The FTSE 100 started trading 75.59 points up at 10,517.19. This upward movement followed a drop in oil prices after US President Donald Trump stated he would not authorize any further strikes against Iran ahead of next month’s midterm elections. Consequently, Brent crude futures dropped 1.03% to reach USD 103.2 per barrel, while US West Texas Intermediate (WTI) decreased 0.90% to settle at USD 90.67 per barrel.
Early Friday, the pound was quoted at USD 1.3245, marking an increase from USD 1.3214 recorded at Thursday’s London equities close. Meanwhile, sterling softened against the euro, moving from EUR 1.1799 on the prior day down to EUR 1.1789.
Gainers & Losers
Among the top performers, Fresnillo climbed 3.38% to 2,780.00p, and Sage Group gained 3.31% to reach 1,061.50p. Further gains were seen as RELX rose 2.93% to 2,671.00p, Antofagasta advanced 2.75% to 3,704.00p, WPP moved up 2.63% to 382.10p, and Experian increased 2.41% to 2,636.00p.
Conversely, Vodafone Group suffered the steepest drop, falling 3.82% to 119.65p, while Airtel Africa declined 2.39% to 302.20p. Additional losses included BP slipping 1.56% to 575.70p, Shell dropping 1.35% to 3,729.50p, Rolls-Royce Holdings ticking down 0.44% to 1,361.00p, and DCC Energy easing 0.08% to 6,440.00p.
Trump Said US Will Not Attack Iran
Writing on social media late Thursday, Trump noted, “We will not be attacking Iran at any time prior to the Midterm Elections,” pointing to productive negotiations with Tehran while adding that the “Blockade will remain in full force and effect.” He also asserted that “22 Million Barrels” transited through Hormuz “last night alone.”
Airtel Money Will Start Trading in London
Trading for Airtel Money begins today on the London Stock Exchange. The mobile payments company has set its share price at GBP 1.96 each, giving it an estimated market capitalization of roughly GBP 5.3 billion.
Current backers, featuring Mastercard and the Qatar Investment Authority, are putting forward 270 million shares aiming to raise about GBP 529 million. Previously, Airtel indicated it anticipates securing a “free float that would make it eligible for inclusion” among FTSE indices.
Retailers Suffer Decline
Data from the British Retail Consortium (BRC) revealed that retail footfall dropped by 2.9% in September, worsening from the 1.7% decline recorded in August. The overall figures were heavily impacted by a 3.5% contraction in shopping centre footfall, which had experienced just a 0.5% decrease the previous month.
Helen Dickinson, chief executive of the BRC, stated, “As we enter the crucial final quarter, retailers will do all they can to attract shoppers with great value and choice.”
She added, “But until the government acts to reduce the cost of doing business, retailers are fighting with one hand tied behind their backs.”
Also Read: Nifty 50 Opens 0.37% Higher, Sensex is Up 231.2 Points as Oil Prices Ease
Global Market View
Across the United States, the tech-focused NASDAQ dropped 1.25% to 27,193.34, and the S&P 500 declined 0.47% to 7,765.36. In contrast, the Dow Jones Industrial Average rose by 51.77 points, or 0.1%, closing at 51,231.64.
Asian markets presented mixed results: Tokyo’s Nikkei 225 edged down 0.02% to 69,030.92, China’s Shanghai Composite grew 0.05%, Hong Kong’s Hang Seng jumped 1.50%, and South Korea’s Kospi decreased 2.62%. Indian indices saw strong gains, with both the Nifty 50 and the Sensex advancing 1.18% and 1.15%, respectively.
