- FTSE 100 off five points
- House prices slip before stamp duty hike
- Just Group tumbles after results
3.55pm: FTSE 100 rebounds but still off the mark
A late surge by the FTSE 100 took the index to within touching distance of positive territory late on Friday, though stocks remained off the mark late on.
At 8,677, London’s blue-chip index headed towards the Friday's close five points lower, having largely recovered from a stoop to as low as 8,629 earlier on.
This left the FTSE 100 down 1.5% for the week, which has seen Donald Trump’s tariffs dominate headlines and sentiment take a knock as a result.
BT Group PLC and Vodafone PLC emerged as Friday’s winners, gaining 4.4% and 3.6% respectively, while Melrose Industries headed the fallers on a 9.4% drop.
Stretching to mid-caps, Just Group PLC was another major faller, down 8.9%, as it appeared to succumb to high expectations despite seemingly strong results, like Melrose.
The FTSE 250 followed its larger counterpart in declining on Friday, while the FTSE 350 and AIM all-share both fared better with slight gains as of late trading.
Stocks across the Atlantic also moved into the red, with IG analysts noting: “US President Trump's bewildering tariff policy is creating heightened uncertainty and investor concern.”
2.51pm: Wall Street mixed after soft jobs data
Wall Street was mixed as Friday’s session kicked off on the back of figures showing fewer jobs were added to the economy than expected in February.
The Dow Jones dropped 0.2% following the bell, while the nasdaq gained 0.2% and the S&P 500 moved just above the mark.
Non-farm payroll figures earlier in the day had shown the addition of 151,000 jobs in the US last month, which was ahead of January’s 125,000 but below the 160,000 expected.
Unemployment increased from 4.0% to 4.1% as anticipated in the meantime.
Capital Economics’ Thomas Ryan noted the data confirmed the US economy “started the year soft” but also that it was “not plummeting towards a recession”.
Charles Schwab UK director Richard Flynn warned the figures could “reinforce anxieties” though, given uncertainty around the impact of Trump’s tariffs in recent weeks.
“With investors already concerned about a growth slowdown, we will likely see greater sensitivity to economic data in the coming days and weeks.”
2.05pm: US economy adds fewer jobs than expected
US non-farm payrolls came in slightly weaker than expected for February, figures showed on Friday.
According to the US Bureau of Labor Statistics, some 151,000 jobs were added to the economy over the month.
Though this marked an improvement against a downwardly revised 120,000 in January, analysts had expected the addition of 160,000 jobs.
Unemployment ticked up from 4.0% to 4.1% as expected in the meantime, the figures also showed.
Futures pointed to a mixed start on Wall Street after the figures, with the Nasdaq seen and S&P 500 seen higher, but the Dow Jones lower.
1.21pm: FTSE 100 on course for worst week of year
London’s blue chips remained on the back foot into Friday afternoon, leaving the index on course for its worst weekly performance of 2025 so far.
At 8,642, the index was down 0.5%, or 40 points, on Friday and had fallen by 1.9% since the weekend.
Melrose Industries PLC headed the losers for a second day running on Friday, shedding a further 5.2% after seemingly strong results on Thursday failed to live up to heightened expectations.
Schroders PLC followed, reversing 5.2% after surging on a strategic update the day before.
Taylor Wimpey PLC emerged as the biggest riser in the meantime, adding 2.1% after news house prices had fallen last month appeared not as bad as feared.
“The market has stalled but not slumped as the stamp duty holiday approaches its end,” AJ Bell analyst Russ Mould commented.
“While the latest Halifax figures were below expectations, they were hardly a disaster.”
12.36pm: UK economy and US inflation: what to watch for next week
Another busy week ahead looms on the macroeconomic front, with UK economic data and US inflation figures.
After fears around the impact of Trump’s tariffs rattled stock markets this week, attention will be on Wednesday’s US consumer price index reading.
Such concerns have circled both inflation and US economic growth, clouding the path of Federal Reserve rate cuts this year.
