- FTSE 100 up 18 at 9,710
- Wall Street starts slowly
- Diageo downgraded
- SSP up 14%
- Future rewards shareholders
5.05pm: FTSE snaps losing streak
London stocks moved higher on Thursday, ending the session up 18 points at 9,710.
“After a shaky start to the day, the FTSE 100 has clocked up a modest gain for the day, as it pushes back towards the top end of the week’s range,” IG chief market analyst Chris Beauchamps said.
“It has not exactly been a roaring bullish week for the index, instead consolidating as heavyweight news dries up, but hopes of a break higher remain strong. The focus remains firmly on next week’s Fed decision, with a cut now viewed as all but a certainty.”
2.43pm: Wall Street makes quiet start ahead of non-farms
US stocks got off to a quiet start on Thursday as traders mulled over fresh jobs data and the growing buzz that the Fed could cut rates in December.
The Dow slipped just 49 points to 47,834, the S&P 500 barely budged at 6,849, and the Nasdaq dipped 9 points to 23,445. The Russell 2000 fell 4 points to 2,508.
Meta (META) stole the spotlight early, jumping more than 5% after reports that CEO Mark Zuckerberg plans to slash up to 30% of the company’s metaverse budget. The cuts could hit everything from Meta Horizon Worlds to its Quest VR headset (and could mean layoffs).
12.20pm: Below decks
Here's a look at what's going on outside the Footsie and 250 today:
Narf Industries PLC (LSE:NARF)
Narf jumped 16% to 0.61p after landing a $3.6 million US government R&D contract, pushing its total government-funded awards above $10 million in the past year.
Digitalbox surged 15% to 4.7p after saying full-year profit will come in well ahead of expectations, helped by strong performances across its Entertainment Daily and Daily Mash portfolio.
GENinCode (AIM:GENI)
GENinCode leapt 34% to 4.02p as it announced a major commercial partnership with Thermo Fisher Scientific to manufacture and distribute its CARDIO inCode-Score test.
ASA International rose 13% to 198.12p after saying its 2025 outlook remains strong, with client demand and portfolio growth driving profit expectations above the $48.3 million consensus.
Shearwater Group PLC (AIM:SWG)
Shearwater gained 11% to 47.2p after subsidiary Brookcourt Solutions secured a £7.3 million, three-year contract extension with a major UK mobile operator to expand data-security infrastructure work.
Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG)
Eco Atlantic climbed 7% to 8.18p after striking a “transformational” strategic partnership with Navitas Petroleum, which paid $2 million for options to farm into key offshore blocks.
Metals One slumped 39% to 2.06p after unveiling a heavily discounted fundraise to support its planned South African gold venture with Lions Bay Resources.
11.15am: Back in the green
After languishing in the red, the Footsie decided to join its European peers in the green, rising 12 points to 9,704.35 with US rate cut hopes rising. The spread-betting firms think a nudge lower by the Fed is odds-on.
Elsewhere, Diageo started the day with a hangover, slipping 1% to 1,733p after UBS yanked its rating down to neutral and hacked the price target to 1,850p from 2,250p.
The culprit? Tequila, once Diageo’s party trick, is now the problem child. UBS says US category sales are falling and Diageo’s own sell-out numbers sank 9% in September and October.
With the broader US spirits market softening and pricing power evaporating, the bank reckons the risk-reward has lost its fizz. The downgrade leaves only 7% implied upside… hardly enough for a toast.
9.30am: SSP springs higher
SSP shares surged 14% to 68.6p after the company finally tackled the problem everyone has been whispering about: its chronically underperforming Continental European rail arm.
The newly launched, wide-ranging review overshadowed an otherwise steady year, where revenue hit £3.6 billion, operating profit climbed to £233 million and free cash flow swung positive.
A dividend hike and £100 million buyback buoyed sentiment further.
Elsewhere, publisher Future was up 8% after a serious hike to the dividend.
8.15am: Slow start for Footsie
The FTSE was trading nine points lower at 9,683.35 on a busy day for corporate news.
SSP moved to confront the weakest part of its empire as the travel-catering group has hired Alvarez & Marsal to run a “wide-ranging” review of its underperforming continental European rail arm.
Investor pressure is also building. Irenic Capital, the New York activist that targeted The Restaurant Group, has built a stake, while SSP shares remain more than 70% below pre-Covid levels despite a £700 million pandemic equity raise.
AJ Bell reported a 22% rise in pre-tax profit to £137.8 million, with customer numbers climbing to 644,000.
Frasers Group said interim operating profit fell 18% to £219.8 million, with CEO Michael Murray warning that subdued confidence and excess inventory are weighing on retail.
Vodafone is shelling out €1.8 billion to take control of Safaricom, the Kenyan telco.
Pre-market: A green day for blue-chips?
The FTSE 100 is set to open 33 points higher at 9,725, according to the spread-betters, even as global sentiment turns more hesitant.
Asian markets struggled to hold early gains on Thursday despite fresh US data reinforcing expectations that the Federal Reserve will cut interest rates for a third straight time next week.
Wall Street has bounced for two sessions after Monday’s wobble, but extended tech valuations kept traders in the region cautious.
Bets on a US rate cut have climbed to about 90%, helped by Fed officials signalling that protecting jobs now takes priority over squeezing lingering inflation.
That shift was sharpened by ADP figures showing 32,000 jobs were lost in November, well below the expected 10,000 gain. “Hiring has been choppy,” ADP’s Nela Richardson said, underscoring a labour market losing momentum.
Tokyo, Sydney and Manila rose, while Hong Kong, Shanghai, Seoul, and Singapore slipped.