- Roo bounces higher
- FTSE 100 gains over 1% by Friday's close
- Gold tops $3,000 for first time ever
- Wall Street finds support
- Sterling weakens after surprise GDP decline
- Reeves pushing ahead with cash ISA reform
4:35 pm: FTSE 100 finishes Friday stronger
The FTSE 100 grew in confidence as the trading day progressed, closing close to 90 points or 1.05% higher to reach 8,632.
3:05 pm: Wall Street finds support
Stocks are rallying in early trading on Friday as markets attempt to rebound from a tumultuous week that saw the S&P 500 enter correction territory.
Just after the open, the Dow Jones is up 260 points or 0.6%, trading at 41,073. The S&P 500 has gained 54 points or 1%, reaching 5,576, while the tech-heavy Nasdaq is leading the charge with a 1.3% increase of 228 points, trading at 17,531.
The upward movement comes after a brutal selloff on Thursday, which pushed the S&P 500 into correction territory, defined as a 10% drop from recent highs.
Investors are now cautiously optimistic as they await the University of Michigan's consumer sentiment survey, which could provide insights into how consumers are adapting to new tariffs and persistent inflation.
12:49 pm: Roo bounces higher as Deutsche upgrades price target
Deliveroo PLC (LSE:ROO) shares might have stumbled on results day, but Deutsche Bank reckons the market has got it wrong. The bank has reiterated its ‘Buy’ rating, arguing there’s still 50% upside from current levels, with a new price target of 175p.
The upgrade provided a much needed tonic for the share price, which hopped 4% higher to 124.1p.
While competition remains fierce, the company’s expansion into groceries and retail, plus its push for stronger customer retention, suggests it’s in a solid position. Deutsche’s takeaway? The long-term growth story is intact, and the current valuation looks like a bargain
11:25am: Tough 2024 takes its toll on Bodycote
Bodycote Group shares dropped 8% on Friday morning after it report a tough 2024, with £78.3m in one-off charges hitting profits. Statutory operating profit fell 68%, but adjusted profit rose 1.1% to £129m.
CEO Jim Fairbairn highlighted cost-cutting and specialist tech growth, while aerospace and defence remain strong despite weak automotive and industrial markets.
10:20am: Gold trades at new high above $3,000
Gold traded reached an all-time high of $3,004,41 an ounce on Friday morning on escalating trade tensions and the growing economic uncertainty that this brings.
US President Donald Trump’s latest tariff threat, a potential 200% duty on EU alcohol imports, has sent further shockwaves through global markets, fuelling demand for safe-haven assets, Solomon Global managing director Paul Williams said in an emailed statement.
"This isn’t just a knee-jerk reaction to individual policies; it’s investors seeking protection against systemic risk. Given the current momentum, gold at $3,500 by summer and $4,500 within the next year are in the realms of possibility," Williams wrote.
"With the Trump tariff turmoil spooking markets once again, gold is being chosen as the ultimate shield against political and economic unpredictability.
9:45am: Weaker pound boosts miners
The FTSE 100 looked set to end the week on a positive note, supported by sterling weakness after an unexpected drop in UK GDP. This gave miners a boost, along with the latest measures in China aimed at boosting the economy.
“While Wall Street entered official correction territory overnight, Asian stocks shrugged off this weakness as Chinese authorities introduced measures aimed at boosting consumer spending," commented AJ Bell investment director Russ Mould. "This helped give the mining sector in London a lift as investors looked for a knock-on impact on metals demand in a commodity-hungry economy."
As of 9:45am in London, the FTSE traded 27 points or 0.31% higher at 8,569.35.
9:10am: Vanquis tumbles on 2024 loss
Vanquis Banking Group PLC (LSE:VANQ) is under pressure this morning, with the lender's shares plunging 15% after posting a £119.3m loss for 2024, a sharp rise from £11.7m the year before.
The loss was driven by £191m in loan impairments and a £71.2m write-off linked to its Moneybarn car finance arm. Net interest income also dropped 5% to £420m, and no dividend was declared after last year’s 6p payout.
Despite the tough year, CEO Ian McLaughlin called 2024 a “pivotal” year and remains optimistic. The bank has already cut £643m in costs and expects further savings, targeting low single-digit returns in 2025 and double-digit profitability by 2026.
8:55am: FTSE 100 builds on early gains
Stocks extended their gains in early Friday morning trading, adding 32 points, or 0.38% to 8,575.03 shortly before 9am in London. Miners led the charge, with Anglo American PLC (LSE:AAL) and Antofagasta PLC (LSE:ANTO) each up by around 2%. On the downside, Reckitt Benckiser Group PLC (LSE:RKT, ETR:3RB) shed over 3% while Vodafone Group declined 1.4%.
8:15am: FTSE 100 starts higher
London's blue chips opened slightly higher, shrugging off disappointing GDP data for January and big overnight falls on Wall Street that saw the S&P 500 enter correction territory.
Shortly after the open, the FTSE 100 was up 12 points, or 0.15% at 8,555.45. Top risers include Rentokill Initial PLC, up 1.07%, and Rightmove, up 0.93%.
8:05am: Treasury dead set on ISA plans
The Treasury has reportedly approved plans to change cash ISAs, despite concerns from savings providers.
These changes were expected to be announced by Chancellor Rachel Reeves in the Spring Statement on 26 March, but may now come later in the year, according to The i.
The reforms are expected to reduce the annual cash ISA limit, encouraging savers to consider stocks and shares ISAs instead.
7:55am: Berkeley upbeat on sales
Berkeley Group Holdings PLC (LSE:BKG) is sticking to its £975 million profit target across 2025 and 2026 as sales improve.
While the house builder says planning reforms are encouraging, it maintains that regulatory changes continue to pressure new home delivery.
7:30am: GDP headache for Reeves
GDP shrank as the year started, declining 0.1% in January against expectations for a 0.1% expansion. Industrial output was largely to blame, according to the ONS. The data comes ahead of Chancellor Rachel Reeves' Spring Statement at the end of the month, adding pressure on policymakers.
The Bank of England is expected to hold steady on interest rates at 4.5% when it meets next week though.
7.15am: FTSE 100 set to open higher
The FTSE 100 looks set to open higher after a rollercoaster week as escalating trade tensions between the United States and the European Union shook investors, sending the S&P 500 into correction territory.
Futures markets are pointing to a positive start for London's blue chips, with the index looking to gain about 24 points at the open after closing just a touch lower in Thursday's session.
Last night in the US, the S&P 500 dropped 1.4% to officially enter a correction, now more than 10% below its record high in February. The index closed at 5,521 points.
The Nasdaq fell 2% to 17,303 points while the Dow Jones shed 1.3% at 40,813 points.
Asian markets were mostly higher, with Chinese stocks leading the gains and the Mumbai market bucking the trend.
5am: What to watch on Friday
UK growth will be in focus on Friday, with monthly GDP figures expected to show the economy saw little progress in January... read more
Announcements due on 14 March:
Finals: Vanquis Banking Group PLC, Wheaton Precious Metals Corp
AGMs: Adriatic Metals PLC, Chenavari Toro Income Fund
Economic announcements: Gross Domestic Product (UK)