- FTSE 100 adds 67 points at 9,645
- Kingfisher upgraded
- NatWest rises after lifting guidance
- Retail sales climb 0.9% in Q3
4.52pm: Another record for the FTSE
The FTSE 100 notched its second record close in a row, adding 67 points at 9,645.
“The afternoon has seen the Dow, S&P 500 and Nasdaq roar to new records, joined by the FTSE 100 which continues to bask in better UK economic data and corporate news,” IG chief market analyst Chris Beauchamp said.
“The week has seen further declines in volatility, as trade war fears ease. Now attention shifts to the Trump-Xi meeting, perhaps the one event that really has the power to provide a surprise.”
12.25pm: LSEG back in fashion
London Stock Exchange spent a second day at the top of the FTSE 100 leaderboard with brokers and banks upgrading their forecasts for the data and markets group.
The release of Q3 numbers on Thursday seemed to assuage a skittish market as LSEG provided a confident assessment of prospects.
Coverage has been largely positive on Friday with upbeat missives from both RBC and JPMorgan.
Up almost 4% on Friday, the stock has gained 14% over the last five trading days.
Turning to the wider market, the blue-chip index was little changed in early afternoon trading after hitting a new record on Thursday.
Perhaps it will be nudged out of the red by Wall Street, which, based on futures trading, looks set to open firmly in the green.
11.30am: You can do it, if you B&Q it
RBC Capital has dusted off its toolkit for Kingfisher, upgrading the B&Q and Screwfix owner to Outperform and raising its price target from 320p to 350p. The bank thinks the DIY chain still has growth potential in its back pocket, especially in the UK and Poland, where there’s room for more smaller B&Q formats and extra Screwfix outlets.
Margins are on the mend too. Kingfisher lifted its gross margin by a full percentage point in the first half, helped by better buying, more own-label goods and a fast-growing online marketplace. RBC reckons digital initiatives such as retail media and AI-driven pricing tweaks should keep that momentum going.
France remains a tougher nut to crack, but the group is leaning on cost savings and franchise conversions to improve performance. At about 12 times 2026 earnings and yielding 4%, the shares don’t look expensive for a business generating healthy cash and buying back £300m of stock. After years of lagging, Kingfisher may finally be nailing down a sturdier outlook.
10.30am: October PMI provides hope
UK business activity perked up in October, with the PMI composite index climbing to 51.1 – its best showing in two months.
Manufacturing had its first output growth in a year thanks to restocking and recovering demand, while services ticked higher despite pre-Budget jitters. Cost pressures eased to their lowest since last November, job losses slowed, and confidence improved slightly.
S&P's Chris Williamson reckons September might've been the low point, with things now looking up.
9.45am: Small caps under the spotlight
Capricorn Energy PLC (LSE:CNE, OTC:CRNZF) shares jumped 7% after Egypt finally coughed up $50 million in overdue payments – a welcome relief for jittery investors. The company's now collected $102 million since June, slashing what it's owed to $115 million. Production's humming along nicely, and they're expecting more cash before year-end while continuing to develop their Egyptian assets.
The Revel Collective's shares nosedived 35% after announcing it might sell up – either in bits or as a whole. The company behind Revolution Bars and Revolución de Cuba is struggling with rising costs and cash-strapped younger punters staying home. With revenue down 7.4% and debt climbing to £25.3 million, it's exploring all options to salvage value.
Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) has bagged £6.32 million through a share placement to fund the rest of its 2025 drilling plans. The oil and gas junior is issuing 57.4 million new shares at 11p each, with another £0.68 million potentially coming from existing shareholders. The cash will go towards drilling and infrastructure at its Trinidad operations, while also ticking boxes on a bank loan agreement.
Pantheon International PLC (LSE:PIN) said its net asset value held steady at 510.7p per share in September while it splashed £9.4 million buying back its own shares at a 34% discount. The FTSE 250 private equity trust has now returned £28.6 million to shareholders from its £75 million distribution pot. Despite some valuation wobbles, cash keeps flowing in from its portfolio, with £43 million sitting in the bank.
Vaultz Capital PLC (AQSE:V3TC, OTCQB:VZTCF) is now trading on the US OTCQB market under ticker VZTCF, giving American investors easier access to its shares. The digital asset company's existing listings on Aquis and Frankfurt aren't affected, and no new shares are being issued. CEO Eric Benz reckons this stateside debut will boost visibility and liquidity while broadening their investor base internationally.
