(Sharecast News) - London stocks nudged up in early trade on Friday, faring better than European counterparts thanks to their minimal exposure to the technology sector, as the global tech selloff deepened.
At 0835 BST, the FTSE 100 was up 0.1% at 10,580.72, while Brent crude was up 0.6% at $84.70 a barrel and West Texas Intermediate was 0.9% higher at $79.69.
The top-flight index was outperforming its European peers, with the benchmark Stoxx 600 index and the CAC 40 both down 0.4%, while Germany's DAX fell 0.5%. Chip makers ASML, Infineon Technologies and STMicroelectronics all saw their shares slump.
Patrick Munnelly at Tickmill Group said: "The market is ending the week with two bruises: AI fatigue and Hormuz heat. The semiconductor selloff has gone from profit-taking to position-clearing, dragging Asia toward its worst levels in months, while Brent's rebound toward $85/bbl keeps the inflation-risk premium alive.
"Soft US CPI and PPI were enough to cool Fed hike pricing but not enough to calm the broader tape. The message from markets is blunt: rate expectations have softened, but risk appetite has not been rescued."
Investors were also mulling the latest quarter results from Netflix, whose shares tumbled in after-hours trading after the streaming giant's third-quarter revenue guidance disappointed.
UK corporate news was scarce but Bridgepoint surged as it posted a 12.4% jump in half-year assets under management and a 32.7% increase in fee paying AUM.
Defensives were the top performers, with British American Tobacco and Imperial Brands the standout gainers on the FTSE 100, while utilities National Grid, Severn Trent, SSE and United Utilities also rallied.
On the downside, luxury brand Burberry slid as it reported a 5% rise in first-quarter sales driven by strong performances in the Americas and China which offset a decline in Europe and the Middle East due to the Iran war.
Sales in the 13 weeks to 27 June came in at 455m. Burberry said it expected to deliver full-year revenue growth and margin expansion but was still "mindful of the uncertain geopolitical and macro-economic environment and its potential impact on consumer confidence".
Investment manager NinetyOne was also in the red as said assets under management had hit 184bn as of 30 June, up from 139.7bn a year earlier and 171.8bn at the end of the previous quarter on 31 March.
Eurowag tumbled after TA Associates sold 30 million shares in the payments processor in a placing.
Market Movers
FTSE 100 (UKX) 10,580.72 0.08%
FTSE 250 (MCX) 23,652.06 -0.27%
techMARK (TASX) 5,923.63 -0.02%
FTSE 100 - Risers
British American Tobacco (BATS) 4,668.00p 3.45%
Imperial Brands (IMB) 2,872.00p 2.53%
Relx plc (REL) 2,558.00p 2.36%
Vodafone Group (VOD) 119.05p 2.32%
Experian (EXPN) 2,732.00p 1.90%
National Grid (NG.) 1,238.00p 1.77%
Severn Trent (SVT) 3,032.00p 1.74%
British Land Company (BLND) 442.80p 1.65%
SSE (SSE) 2,469.00p 1.65%
United Utilities Group (UU.) 1,373.00p 1.63%
FTSE 100 - Fallers
Burberry Group (BRBY) 1,075.00p -3.70%
Antofagasta (ANTO) 3,484.00p -2.70%
Scottish Mortgage Inv Trust (SMT) 1,373.00p -2.52%
Anglo American (AAL) 3,402.00p -2.38%
Flutter Entertainment (DI) (FLTR) 7,942.00p -1.81%
Lion Finance Group (BGEO) 11,290.00p -1.74%
Lloyds Banking Group (LLOY) 110.50p -1.73%
Barclays (BARC) 516.30p -1.52%
St James's Place (STJ) 1,094.50p -1.40%
F&C Investment Trust (FCIT) 333.00p -1.36%
FTSE 250 - Risers
Bridgepoint Group (Reg S) (BPT) 333.60p 7.20%
Avon Technologies (AVON) 1,734.00p 3.46%
Aston Martin Lagonda Global Holdings (AML) 37.92p 2.49%
Ithaca Energy (ITH) 238.40p 2.45%
Pantheon Infrastructure (PINT) 119.80p 2.39%
Ocado Group (OCDO) 163.40p 2.39%
Pagegroup (PAGE) 164.10p 2.37%
Hays (HAS) 54.25p 2.36%
Shaftesbury Capital (SHC) 142.80p 1.92%
B&M European Value Retail (BME) 203.60p 1.80%
FTSE 250 - Fallers
W.A.G Payment Solutions (EWG) 99.80p -7.78%
Ceres Power Holdings (CWR) 354.00p -6.94%
Seraphim Space Investment Trust (SSIT) 150.00p -5.32%
Dr. Martens (DOCS) 73.90p -3.78%
THG (THG) 30.60p -3.77%
JPMorgan Japanese Inv Trust (JFJ) 777.00p -3.60%
Polar Capital Technology Trust (PCT) 624.00p -3.41%
Raspberry PI Holdings (RPI) 698.25p -3.30%
Allianz Technology Trust (ATT) 676.00p -3.29%
Pacific Horizon Inv Trust (PHI) 1,036.00p -3.18%
12.45 (0.12%)
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