- FTSE 100 up 18 at 10,810.97
- Wall Street headed for a sluggish start
- SSE rises 1.97% to lead blue-chip risers
- BAE Systems and Babcock lose ground
- McBride extends its advance to 17.2%
- Sunda Energy and Kooth surge
4:30pm: No fuss, no fireworks, long weekend ahead
London's blue-chip benchmark predictably drifted into the bank holiday weekend with fuss or fireworks.
At 10,816, the FTSE 100 was 23 points or 0.2% higher at 10,816 at the end of the session.
12.47pm: Ambling into the long weekend
London's blue chips are ambling into the long weekend in decent shape. The FTSE 100 chugged along above the gain line on Friday afternoon, clinging to modest advances as volumes thinned ahead of Monday's bank holiday.
The real drama, though, is brewing across the Atlantic. All eyes are on Wyoming, where Federal Reserve chair Kevin Warsh gives his first Jackson Hole address later today.
Investors want one thing: clarity. His muddled message at the last policy meeting left markets scratching their heads, and with US rate-setters split and inflation still stubbornly above target, nobody fancies guessing wrong over a three-day break.
Wall Street futures idled in response, the Nasdaq easing back after Thursday's AI-fuelled surge, when Nvidia's bullish outlook and a barnstorming session for Salesforce breathed fresh life into the tech trade.
Treasury yields held steady but stayed within touching distance of multiyear highs, keeping inflation jitters bubbling away in the background.
11.45am: SSE tops risers as BAE and Babcock weaken
SSE led the FTSE 100 risers late Friday morning as London’s blue-chip index retained a modest gain, while BAE Systems and Babcock International fell amid uncertainty over government defence spending.
The FTSE 100 was 19.76 points, or 0.18%, higher at 10,812.30. It had eased 7.86 points from 10,820.16 at the 10.30am update and stood approximately 33 points below its session high of 10,844.99.
SSE climbed 1.97% to 2,428p, followed by Investec and Croda International, which each gained 1.78%. Melrose Industries advanced 1.69%.
Mining shares also provided support. Weir Group rose 1.54%, Antofagasta gained 1.49%, Anglo American added 1.41% and Endeavour Mining advanced 1.31%.
BAE Systems extended its decline from 1.43% at 10.30am to 1.96%, while Babcock International fell 1.34%. The defence companies weakened following reports that the government could delay its target of raising defence spending to 3% of gross domestic product by 2030.
Airtel Africa was the FTSE 100’s largest faller, dropping 2.12%, compared with a 1.35% decline at the previous update.
Sage lost 1.77%, while Auto Trader, Experian and Kingfisher fell between 1.5% and 1.6%.
The FTSE 250 remained 48.09 points, or 0.19%, higher at 24,946.95, having eased from 24,950.64 at 10.30am.
Goodwin led the mid-cap risers with a 6.26% gain to 19,340p following record annual results. Revenue increased 27% to £280 million and trading profit more than doubled to £77.5 million.
Hays strengthened to 5.06%, while HgCapital Trust (LSE:HGT), Ithaca Energy and Atalaya Mining gained between 2.7% and 3%.
Trainline headed the FTSE 250 fallers with a 2.62% decline. Baltic Classifieds lost 2.58%, Rightmove dropped 2.26% and Oxford Nanopore Technologies fell 2.04%.
McBride extended its gain from approximately 16% at 10.30am to 17.2%, reaching 196.2p following its long-term manufacturing partnership with Vestacy.
The agreements are expected to generate £170 million in annual revenue at maturity during the second half of the year ending June 2028, increasing McBride’s group revenue by approximately 15%.
The AIM All-Share strengthened from a 0.04% gain at 10.30am to a 0.11% advance at 814.03.
Sunda Energy extended its rise to 30.44%, while Kooth accelerated from 10.15% to 12.31%, taking it above the 12% threshold. No fresh regulatory announcement was identified for either move.
Among AIM fallers, Mercantile Ports & Logistics dropped 17.65%, GenIP fell 16.18%, Forgent lost 15.79% and Jarvis Securities declined 12.5%.
