London's FTSE 100 Rebounds as G7 Agrees Emergency Oil Release; IG Group Plunges

11:47 AM EDT, 10/02/2026 (MT Newswires) -- The UK's FTSE 100 index ended the trading week 0.25% in the green, reversing the previous day's losses, as the Group of Seven nations agreed to release emergency reserves to stabilize energy markets amid the US-Iran war. G7 leaders agreed to a coordinated release of 100 million barrels of diesel and other reserves through the International Energy Agency, beginning immediately over four months, with a substantial diesel release front-loaded within the first 20 days, according to a statement issued by French President Emmanuel Macron's office. Meanwhile, US President Donald Trump wrote in ⁠a post on Truth Social that Europe has agreed to release a "massive amount" of diesel oil ⁠stocks, adding that "the process will begin immediately." In corporate news, IG Group Holdings (IGG.L) said it now expects group total revenue growth for 2026 in a mid-single-digit percentage range compared with the previous year, reflecting lower over-the-counter revenue retention in "less supportive market conditions." The British online trading platform plummeted 22.13%, making it the biggest loser on the blue-chip index on Friday. "IG Group has released an unscheduled trading update for 3Q26 this morning. Total revenues for 3Q are expected to be GBP240m, down 14% YoY and 23% below VA consensus. The company has also updated FY26 guidance, with the middle of guided range pointing towards EBITDA of c.GBP490m-GBP500m, which is c16% lower than RBCe," RBC Capital Markets said in a quick-take note, with a negative sentiment. "The group has also given an update on Underdog, with net revenues of $105m in the quarter. While this is up 100% YoY, we note it is below the $125m/quarter 1H26 run rate, and we expect understanding the seasonality of the Underdog business to be an area of focus at the seminar next week (8 Oct)," the research firm wrote. "Whilst the deal to acquire Underdog changes the risk profile of the group, we believe the share price reaction has placed too much emphasis on the regulatory uncertainty, overlooking the backstops in terms of intrinsic value in the DFS franchise and material potential long-term upside from prediction markets." On the flip side, BT Group (BT-A.L) was one of the top gainers among the blue chips, jumping 3.01%, as the telecommunications group entered discussions with UK government officials over potential antitrust hurdles to a takeover of broadband provider TalkTalk, London's Financial Times reported, citing sources. BT told MT Newswires it does not comment on rumors and speculation. On the economic front, the UK new car market grew for the ninth straight month in September, with registrations jumping 12.1% to 350,518 units, preliminary data from the Society of Motor Manufacturers and Traders showed. Next week, the final S&P Global PMI figures and Lloyds and Royal Institution of Chartered Surveyors house price data are due for release.