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Late market roundup: FTSE 100 spikes, investors shrug off Trump moves
Mining stocks helped propel the FTSE 100 to a record high before London stocks closed higher on Thursday, as markets appeared undisturbed by the latest US tariff updates.
‘The UK stock market continues to flex its muscles and show strength. Investors lapped up shares in the mining, oil and pharmaceutical sectors, showing a risk-on mood,’ said Dan Coatsworth of AJ Bell.
The FTSE 100 index closed up 108.64 points, 1.2%, at 8,975.66. It had earlier traded as high as 8,979.41, surpassing the previous record of 8,908.82 set in March.
The FTSE 250 ended up 126.84 points, 0.6%, at 21,694.70, and the AIM All-Share advanced 2.70 points, 0.4%, at 773.13.
The Cboe UK 100 closed up 1.2% at 895.52, the Cboe UK 250 rose 0.5% at 19,165.19, while the Cboe Small Companies ended slightly higher at 17,498.60.
In London, mining stocks climbed after US President Donald Trump said he would enact a 50% copper tariff on August, sending copper prices higher.
In addition, mining analyst John Meyer at SP Angel pointed to iron ore prices lifting on the back of improving China sentiment, a key user of minerals.
Anglo American rose by 3.8%, Glencore by 3.9% and Rio Tinto by 4.0%.
AJ Bell’s Coatsworth said investors are shrugging off Trump’s ‘daily tariff updates, perhaps seeing them as noise and not facts.’
‘For investors, that means a shift in focus back to economic data and corporate news flow as key drivers for markets,’ he added.
In European equities on Thursday, the CAC 40 in Paris closed up 0.3%, while the DAX 40 in Frankfurt ended down 0.4%, after earlier hitting a record peak.
Stocks in New York were mixed at the time of the London close on Thursday. The Dow Jones Industrial Average was up 0.6%, the S&P 500 index was 0.2% higher, and the Nasdaq Composite was down 0.1%.
The yield on the US 10-year Treasury was quoted at 4.37%, narrowing from 4.38%. The yield on the US 30-year Treasury was quoted at 4.88%, narrowing from 4.91%.
Figures showed first-time applications for US unemployment benefits fell slightly last week, but the number of people continuing to receive jobless aid climbed to the highest level since 2021.
According to the Department of Labor, seasonally adjusted initial claims for the week ending July 5 fell to 227,000, coming in below the FXStreet-cited consensus of 235,000 and down 5,000 from the prior week’s revised figure of 232,000.
The four-week moving average, a less volatile measure, also eased to 235,500 from a revised 241,250.
The pound was quoted at $1.3561 at the time of the London equities close on Thursday, lower compared to $1.3583 on Wednesday. The euro traded lower at $1.1679, against $1.1706.
Against the yen, the dollar was trading slightly lower at JP¥146.49 compared to JP¥146.53.
Also on London’s FTSE 100, British American Tobacco rose 3.0% as Citi reiterated a ’buy’ rating and raised its share price target to 3,900 pence from 3,600p.
Earnings momentum is ‘skewing positively’ and a further re-rating is likely, in Citi’s view.
IAG advanced 2.1% after well-received results from US peer Delta Air Lines, which jumped 13%.
Delta reinstated profit guidance for the year that it ditched three months ago, stating that demand is recovering after taking a hit in the tariff turmoil. Guidance from Delta was also strong.
Insurer Legal & General gained 0.2% after it announced a private credit partnership agreement with Blackstone that it said will help address growing demand for public-private hybrid investment products.
The London-based insurer said the partnership will combine the ‘strength of L&G and Blackstone’s respective credit platforms to enhance L&G’s competitive advantage in annuities and bolster its asset management proposition in key geographies and channels.’
WPP rallied 1.1%, after naming Microsoft executive Cindy Rose as its new chief executive a day after shares fell heavily in the wake of a profit warning.
The London-based advertising agency said Rose will join WPP on September 1. Rose succeeds Mark Read who will step down as CEO at that time but support the transition until the end of the year.
WPP said Rose has ‘extensive experience’ in the technology, telecommunications, media, entertainment and creative industries.
Topping the FTSE 100 fallers, Land Securities fell 2.5% as Jefferies downgraded to ’underperform’ from ’hold’.
PageGroup lost 0.8% after it said its gross profit decline worsened in the second quarter of the year amid ‘ongoing market and tariff-related uncertainty’.
The Surrey, England-based recruitment firm reported a ‘slight deterioration in activity levels’ in Continental Europe, though ‘some improvement’ in Asia and the US.
Vistry fell 0.8% after the Kent, England-based house builder said it expects first-half adjusted operating profit to be around £125 million, in line with expectations, but down 23% from £161.8 million a year prior.
It expects adjusted pretax profit of around £80 million, down 34% year-on-year from £120.7 million.
Net debt as at June 30 is ‘significantly’ better than expectations, Vistry said, at £295 million, lower than £322.0 million a year prior.
In addition, Vistry said it has successfully extended its £500 million revolving credit facility and £400 million term loan to April 2028, with full support from existing eight lenders on unchanged terms.
RBC Capital Markets said the update was ‘better than we had expected, and the self-help is working, but we were ahead of guidance and self-help alone won’t cure the patient’.
Jefferies pointed out reiterated guidance should also reassure, but added the 70% skew in guided pretax profit to the second half of 2025 ‘reminds us there remains much to do’.
RBC agreed, saying a ‘big’ second half is required for Vistry to meet its full-year numbers.
‘Completions, sales rates, site numbers, the forward orderbook and land purchases are down year-on-year as the group focuses on operations rather than growth following several profit warnings last year,’ RBC noted.
The company called the UK government’s £39 billion affordable homes programme, announced in June, as ‘unprecedented’ and ‘transformative’.
Brent oil was quoted lower at $68.89 a barrel at the time of the London equities close on Thursday, from $70.30 late Wednesday.
Gold was quoted higher at $3,320.06 an ounce against $3,308.72.
The biggest risers on the FTSE 100 were Rio Tinto, up 171.00 pence, at 4,447.50p, Glencore, up 11.75 pence at 309.95p, Ashtead Group, up 180.00p at 4,920.00p, Anglo American, up 82.00p at 2,252.00p and Smith & Nephew, up 40.50p at 1,155.50p.
The biggest fallers on the FTSE 100 were Land Securities, down 15.00p at 580.50p, Hiscox, down 22.00p at 1,227.00p, SSE, down 32.50p at 1,853.50p, Babcock International, down 18.00p at 1,070.00p and Centrica, down 2.50p at 154.65p.
Friday’s economic calendar has UK GDP and industrial production figures, along with French CPI.
There are no significant events scheduled in the Friday’s UK corporate calendar.
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