gold and 23K tonnes of copper, alongside a two-year production outlook that extends operations through to FY27.

Recently acquired Telfer has had a strong start to production, and the company sees ‘continued high volume gold production from Telfer into a strong gold price environment is expected to generate significant cash flow.’

The updated Telfer outlook, announced less than five months after Greatland’s acquisition of the mine, extends the pre-acquisition plan by a further 18 months.

According to the company’s projections, dual train production will continue with an annual average output of 280,000 to 320,000 ounces of gold and 7,000 to 11,000 tonnes of copper.

For 2026, production is expected to reach up to 340,000 ounces of gold at an all-in sustaining cost (AISC) of A$2,400 to A$2,600 per ounce, while FY27 is projected to yield 260,000 to 300,000 ounces at an AISC of A$2,750 to A$2,950 per ounce. Telfer is now a serious gold extraction operation.

“Greatland has made a tremendous start to our ownership of Telfer, producing over 90,000 ounces of gold and generating over A$250 million in free cash flow in the March 2025 quarter,” said Greatland Managing Director, Shaun Day.

Investors will be encouraged that the company is locking in higher gold prices by securing downside protection through gold put options for a significant portion of its anticipated production over the next couple of years, with a weighted average strike price of A$4,071 per ounce across 266,008 ounces of gold.

Greatland also provided an upbeat assessment of the outlook for its flagship Havieron asset. The company highlighted that the Feasibility Study will target an expanded mining rate of 4.0 to 4.5 million tonnes per annum, representing an increase of 43% to 60% from the initial 2.8 million tonnes per annum.

The first gold production from Havieron is expected to be in 2028.

Havieron has ore reserve grades of 3.0g/t gold and 0.44% copper across 25 million tonnes, with indicated resource grades of 2.6g/t gold and 0.33% copper across 50 million tonnes.

Greatland Gold anticipates that the integration of high-grade Havieron ore will dramatically reduce the overall cost of production while sustaining higher volume production.

“Augmenting production with high grade Havieron ore feed, expected to begin during FY28, is expected to result in a step change reduction in AISC and sustained higher volume annual production. Havieron is a world-class ore body with exceptional ounces per vertical metre, resulting in excellent cost efficiency,” Shaun Day said.

Future expansion of Havieron is expected to be largely self-funded from future Havieron cash flows, with the Feasibility Study targeted for completion in the second half of 2025.

Greatland Gold shares were 2% higher at the time of writing and are 120% higher on the year.

B&M European Value Retail, the UK’s leading discount goods value retailer, has announced respectable results for the 52-week period ending 29 March 2025, with revenues rising to £5.6 billion.

The company is an obvious choice for investors when the economic going gets tough due to their focus on the more thrifty consumer. Today’s results validate his thesis. 

B&M said that adjusted EBITDA is expected to exceed the midpoint of its previously stated guidance range of £605m-£625m, helping to send shares over 7% higher in very early trade on Tuesday. 

Over the year, group revenues increased by 3.7%, driven primarily by new store openings and positive LFL sales in France, which helped offset negative LFL performance in both B&M UK and Heron Foods.

B&M UK recorded a 3.8% year-on-year revenue increase to £4,483m, although this was accompanied by a negative LFL of 3.1% for the full year. 

The fourth quarter may cause some mild concern with UK LFL at -1.8% for the 12-week period to 22 March 2025, and -2.4% for the full 13-week quarter. It appears even the budget shopper is tightening their spending habits. B&M will also not be immune to increased competition from other discounters Lidl and Aldi. 

French operations were much stronger with a 7.8% revenue increase and positive LFL growth of 2.6% for the full year. B&M France saw revenue growth of 9.1% for the quarter. 

B&M UK volumes were encouraging. General merchandise sales values and unit volumes increased in Q4, both on a like-for-like and total basis. Growth was particularly strong across Garden, Toys, Paint and Stationery categories, which underpinned the overall performance.

However, Fast-Moving Consumer Goods (FMCG) delivered negative LFL results, despite achieving positive total sales value and volume growth. The company stated that “actions are underway to improve FMCG LFL performance,” suggesting targeted strategies to bolster the category.

In line with previous guidance, B&M opened 45 gross new UK stores during the year, which the company reports are “performing in line with our expectations and are generating strong returns.” The Group maintains a robust pipeline for the coming year, with plans for another 45 gross new store openings.

Despite like-for-like softness, new store openings are driving growth, and B&M investors are evidently pleased with the company addressing poor performance in the UK. 

B&M European Value Retail shares rose on Tuesday, but are still worth around half of their 2023 peak.