(Sharecast News) - London stocks rose in early trade on Friday as oil prices eased after Donald Trump said the US would not attack Iran before the midterm elections next month, and as investors shrugged off a disappointing revenue outlook from OpenAI.
At 0850 BST, the FTSE 100 was up 0.8% at 10,524.70, while Brent crude was down 1.1% at $103.10 a barrel, having topped $105 on Thursday, while West Texas Intermediate was 1% lower at $90.62.
In a post on Truth Social on Thursday, the US President said: "We are having productive discussions with the Islamic Republic of Iran. I want to make it clear to everybody that, while Iran is in very bad condition, both Economically and Militarily, and while the Blockade will remain in full force and effect, with Oil flowing in Record Numbers of Barrels through the Hormuz Strait (22 Million Barrels, last night alone, with not one barrel coming from, or going to, Iran!), we will not be attacking Iran at any time prior to the Midterm Elections to be held in the United States on November 3rd."
Susannah Streeter, chief investment strategist at Wealth Club, said: "The Footsie is flying higher at the end of a volatile week, with a slight easing in oil prices offering some respite. The blue-chip index has shrugged off a sell-off on Wall Street and a mixed performance in Asia to climb higher.
"Investors in big AI players were unnerved by a reassessment of OpenAI's revenue outlook. Although growth remains impressive, the report has prompted fresh questions about whether the artificial intelligence build-up may be overhyped. Given the tech-lite nature of the FTSE 100, the index has been less exposed to these worries, with the focus instead on global inflationary risks. The immediate pressure has eased a little, but the threat of higher energy costs has by no means disappeared."
On home shores, the British Retail Consortium called on the government to cut costs for retailers as it reported a drop in retail footfall for September.
The BRC-Sensormatic footfall monitor showed that total UK footfall fell 2.9% following a 1.7% decline in August.
Footfall on high streets declined 3% year-on-year, having dropped 3.1% in August, while retail parks saw a 1.7% fall in September, having risen 1% the month before. Footfall at shopping centres was down 3.5% last month following a 0.5% retreat in August.
Footfall fell 0.7% in Scotland, 3% in Wales and 3.4% in England. North Ireland bucked the trend with a 2.1% jump.
Helen Dickinson, chief executive of the BRC, said: "September was sluggish for footfall as the end of summer saw fewer shoppers heading out. While some seasonal slowdown is expected, this September saw a sharp decline compared to last year, with high streets and shopping centres suffering most. Retailers in Northern Ireland will be encouraged to see footfall holding up, but as the only part of the UK to buck the trend, the wider picture remains gloomy.
"As we enter the crucial final quarter, retailers will do all they can to attract shoppers with great value and choice. But until Government acts to reduce the cost of doing business, retailers are fighting with one hand tied behind their backs. By pulling back from another increase in business rates, the Chancellor can use his first Budget to unlock vital investment in our shops and high streets, help retailers keep prices down and provide jobs across the country."
In equity markets, Morgan Advanced Materials surged after RBC Capital Markets upgraded the shares to 'outperform' from 'sector perform'.
On the downside, telecom stocks slumped after SpaceX agreed to buy a nationwide low-band spectrum portfolio that it said would "pave the way for Starlink Mobile to become a major mobile carrier in the US". Vodafone and BT Group lost ground.
SSP slid as it said 2026 operating profit would be "slightly lower" than planned at around £230m including an impact from subdued North American passenger numbers through the summer.
Elsewhere, DCC Energy was little changed as it agreed to sell its technology division, Nexora, to funds managed by One Equity Partners in a deal valuing the business at $725m on a cash and debtfree basis. The sale comes as part of the recommended takeover of DCC Energy by Energy Capital Partners and KKR, which shareholders approved in September.
Market Movers
FTSE 100 (UKX) 10,524.70 0.80%
FTSE 250 (MCX) 24,171.73 0.95%
techMARK (TASX) 6,146.27 1.02%
FTSE 100 - Risers
Fresnillo (FRES) 2,780.00p 3.38%
Relx plc (REL) 2,671.00p 3.16%
The Sage Group (SGE) 1,061.50p 3.11%
Antofagasta (ANTO) 3,704.00p 3.02%
WPP (WPP) 382.30p 2.63%
Experian (EXPN) 2,637.00p 2.49%
Computacenter (CCC) 5,615.00p 2.37%
Kingfisher (KGF) 329.80p 2.36%
JD Sports Fashion (JD.) 85.64p 2.31%
Sainsbury (J) (SBRY) 340.40p 2.29%
FTSE 100 - Fallers
Vodafone Group (VOD) 120.50p -3.18%
Airtel Africa (AAF) 303.80p -2.07%
BT Group (BT.A) 194.20p -1.44%
BP (BP.) 574.80p -1.28%
Shell (SHEL) 3,731.50p -1.07%
Rolls-Royce Holdings (RR.) 1,361.80p -0.22%
Babcock International Group (BAB) 903.60p -0.07%
RELX FINANCE BV 3.375% GTD NTS 20/03/33 (BW73) 98.64p 0.00%
Lion Finance Group (BGEO) 12,370.00p 0.00%
DCC Energy (DCC) 6,440.00p 0.00%
FTSE 250 - Risers
Morgan Advanced Materials (MGAM) 287.00p 8.30%
Trustpilot Group (TRST) 246.00p 5.22%
Seraphim Space Investment Trust (SSIT) 198.80p 4.91%
Ocado Group (OCDO) 296.60p 4.51%
RS Group (RS1) 783.50p 4.47%
RHI Magnesita N.V. (DI) (RHIM) 2,810.00p 4.44%
Genus (GNS) 2,318.00p 4.32%
Sirius Real Estate Ltd. (SRE) 92.10p 3.77%
Oxford Nanopore Technologies (ONT) 206.40p 3.59%
B&M European Value Retail (BME) 265.60p 3.50%
FTSE 250 - Fallers
SSP Group (SSPG) 180.10p -4.20%
Rightmove (RMV) 488.40p -2.57%
AEP Plantations (AEP) 191.80p -2.03%
W.A.G Payment Solutions (EWG) 97.90p -1.11%
Patria Private Equity Trust (PPET) 596.00p -0.67%
Allianz Technology Trust (ATT) 769.00p -0.52%
JPMorgan Emerging Markets Growth & Income (JMGI) 167.40p -0.48%
GCP Infrastructure Investments Ltd (GCP) 80.50p -0.37%
Foresight Environmental Infrastructure Limited (FGEN) 85.00p -0.35%
Partners Group Private Equity Limited. (EUR) (PEY) 6.96p -0.29%
110.45 (1.06%)
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