Expectations are for both headline and core inflation to have moderated in February to 2.9% and 3.1% respectively, against the 3.0% and 3.1% seen a month earlier.
In the UK, Friday’s gross domestic product (GDP) data for January will be the focus, after the economy drummed up growth of 0.4% in December following a muted few months.
According to Trading Economics, growth of 0.1% is forecast for the first month of the year, reflecting another slow month.
IG analysts noted a pick-up was anticipated in mid-2025, likely leaving the Bank of England able to continue cutting interest rates ahead.
UK house price figures on Thursday and retail sales data on Tuesday mark other notable announcements in the coming week.
11.46am: Wall Street seen higher ahead of non-farm payrolls
Wall Street looked on course for a brighter start to Friday’s session as a volatile week culminated with non-farm payroll figures for February.
Having faced another heavy sell-off on Thursday, futures showed the Nasdaq up 0.4% ahead of the bell.
The S&P 500 and Dow Jones were also seen gaining, by 0.3% and 0.1% respectively, after also facing pressure in Thursday’s session.
“Tariff fears remain prevalent,” Scope markets analyst Joshua Mahony said, despite Donald Trump having postponed levies on a string of goods from the US’ neighbours on Thursday.
“The idea that you can repeatedly turn tariffs off and on without damaging economic activity has clearly run out of support.
“Businesses are likely to react by postponing investment until we have greater tariff clarity.”
He added Friday’s non-farm payroll figures came against a backdrop of concern for the job market, given the looming impacts of tariffs and government cutbacks.
Ahead of the figures, expectations were for 160,000 jobs to have been added to the economy in February as unemployment held at 4.1%.
11.00am: Euro set for best week since financial crisis
A bumper week for the euro has left it on course for the best week against the dollar since the midst of the global financial crisis 16 years ago.
Come Friday, the euro had added 4.6% to reach $1.086 today over a week which has seen Trump’s tariffs rattle the markets and a major shift in German spending plans.
If held, the rally would mark the sharpest gain for the euro versus the greenback since March 2009 in the fallout of the financial crisis.
Equities faced pressure as a volatile week approached its end on Friday though, with European markets down across the board.
In London, the FTSE 100 remained off the mark at 8,641 and down 41 points.
10.10am: AstraZeneca locks in broker backing on Imfinzi data
AstraZeneca PLC has edged closer to its aim of generating $80 billion in revenue come 2030 on positive results from a trial of Imfinzi, according to analysts.
Shore Capital doubled down on a ‘buy’ rating following Friday’s update that a combination of the drug and chemotherapy yielded promising results.
Known as the MATTERHORN trial, research showed the combination significantly reduced early-stage stomach and oesophageal cancer patients’ chances of the diseases returning.
Shore Cap noted consensus had largely priced in Imfinzi’s use for lung cancer, leaving other opportunities potentially allowing for further gains.
“Importantly, these data incrementally support conviction around the deliverability of its long-term $80bn revenue ambition In 2030,” analysts said.
9.24am: Fresnillo tops risers as Berenberg upgrades on improving visibility
Fresnillo PLC emerged at the top of the FTSE 100’s risers on Friday after being granted an upgrade by Berenberg analysts on improving visibility.
Results earlier in March reflected improving financials, both on strong precious metal prices, but also operational stability and better cost control, Berenberg said in a note.
“That, in our view, underpins better visibility on shareholder returns,” analysts added, as Fresnillo was taken from a ‘hold’ to a ‘buy’ rating.
Results had shown a near seven-fold increase in operating profit to $945.8 million for last year, as a special dividend was also declared to take shareholder returns to $547.5 million.
Berenberg noted there was “scope” for other special payouts, were gold and silver prices to remain elevated, given Fresnillo’s now strong balance sheet.
Shares were up 3.3% at 866.50p on Friday.
8.32: Bitcoin slides on Trump strategic reserve disappointment
Bitcoin headed toward the end of a volatile week on the back foot once again as disappointment around president Donald Trump’s crypto plans saw investors jump ship.