Pan African Resources PLC (AIM:PAF, OTCQX:PAFRY, JSE:PAN) is upgrading from AIM to the London Stock Exchange's main market today at 8am – a step up the City ladder. No new shares are being issued, and the ticker stays as PAF.
9am: Stocks come off the boil
The FTSE 100 has dipped into the red, currently 3 points down at 9,575.63, with little fresh impetus as the week draws to a close.
London Stock Exchange Group PLC (LSE:LSEG) has overtaken NatWest as the biggest gainer on the blue-chip index, building on yesterday's gains after it announced the sale of a 20% stake in its Post Trade Solutions arm to 11 global banks for £170 million, valuing the business at £850 million.
Burberry Group PLC (LSE:BRBY) is also among the morning's gainers, with investors perhaps inspired by those positive retail sales numbers for September.
Fresnillo PLC (LSE:FRES) has extended its losses as gold retreats from its recent highs ahead of delayed US inflation data out this afternoon. The gold price is down 1.6% at $4,058.43.
European stocks are also weaker this morning. In Frankfurt, the DAX is 0.1% lower and the Paris CAC 40 has shed 0.3%.
8.15am: Footsie off to a positive start
The FTSE 100 opened 15 points up at 9,593.29, building on Thursday's record close after Brent crude posted its largest two-day jump after the US imposed new sanctions on Russian oil, sending energy shares higher.
NatWest Group PLC (LSE:NWG) led the early gainers this morning, jumping 6.5%, after the lender raised its forecasts for the year after posting another quarter of rising income and profit, helped by steady lending and firm customer activity across its businesses.
Kingfisher PLC (LSE:KGF) rose 2.4% at the open while Rentokil Initial PLC (LSE:RTO) was up 1.5%.
On the downside, GSK PLC (LSE:GSK, NYSE:GSK) shed 2.8%, while Fresnillo PLC (LSE:FRES) was down 1.2% and Unilever PLC (LSE:ULVR) fell 0.9%.
7.45am: More good news for retailers
Consumer confidence edged up slightly in October, with GfK's monthly index rising two points to -17.
The good news? People are feeling a bit more willing to splash out on big purchases like TVs and sofas, thanks partly to autumn sales events. Shoppers have become savvy bargain-hunters after years of inflation, strategically timing purchases around promotions, according to GfK's Neil Bellamy.
The savings index also jumped seven points.
All eyes now turn to whether the Chancellor's Budget—landing just before Black Friday—will encourage or discourage that all-important festive spending spree.
7.35am: Let's get spending!
British shoppers are back in the spending mood! Retail sales climbed 0.9% in the third quarter, hitting their highest level since July 2022.
Numbers out this morning from the Office for National Statistics (ONS) show September marked the fourth month running of growth, up 0.5%, with clothing flying off the shelves thanks to lovely summer weather and online shopping continuing its winning streak for the eighth consecutive month.
Jewellery sales got a sparkly boost from gold demand, while nearly 28% of purchases now happen online.
After some tough years, it seems consumers are finally feeling confident enough to open their wallets again.
7.15am: Flat start predicted for the Footsie
The FTSE 100 looks set to open flat to mildly positive after energy companies powered the UK market into record territory on Thursday, after the US issued new sanctions on Russia.
London's blue-chip index is predicted to open just a few points higher an hour before trade gets underway. It closed 0.7% up at 9578.5 points yesterday, after hitting an intraday high of 9594.82 points.
That was, in part, due to gains for oil giants BP and Shell after US President Donald Trump’s decision to sanction two of the biggest Russian oil companies, commented AJ Bell's Danni Hewson.
“Brent crude was up almost 5% following a change of tack from the White House, which could have a huge impact on global supply by putting pressure on both India and China to seek alternatives," she added.
US stocks also ended yesterday higher as investors looked ahead to consumer inflation and key earnings after the bell.
The Nasdaq climbed 0.9%, the S&P 500 rose 0.6% and the Dow added 0.3%.
Asian markets are mixed this morning. Tokyo's Nikkei is 1.3% higher, Hong Kong's Hang Seng has gained 0.4% and the SSE Composite in Shanghai is trading 0.6% firmer.
In Mumbai, the BSE Sensex is down 0.2% while Sydney's ASX 200 is down by a similar margin.