London pre-open: Stocks to gain as oil prices ease

(Sharecast News) - London stocks were set to rise at the open on Friday as oil prices eased after Donald Trump said the US would not attack Iran before the midterm elections next month.

The FTSE 100 was called to open around 80 points higher. At 0730 BST, Brent crude was down 1% at $103.22 a barrel, having topped $105 on Thursday, while West Texas Intermediate was also 1% lower, at $90.61.

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."

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 corporate news, DCC Energy said it has 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.

Under the terms of the offer, investors will receive 6,525p in cash per share, plus up to 125p of additional consideration depending on the net proceeds generated from the Nexora sale.

Airport and rail food outlet operator SSP delivered a 4% rise in fourth quarter like-for-like sales and unveiled a new £50m share buyback despite weaker passenger numbers in the Middle East due to the Iran war.

The company said it expected operating profit to be slightly lower than planned at £230m including an impact from subdued North American passenger numbers through the summer.

Oxford Metrics slashed its full-year profit and revenue forecasts following weaker-than-expected trading.

The AIM-listed company now expects revenue of £47m to £51m for the 15 months ending 31 December 2026, compared with market forecasts of £56.2m, and an adjusted operating loss of £0.5m to £3.9m, against expectations of a £3m profit.

The tech firm also announced an acquisition of Move AI, expanding its motion capture capabilities, along with a new £3m share buyback programme.