10.30 am: AIM UK 50 leads as London stays positive
London shares remained in positive territory late Friday morning, with the AIM UK 50 outperforming while the FTSE 100 held onto around half its opening advance.
The FTSE 100 gained 27.62 points, or 0.26%, to 10,820.16 after reaching an early high of 10,844.99. The FTSE 250 rose 51.78 points, or 0.21%, to 24,950.64.
The FTSE 350 and FTSE All-Share advanced 0.25%, while the AIM UK 50 climbed 0.53% to 4,309.92.
Gains across the wider junior market were more restrained. The AIM 100 added 0.06%, while the AIM All-Share edged 0.04% higher to 813.46.
McBride was the standout All-Share performer, jumping 16.01%, or 26.8p, to 194.2p following its strategic partnership with Vestacy.
The long-term contract manufacturing agreements are expected to generate annual revenue of £170 million at maturity during the second half of the year ending June 2028. McBride expects the business win to increase group revenue by approximately 15%.
Goodwin gained 7.69% to 19,600p, while recruiter Hays climbed 4.86% to 76.65p. Tullow Oil advanced 4.71%, with EnQuest and Ithaca Energy also gaining more than 3%.
Among AIM companies, Sunda Energy surged 28.26% to 2.95p. Kooth advanced 10.15%, Shield Therapeutics gained 8.18% and Genincode rose 7.90%.
The strongest AIM declines were concentrated among small and potentially less liquid companies. Forgent fell 26.32%, Genip dropped 16.18% and Jarvis Securities lost 12.50%.
SSE led the FTSE 100 risers with a 1.93% gain to 2,427p. Croda International climbed 1.78%, while Endeavour Mining, Anglo American and Melrose Industries advanced between 1.7% and 1.8%.
Sage headed the blue-chip fallers, declining 1.68% to 1,085p. Kingfisher lost 1.67%, Auto Trader fell 1.57% and Experian dropped 1.48%.
The market remained broadly positive but well below its opening peak as investors awaited US inflation data and Federal Reserve chair Kevin Warsh’s Jackson Hole address.
9.30 am: Melrose leads as gains broaden across London
The FTSE 100 remained positive on Friday morning but surrendered around half its opening advance as mid-cap and AIM shares gathered strength.
London’s blue-chip index gained 25.31 points, or 0.23%, to 10,817.85 after reaching a session high of 10,844.99. It had initially risen almost 51 points following Thursday’s 0.8% decline.
The FTSE 250 advanced 56.33 points, or 0.23%, to 24,955.19, having reached 24,976.15. The FTSE 350 and FTSE All-Share also gained 0.23%.
AIM turned broadly positive after its weaker opening. The AIM UK 50 rose 0.44% to 4,306.06, while the AIM 100 gained 0.21% and the AIM All-Share advanced 0.16%.
Melrose Industries moved to the top of the FTSE 100 leaderboard, climbing 2.79%, or 14.2p, to 523.2p.
Endeavour Mining gained 2.22% to 4,844p and Fresnillo advanced 1.64% to 3,222p, keeping precious-metals producers among the strongest blue-chip performers.
Croda International rose 1.60% to 3,484p, while Investec and SSE added 1.47% and 1.34%, respectively.
Among mid-caps, Goodwin surged 8.13%, or 1,480p, to 19,680p, while recruiter Hays climbed 5.54%, or 4.05p, to 77.15p.
The market’s improving breadth showed that the rebound was extending beyond the mining shares that led immediately after the opening bell. Investors were also awaiting US personal consumption expenditure inflation and Federal Reserve chair Kevin Warsh’s Jackson Hole address later in the session.
8.15 am: Endeavour and Fresnillo lead opening gains
The FTSE 100 opened firmly higher on Friday, recovering around 60% of Thursday’s decline as mining and financial stocks led a broad blue-chip advance.
London’s leading index gained 50.99 points, or 0.47%, to 10,843.53 after falling 0.8% during the previous session.
Endeavour Mining headed the FTSE 100 risers, climbing 3.06%, or 145p, to 4,884p. Precious-metals producer Fresnillo followed with a 2.24% gain to 3,241p.
