London midday: Stocks push higher as investors eye payrolls

(Sharecast News) - London stocks had pushed into the black by midday on Thursday as oil prices fell on reports of progress in US-Iran peace talks, with all eyes on the latest US non-farm payrolls report.

The FTSE 100 was up 0.4% at 10,524.77, while Brent crude was 1.2% lower at $70.69 a barrel and West Texas Intermediate was off 1.3% at $67.67 after a spokesperson for Qatar's Foreign Ministry said "positive progress" was made on issues related to the memorandum of understanding between the US and Iran. This followed a separate meeting of Qatari and Pakistani mediators with the US and Iranian delegations in Doha.

"The parties agreed to continue discussions over the coming period, with the next meeting to be scheduled at the earliest possible time following the funeral processions of the former Iranian Supreme Leader," the official posted on X.

Looking ahead to the rest of the day, the latest non-farm payrolls report, unemployment rate and average earnings will be released at 1330 BST, a day early due to the Independence Day holiday in the US on Friday.

Russ Mould, investment director at AJ Bell, said: "Asian markets wobbled on renewed fears around excessive AI spending and whether all the good news for the chip supply firms was fully priced in.

"European markets managed to keep their cool and push ahead as investors rotated away from tech into more defensive-style sectors.

"Investors will be watching the US jobs market like a hawk. Expectations are low for jobs expansion, but any significant beat or miss has the potential to be a market-moving event. Jobs and inflation are at the heart of the Federal Reserve's interest rate decisions, and investors are desperate for any clues into what the Fed might do next."

In equity markets, electricals retailer Currys fell even as it posted a jump in full-year earnings despite headwinds in the UK.

Group revenues in the year to 2 May rose 6% to �9.2bn, or by 4% on a like-for-like basis, while adjusted pre-tax profits jumped 18% at �191m. Underlying sales in the UK and Ireland were 3% stronger - despite a "subdued" consumer backdrop - and 6% in the Nordics.

Online classifieds group Baltic Classifieds tumbled after full-year results, while Next and JD Sports lost ground as they traded without entitlement to the dividend.

Safety equipment maker Halma nudged higher as it announced two acquisitions for a total of �54m. The firm bought Netherlands-based itemedical for �23m (�20m ) and Sweden's Naslund Medical for $45m (�34m) both on a cash and debt free basis.

Market Movers

FTSE 100 (UKX) 10,524.77 0.44%

FTSE 250 (MCX) 23,209.29 -0.52%

techMARK (TASX) 5,942.54 0.58%

FTSE 100 - Risers

London Stock Exchange Group (LSEG) 8,454.00p 3.65%

Compass Group 11 (CPG) 32.86p 2.68%

BAE Systems (BA.) 1,928.00p 2.55%

Tesco (TSCO) 472.00p 2.54%

Babcock International Group (BAB) 1,023.00p 2.47%

Airtel Africa (AAF) 331.20p 2.41%

Sainsbury (J) (SBRY) 336.60p 2.22%

British American Tobacco (BATS) 4,612.00p 1.72%

Marks & Spencer Group (MKS) 381.10p 1.71%

Imperial Brands (IMB) 2,803.00p 1.67%

FTSE 100 - Fallers

Relx plc (REL) 2,319.00p -1.69%

Anglo American (AAL) 3,667.00p -1.40%

Rio Tinto (RIO) 6,992.00p -1.34%

JD Sports Fashion (JD.) 83.26p -1.33%

Flutter Entertainment (DI) (FLTR) 7,906.00p -1.32%

The Sage Group (SGE) 835.00p -1.30%

Computacenter (CCC) 4,346.00p -1.27%

Spirax Group (SPX) 6,700.00p -1.25%

Metlen Energy & Metals (MTLN) 41.73p -1.21%

Barratt Redrow (BTRW) 277.90p -1.11%

FTSE 250 - Risers

CMC Markets (CMCX) 710.00p 9.85%

The Schiehallion Fund Limited NPV (MNTN) 2.13p 4.17%

AEP Plantations (AEP) 154.00p 2.87%

Telecom Plus (TEP) 754.00p 2.59%

QinetiQ Group (QQ.) 453.60p 2.49%

Helios Towers (HTWS) 201.60p 2.13%

Wetherspoon (J.D.) (JDW) 712.00p 1.64%

Trainline (TRN) 218.00p 1.59%

Ithaca Energy (ITH) 216.50p 1.55%

Chemring Group (CHG) 547.50p 1.48%

FTSE 250 - Fallers

Oxford Nanopore Technologies (ONT) 121.70p -7.45%

Baltic Classifieds Group (BCG) 185.50p -7.28%

PPHE Hotel Group Ltd (PPH) 1,598.00p -6.43%

Close Brothers Group (CBG) 398.60p -4.48%

Currys (CURY) 155.70p -4.43%

Pacific Horizon Inv Trust (PHI) 1,124.00p -4.10%

IP Group (IPO) 65.50p -3.82%

Big Yellow Group (BYG) 873.00p -3.65%

Templeton Emerging Markets Inv Trust (TEM) 318.50p -3.48%

Workspace Group (WKP) 333.00p -3.48%