- FTSE 100 down 3 at 10,235.29
- Wall Street's mixed bag
- Miners under pressure on weaker silver and gold prices
That's a wrap
The FTSE 100 ended the week up 1%, but down 3 points on the day, after a fairly uneventful Friday session. Mid-caps mirrored this performance, while the AIM All Share was up 2% and is back above 800 for the first time since May 2024. From a five-year low last April, the junior market is up almost 23%.
3.42pm: Gym Group in peak fitness
The Gym Group shares rose 3.2% to 165.8p after RBC Capital Markets upgraded the stock to Outperform and lifted its price target, arguing that revenue-driven profit growth is now coming into clearer view.
RBC raised its target price to 200p from 155p and increased its forecasts after reviewing the group’s recent trading update. The broker said slower adoption of cheaper off-peak memberships is easing pressure on pricing and opening the door to stronger like-for-like revenue growth.
3.05pm: Slow start in New York
The trading day got off to a mixed start on Wall Street, with the old-economy Dow headed down, the tech-focused Nasdaq marginally higher and the broader-based S&P 500 flat in the first half hour of trading. After Goldman Sachs, JPMorgan et al, the focus now turns to the regional lenders as the fourth-quarter reporting season continues.
1.30pm: Close Brother upgraded
The shares rose 6% to 539p after RBC Capital Markets upgraded the lender to 'outperform', arguing the market is underestimating how much further costs can be cut.
RBC lifted its price target to 625p from 475p, having previously rated the stock at 'sector perform'. The broker said the shares do not fully reflect the bank’s ability to slim down its cost base while continuing to grow its loan book.
At the heart of the upgrade is a more optimistic view on expenses. RBC believes Close Brothers has “more fat that it can trim”, particularly as restructuring efforts continue to bed in
12.37pm: US to open in green
The FTSE 100 edged lower on Friday after being up earlier in the session, as UK markets lost momentum despite a firmer tone on Wall Street.
Futures in the US pointed higher, led by technology shares, with the Nasdaq 100 up about 0.6% and the S&P 500 ahead 0.3%. The Dow Jones lagged, rising just 0.1%, reflecting its lighter exposure to big tech.
Chipmakers set the tone in the US. Shares in Taiwan Semiconductor Manufacturing Company extended gains after a strong earnings report revived enthusiasm around artificial intelligence. Nvidia also moved higher. Sentiment was helped by reports of a US–Taiwan trade deal that could direct $250 billion into American chip and technology manufacturing.
Earnings offered further support. Investors looked to results from regional lenders such as PNC Financial Services and Regions Financial, following upbeat numbers earlier in the week from Goldman Sachs and Morgan Stanley.
10.15am: Stock break higher
The FTSE 100 has turned around and is back in record territory, despite pressure on gold and silver miners.
London's blue chip index is now 18 points up at 10,256.99, adding to yesterday's gains.
Leading the charge are Intercontinental Hotels Group PLC (LSE:IHG), with a 2.2% rise, and Schroders PLC (LSE:SDR), up 1.9%.
Pearson PLC (LSE:PSON) now leads the decliners with a 3.1% fall.
Among the miners, Antofagasta is now down 2.3%, Glencore PLC (LSE:GLEN) has shed 2%, Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) is down 1.8% and Anglo American PLC (LSE:AAL) is 1.7% off the pace. Like gold and silver, copper has also come under pressure, with Comex futures down around 1.5%.
"Dr Copper has been signalling strong economic growth in 2026 – in nominal terms at least," commented Saxo Markets' Neil Wilson. "Apparently, China has moved to clamp down on some high-frequency traders at the Shanghai Futures Exchange, which has knocked prices down from record highs, while nickel and tin were also lower."
9.25am: TfL Says ‘¡Hola!’ to Indra
Spanish tech firm Indra Sistemas has won a £524 million contract to manage Transport for London’s ticketing and access systems, potentially rising to £845 million.
The deal covers buses, Underground, Overground, DLR, Elizabeth Line, and Oyster Cards, with a two-year transition period. Indra will introduce innovations like Account-Based Ticketing and oversee operations, maintenance, and back-office systems, cementing its role as a global leader in public transport technology.