Melrose Industries advanced 1.53% to 516.8p, extending its recovery after establishing a compensation scheme of up to US$100 million for people and businesses affected by the temporary evacuation surrounding its GKN Aerospace facility in California.
Private-equity investor 3i Group gained 1.41%, while Coca-Cola Europacific Partners, Airtel Africa and Investec rose between 1.2% and 1.3%. HSBC added 1.13% to 1,521p.
The wider market was also positive. The FTSE 250 gained 0.11% to 24,926.99, while the FTSE 350 and FTSE All-Share both advanced 0.43%.
AIM moved in the opposite direction, with the AIM All-Share falling 0.24% to 811.19.
Among mid-caps gainers, Goodwin surged 11.81%, or 2,150p, to 20,350p, while recruiter Hays climbed 4.99%, or 3.65p, to 76.75p.
While the blue-chip fallers were BAE Systems, which dropped 1.34%, or 28p, to 2,064p, while housebuilder Barratt Redrow declined 1.13%, or 3.6p, to 315.9p.
London’s rebound followed a technology-driven advance on Wall Street. Nvidia jumped 8.7% after its quarterly results and outlook reinforced confidence in artificial intelligence investment, while Salesforce surged 22.6%.
The Nasdaq Composite closed 1.6% higher, the S&P 500 gained 0.7% and the Dow Jones advanced 0.2%.
UK sentiment was also supported by the Lloyds Business Barometer, which showed business confidence rising by 4 points to 53% in August, its highest level since March.
Attention will turn later to US personal consumption expenditure inflation and Federal Reserve chair Kevin Warsh’s Jackson Hole address.
7.00 am: Nvidia surge and stronger UK confidence lift London outlook
The FTSE 100 is expected to open higher on Friday after Nvidia and Salesforce powered a technology-led rally on Wall Street, while UK business confidence reached its strongest level since the start of the Iran war.
London’s blue-chip index is indicated around 20 points above Thursday’s closing level of 10,792.54. The FTSE 100 fell 0.8% during the previous session as weakness among banks, energy companies and miners outweighed gains for technology-related stocks.
Nvidia climbed 8.7% to US$227.98 after its quarterly results and stronger-than-expected outlook reinforced confidence in artificial intelligence spending. The rise added approximately US$440 billion to its market value.
Salesforce surged 22.6%, helping the Nasdaq Composite rise 1.6%. The S&P 500 gained 0.7%, while the Dow Jones advanced 0.2%.
The positive technology backdrop could provide further support for London-listed companies exposed to artificial intelligence and software spending. Computacenter jumped 7.9% to 5,625p on Thursday, while Sage, London Stock Exchange Group, RELX and Experian also recorded strong gains.
Domestic sentiment received another boost from the Lloyds Business Barometer. UK business confidence increased by 4 points to 53% during August, its highest reading since March, as companies reported stronger demand and greater optimism about the economy.
Asian trading is mostly positive. Japan’s Nikkei 225 rose 0.8%, Hong Kong’s Hang Seng gained 0.3% and Taiwan’s Taiex advanced 1%. The Shanghai Composite was broadly unchanged, while South Korea’s Kospi fell 1%.
Australia’s ASX 200 advanced 0.5%, or 45.6 points, to 9,083.80, close to its session high of 9,089.20. Technology and banking shares led the recovery from Thursday’s 1% decline, with Xero and WiseTech among the strongest technology performers.
Commodity markets were mixed. Brent crude eased 0.3% to approximately US$88.24 a barrel, gold futures fell 0.5% to around US$4,639 an ounce and copper added 0.2% to US$6.60 per pound.
Bitcoin traded near US$79,833, up approximately 1.5%, after moving as high as US$81,280.
Attention later in the session will turn to US personal consumption expenditure inflation and Federal Reserve chair Kevin Warsh’s address at Jackson Hole. Investors will scrutinise both for indications that persistently elevated inflation could keep interest rates higher for longer.
The UK corporate diary is relatively quiet, with Beowulf Mining scheduled to publish quarterly results. Trading volumes may also moderate ahead of the long UK bank holiday weekend.
