Stocks in London, Paris and Frankfurt were higher at midday on Friday, with Atalaya Mining shares up as it is set to join the FTSE 250, while investors await US unemployment data.
‘The FTSE 100 was on course to extend its winning streak after signs of a potential de-escalation of the tariff stand-off between US and China gave investors real heart,’ AJ Bell’s Russ Mould said.
The FTSE 100 index was up 55.79 points, 0.7%, at 8,552.59. The FTSE 250 was up 0.94 points at 20,135.91, and the AIM All-Share was up 3.95 points, 0.6%, at 703.93.
The Cboe UK 100 was up 0.6% at 852.90, the Cboe UK 250 was marginally lower at 17,656.22, and the Cboe Small Companies was up 0.4% at 15,434.33.
‘In London, resource names were in demand, with iron ore miner Ferrexpo among them as Washington and Kyiv secured a minerals deal,’ Mould noted.
Ferrexpo led the FTSE 250, up 14%.
Rotork edged up 0.1%.
The Bath, England-based provider of flow control solutions said order intake rose by a mid-single-digit percentage on an organic constant currency basis in the three months to March 31.
All divisions saw growth, with Water & Power delivering the highest increase. However, revenue was ‘modestly lower’ compared to the prior year, in line with expectations, due to phasing of the order book and a tough comparison.
‘Whilst we are mindful of ongoing macro uncertainty, we continue to expect 2025 to be a year of progress on an OCC basis, supported by our order book and positive end markets,’ the company said.
On the FTSE 100, Shell was the fourth-best performer with a 2.3% rise.
The London-based oil major announced a new $3.5 billion buyback, and boosted the quarterly dividend by 4.1% on-year to $0.3580 per share.
On the other hand adjusted earnings fell 28% to $5.58 billion in the first quarter from $7.73 billion a year ago. It was, however, ahead of Vara consensus of $4.96 billion.
‘Shell has the advantage at the moment that, for any of the difficulties it faces it can just point its finger down the road at BP and say, ’at least we’re not as bad as that’,’ Mould commented. (BP was down 0.3%.)
He added: ‘Where investors may feel some concern is over lower levels of cash flow and an uptick in net debt particularly given this quarter does not reflect the more pronounced slump in oil prices seen since Liberation Day.’
Pearson was the fourth-worst performer, down 2.0%.
The London-based learning materials publisher reported a 1% increase in underlying group sales for its first quarter, noting that all business units performed in line with expectations and highlighting a 6% rise in Higher Education sales.
However, Virtual Learning sales declined 4%, in line with guidance. English Language Learning fell 6%, reflecting a strong comparator and the potential impact of 2025 elections on immigration-linked testing volumes.
Regardless, Pearson reaffirmed its 2025 outlook, including adjusted operating profit and sales growth in line with market expectations.
Atalaya Mining rose 4.4%.
The copper producer in Spain said it will be added to the FTSE 250 index, effective next week Wednesday, following an announcement by FTSE Russell.
Chief Executive Officer Alberto Lavandeira calls the inclusion an ‘important milestone’ for the company, which restarted the Riotinto copper mine in 2015.
In European equities on Friday, the CAC 40 in Paris was up 1.6%, while the DAX 40 in Frankfurt was up 1.7%.
Data published by Eurostat showed that the eurozone’s on-year inflation rate stood at 2.2% in April, the same as in March. The FXStreet-cited consensus had expected a deceleration to 2.1% for April, however.
Core inflation, excluding energy, food, alcohol & tobacco, went up to 2.7% in April from 2.4% in March, and higher than the consensus of 2.5% for April.
Further, the eurozone’s unemployment rate was unchanged at 6.2% in March, with February’s figure upwardly revised from 6.1%. The FXStreet-cited consensus had expected a rate of 6.1%, in line with February’s previously reported figure.
In other European news, ByteDance’s TikTok said it plans to appeal a fine of €530 million from Ireland’s data protection watchdog, insisting it has ‘never received a request’ from Chinese authorities for European users’ data.
‘[TikTok] has never provided European user data to them,’ Christine Grahn of TikTok Europe said. ‘We disagree with this decision and intend to appeal it in full.’
The pound was quoted higher at $1.3300 at midday on Friday in London, compared to $1.3283 at the equities close on Thursday. The euro stood higher at $1.1337, against $1.1274. Against the yen, the dollar was trading lower at JP¥144.69 compared to JP¥145.50.
Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.5%, the S&P 500 index up 0.5%, and the Nasdaq Composite up 0.4%.
In Asia on Friday, the Nikkei 225 index in Tokyo closed up 1.0%. In China, the Shanghai Composite was closed for Labor Day. The Hang Seng index in Hong Kong closed up 1.7%. The S&P/ASX 200 in Sydney closed up 1.1%.
Brent oil was quoted higher at $61.79 a barrel at midday in London on Friday from $61.38 late Thursday.
Gold was quoted lower at $3,258.43 an ounce against $3,311.72.
Still to come on Friday’s economic calendar, the US releases factory orders and nonfarm payrolls data.
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