9am: Small caps in the news
Rome Resources Plc (AIM:RMR, FRA:33R) is making steady progress at its Bisie North project in the DRC, with two drill rigs active at Kalayi and Mont Agoma. Early results at Kalayi show promising tin-rich zones, while Mont Agoma drilling continues. Lab assays are pending, and the company plans regular updates as work advances. Read more
Imaging Biometrics Ltd (LSE:IBAI, FRA:5Y1) is refocusing for 2026, stepping back from further cancer drug trials to concentrate on its growing imaging software business. While gallium maltolate won’t move to phase II, the company values past research and will monitor external studies, aiming to build revenue, momentum, and long-term stability in its core tech. Read more
CelLBxHealth PLC (AIM:CLBX, OTCQB:ANPCF, FRA:DWV) enters 2026 focused on turning its £12.6 million sales pipeline into revenue while trimming costs. Full-year 2025 sales came in slightly below expectations, but a strong £7.3 million cash balance supports the pivot. The company is streamlining operations, cutting headcount, and simplifying its structure to boost efficiency and growth. Read more
Plexus Holdings PLC (AIM:POS) will tell investors at today's AGM that it is in “rebuild mode,” expanding its rental wellhead fleet and prepping for projects in the Middle East, North America, and the North Sea. With POS-GRIP tech ready to roll, the company aims for steadier revenue and sustainable growth—cautiously optimistic about the markets ahead. Read more
8.15am: Stocks ease back
No surprises with the FTSE 100 opening 20 points down at 10,219, after yesterday's record close, with better-than-expected GDP numbers and an easing of tensions in the Middle East credited for the gains.
Next PLC (LSE:NXT) is leading the decliners, falling more than 3%, but it's the miners that are exerting pressure this morning. Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF, FRA:6E2), Fresnillo PLC (LSE:FRES) and Antofagasta PLC (LSE:ANTO) are all down 1% to 2% on softer precious metals prices.
Silver prices fell sharply after the US government postponed its decision on tariffs for critical minerals. The policy pause sparked widespread profit-taking, cooling a frenzied rally that had lifted the metal to an all-time high just a day earlier. The decline has put pressure on Fresnillo, the FTSE 100’s only pure-play silver miner, while Endeavour Mining, the UK’s largest gold producer, faces a softer gold price.
BAE Systems PLC (LSE:BA.) is the biggest gainer so far this morning, up 1.4%, after pressure earlier in the week when a top analyst downgraded the stock to 'hold', followed by Rolls-Royce Holdings PLC (LSE:RR.), with a 1.1% gain.
8am: AI in the spotlight
Yesterday gave us a refreshing hit of that "AI-is-everything" euphoria we’ve missed, mostly thanks to Taiwan Semiconductor Manufacturing Co (ADR) (NYSE:TSM) knocking it out of the park. But Ipek Ozkardeskaya, senior analyst at Swissquote, is here with a dose of reality. She warns that this US earnings season might be less of a victory lap and more of a slog through the "elephants in the room."
Ozkardeskaya points out that while headline numbers look great, some of Big Tech’s accounting is "wearing a bit of make-up"—think companies offloading debt to private equity just to keep the balance sheet looking pretty. With tech stocks "valued to perfection," there’s zero room for a stumble.
The heavy lifting starts in the coming weeks as the reporting floodgates open. Netflix kicks things off on Tuesday, followed by the "real" drama of Tesla, Microsoft, and Apple. As Ozkardeskaya notes, everyone wants to see AI profits now before the expensive hardware becomes a collection of paperweights. For now, the banks are the surprising winners, proving that while tech builds the tools, the suits are the ones actually making money from them.
7.15am: Taking stock
The FTSE 100 is expected to open lower on Friday after notching up another record in yesterday's session
London's blue-chip index has been called 9 points lower by spread-betters when the market opens. It gained 55 points, or just over half a percent, on Thursday to close at 10,238.94.
Overnight, US stocks finished higher as the US government inked a new deal with Taiwan that could boost domestic chipmakers. The Dow Jones added 0.6%, and the S&P 500 and Nasdaq both gained 0.3%.
"The latest headlines on Iran were the main drivers of market sentiment yesterday, as expectations rose that the US would not intervene for the time being," commented Deutsche Bank's Jim Reid.
"For instance, Trump posted a reference to a Fox News article that an Iranian protester wouldn’t be sentenced to death, saying 'This is good news. Hopefully, it will continue!' So that helped oil prices to come down yesterday, with Brent crude and WTI both posting their first daily decline after a run of 5 consecutive increases," Reid added. "Some lingering uncertainty remains, with Fox News reporting that the US military was preparing a range of options towards Iran."
Back to this morning.
Asian markets are mixed. Japan's Nikkei is down 0.3%, also pausing for breath after a strong week, while the Shanghai market is 0.25% lower, and Hong Kong's Hang Seng has shed 0.5%. South Korea's Kospi is up 0.9%, and the Australian market has added 0.5%.