At $88,101, the cryptocurrency was down 2.1% after news on Thursday that Trump had signed executive orders to create a bitcoin reserve and a digital asset stockpile.
Bitcoin had slumped towards the $82,000 mark initially in the wake of the orders, which had long been tipped, down from the $94,000 level seen early in the week.
Deutsche analysts noted disappointment stemmed from the announcement Trump’s reserve and stockpile would include assets already owned and not require new government funding.
“It is good news, but not what the market wanted in the short term,” Swan Bitcoin’s Steven Lubka added, “people were hoping for near-term buy pressure”.
Smaller tokens also came under pressure on Friday, with ether down 0.9% at $2,183 and ripple off 3.8% at $2.50.
8.08am: FTSE 100 drops further early on
London’s blue chips fell even further as Friday’s session got underway, with the FTSE 100 dropping 27 points to 8,655 initially.
Rentokil Initial PLC led the fallers with a 2.8% decline as the stock remained under pressure following results on Thursday.
Melrose Industries PLC, having tanked after also reporting on Thursday, bounced back by 4.6% to head the risers in the meantime.
Declines were broad-based across London, with the FTSE 350 and AIM all-share both also losing ground.
Just Group PLC was the biggest mid-cap loser, shedding 11.7% despite exceeding expectations with full year results earlier in the day.
7.59am: Just Group smashes profit target two years ahead of schedule
Just Group PLC has hit a target to double profit two years early after a one-third jump in 2024.
Underlying operating profit surged 34% to £504 million in the year to December 31, the retirement specialist said on Friday.
New business sales growth and higher recurring in-force profit were attributed for the increase, which was coupled with a 20% hike to its dividend to 2.5p a share.
“We made a pledge three years ago to double profits over five years,” chief executive David Richardson said, “we have significantly exceeded that target in just three years”.
The increase meant FTSE 250-listed Just Group, which specialises in annuities, had exceeded expectations for profit of £499 million.
“Our defined benefit and retail businesses contributed to this excellent performance, and both are operating in markets that are benefitting from long-term structural growth drivers,” Richardson added.
7.34am: House prices stall as stamp duty hike nears
House prices slightly declined between January and February as time ran out for prospective buyers to avoid paying hiked stamp duty from April.
According to Halifax, average prices fell by 0.1% over the month to £298,602 as a slowdown was seen across most areas of the UK.
Prices were up by 2.9% on an annual basis, which was unchanged from January.
“February's figures highlight the delicate balance within the UK housing market,” Halifax mortgages head Amanda Bryden commented.
“While there’s been talk of a last minute rush on new mortgages ahead of the changes to stamp duty, inevitably we’ve seen some of the demand that was brought forward start to fade as the April deadline ticks closer, given the time needed to complete a purchase.”
A temporary relief on stamp duty is set to be removed from April 1, leaving the nil rate at £125,000, against £250,000 currently.
First time buyers will pay the tax on homes worth over £300,000 in the meantime, compared to £425,000 currently.
7.16am: FTSE 100 on course for muted start
Futures showed the FTSE 100 unchanged ahead of Friday’s open, following a rough week which has seen stocks tumble.
London’s blue chips had shed 0.8% on Thursday, in line with steep declines across the Atlantic as traders continued to weigh the impacts of Donald Trump’s tariffs.
Having been introduced against Canada, Mexico and China on Tuesday, tariffs against the US’ neighbours were largely paused once again Thursday.
Overnight, Asian markets broadly fell into the red, with Japan’s Nikkei stumbling 2.2%.
Back in London, focus early on was on house price data from Halifax showing a slight decline month on month in February.
Non-farm payrolls in the US were then set to take attention later in the day.
Friday's schedule:
Finals: Just Group PLC, Stelrad Group PLC
AGMs: Gusbourne PLC, JPMorgan Emerging Europe, Middle East & Africa Securities PLC
Economic announcements: Halifax House Price Index (UK), Non-farm Payrolls (US)