FTSE 100 Live Friday
- Flutter upgrades guidance
- Used car sales at post-Covid high
- High street footfall declines
Market update: Miners support FTSE 100, Flutter falls despite upgrade
10:01 , Graeme EvansStronger mining stocks and hopes for a positive session in New York today helped to shore up the FTSE 100 index after yesterday’s rates-led setback.
London’s top flight rose 6.11 points to 9106.88, having shed 0.7% last night due to the hawkish tone of the Bank of England’s latest monetary policy decision.
Glencore put back some of its recent losses by adding 2.5% or 7p to 287.5p and Rio Tinto added 50.5p to 4549.5p.
Fresnillo also rallied 39p to 1712p after gold futures touched a new record on reports the US plans to impose tariffs on imports of one-kilo gold bars.
West Africa-focused Endeavour Mining lifted 16p to 2500p, while Hochschild Mining gained 3% or 10p to 315.6p in the FTSE 250.
The best performing stock in the FTSE 100 was JD Sports Fashion, which advanced 3% or 2.3p to 88.4p. Vodafone put on 1.2p to 84.8p and BT Group lifted 1.8p to 207.5p.
On the fallers board, hotels group IHG gave up some of Thursday’s results-day gains with a reverse of 3% or 252p to 8930p.
Marketing and advertising group WPP dropped another 9.5p to 382.3p after yesterday announcing a big dividend cut alongside half-year results.
Flutter Entertainment, which retains a London listing but is no longer part of the FTSE 100 index, fell 3% or 620p to 22,290p despite upgrading guidance in a second quarter update in New York last night.
The FanDuel and Paddy Power gambling business now expects annual revenues of about $17.3 billion and adjusted earnings of $3.3 billion, representing 23% and 40% year-over-year growth respectively.
Second quarter revenue grew by 16% year-on-year, supported by strong US sporting results. International revenues rose 1% on a like-for-like basis.
Flutter’s share price has rallied strongly since April and is now close to its February highs, as well as the 22,230p target price of Peel Hunt.
The bank said: “There may be more upside, particularly if management can demonstrate that it can reinvigorate the aggregate performance of the International division.
“However, for now, we see no reason to push our valuation further and lower our recommendation from Add to Hold.”
The FTSE 250 index slipped 29.46 points to 21,908.64.
Aerospace components supplier Senior rose 3% or 6p to 192.6p after analysts at Berenberg initiated coverage with a Buy stance and 275p target price.
Used car sales top 4m for first time since 2019
08:42 , Graeme EvansThe UK’s used car market is back to near pre-pandemic levels after four million vehicles changed hands in the first half of 2025.
The figure from the Society of Motor Manufacturers and Traders (SMMT) represents a rise of 2.2% on a year earlier.
It is only 37,274 transactions below the same period in 2019, before the coronavirus crisis began.
SMMT chief executive Mike Hawes said: “Surpassing the four million half-year milestone for the first time since 2019 shows the UK’s used car market is building back momentum.
“That’s good news for the industry and for motorists who benefit from more choice and affordability across a range of higher tech, cleaner vehicles, notably in the emerging electric vehicle sector.”
FTSE 100 opens higher as GSK and Glencore advance
08:15 , Graeme EvansThe FTSE 100 index has risen 0.3% or 25.70 points to 9126.47, with GSK and AstraZeneca among the stocks up by more than 1%.
Mining companies also performed well after Glencore rose 2% or 6p to 286.5p, Rio Tinto advanced 43p to 4542p and Anglo American put on 17p to 2164p.
Among other risers, Marks & Spencer added 3.2p to 331.9p and Primark owner Associated British Foods rallied 19p to 2232p.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said:‘’Wary sentiment pervades markets, as investors assess the implications of swathes of tariffs on new trading partners and a hawkish outlook from the Bank of England.
“The FTSE 100 has opened higher, but the gains are not yet large enough to erase yesterday’s losses.
“Even though the Bank’s policymakers did deliver a cut, it was a very finely balanced decision. Borrowers will need more patience with the chances of a further rate cut by the end of the year receding sharply.”
Flutter upgrades guidance after strong Q2
07:54 , Graeme EvansFanDuel and Paddy Power gambling business Flutter Entertainment last night bolstered guidance after reporting a strong second quarter performance.
The former FTSE 100-listed company now expects annual revenues of about $17.3 billion and adjusted earnings of $3.3 billion, representing 23% and 40% year-over-year growth respectively.
Second quarter revenue grew by 16% year-on-year amid a combination of organic growth and M&A activity. Adjusted earnings lifted 25%.
Chief executive Peter Jackson said: “Our performance in Q2 positions us well to deliver on our strategic objectives and execute strongly throughout the content rich calendars for NFL, NBA and European soccer during the remainder of the year.”
Flutter’s London-listed shares opened lower today, having risen by more than 50% in the past year.
Richard Hunter, head of markets at interactive Investor, said: “Flutter’s decision to move its primary listing to the US in May 2024 lit a fire under the shares, and that momentum is showing few signs of slowing.
“The US business, which accounts for 43% of revenues, enjoyed a strong quarter with a 17% advance on the previous year, bolstered in particular by its FanDuel iGaming business and favourable results on its sportsbook, and it holds a top market share position in both.”
High streets struggle as shoppers head for retail parks
07:30 , Graeme EvansA hoped-for summer boost to retail has failed to materialise for the second consecutive year, according to British Retail Consortium-Sensormatic data.
Total UK footfall decline by 0.4% year-on-year in July while shopper visits to the high street dropped by 1.7%.
Shopping centre footfall was down by 0.3% but visits to retail parks were up by 1.7% on a year ago, reflecting continued new openings by major brands.
BRC chief executive Helen Dickinson said: “July failed to bring about the summer boost in shoppers many retailers had hoped for. Instead, footfall dipped in July for the second consecutive year.
“Customers want a vibrant shopping destination, but with around one in seven shops lying empty, more needs to be done to turn town and city centres into places people want to visit.”
Japan stocks rally, FTSE 100 set for flat start
07:06 , Graeme EvansThe FTSE 100 index is set for a steady session after yesterday’s underperformance, when London’s top flight closed 0.7% or 63.54 points lower at 9,100.77.
In contrast to the FTSE 100, benchmarks in Paris and Frankfurt rose by 1% and leading Wall Street indices finished close to their opening marks.
London’s weakness and uplift for sterling came as traders revised their bets on further interest rate cuts in the wake of Thursday’s Bank of England meeting.
In Asia, Japan’s Topix index rose above 3000 for the first time and the Nikkei 225 surged 2% following an earnings-driven boost for leading stocks including SoftBank and Sony.
IG Index futures trading points to a broadly flat start for the FTSE 100 index. Sterling stands at $1.342 this morning.
