The historic Standard Life name is to return to the FTSE 100 index as part of a rebranding by Phoenix Group.
The retirement and savings business intends to use its “most trusted brand” for its new corporate identity from March.
The FTSE 100 index has made a robust start to the week after poor US jobs market figures unsettled markets on Friday.
FTSE 100 Live Monday
- Standard Life rebrand for Phoenix
- Nikkei rises after PM resignation
- VIstry unveils joint venture
Market update: Oil stocks drive FTSE 100, Phoenix shares fall 6%
10:18 , Graeme EvansPolitical upheaval in Japan and the higher price of oil today provided the focus as the FTSE 100 index returned to growth after Friday’s US jobs market setback.
Brent Crude lifted 1.35% to $66.38 a barrel, reflecting potential new sanctions on Russia and Sunday’s below-forecast increase in Opec+ production for October.
Scope Markets analyst Joshua Mahony said the planned 137,000 barrels per day was in stark contrast to the pace in August and September announcements.
He added: “The question for many is whether there is any capacity left to enact these production increases, with Saudi Arabia and the UAE likely to be the only nations that have the ability to add any more into the market.
“With oil prices on the rise, this announcement looks to see the expansive period for OPEC+ drawing to a close.”
BP shares rose 3.9p to 419.55p and Shell lifted 26p to 2653.5p as the heavyweights provided support to the FTSE 100 index, which climbed 14.84 points to 9223.05.
Futures trading pointed to a stronger session on Wall Street, where the focus is on the outlook for interest rate cuts after Friday’s non-farm payrolls report fuelled US recession fears.
The Nikkei 225 closed 1.45% higher after Japan’s Prime Minister Shigeru Ishiba announced his intention to stand down.
Figures this morning also showed 0.5% GDP growth in the second quarter, better than the original estimate of 0.3%. The yen fell as investors speculated about what a change at the top would bring for government policy.
AJ Bell investment director Russ Mould said: “One candidate is significant. Sanae Takaichi is an acolyte of the late Shinzo Abe whose Abenomics helped boost Japanese growth in the 2010s and would be expected to lean towards deregulation and a loose monetary policy if chosen.
“Such a stance would be favourable for equities and potentially push down the value of the yen, which in turn would be supportive to Japan’s export-driven economy.”
In the FTSE 100 index, Marks & Spencer led the way with a rise of 2% or 8p to 350.2p after Citigroup lifted its recommendation to Buy with a 440p target price.
Retirement and savings business Phoenix Group gave up some of this year’s strong gains, falling 6% or 40p to 630p after publishing half-year results.
The group, which said it intends to use its “most trusted brand” Standard Life for its new corporate identity, reported a 25% rise in adjusted operating profit to £451 million. The interim dividend has been increased by 2.6% to 27.35p a share.
Phoenix reported progress on all key financial metrics during the first half of the year, including a stronger solvency balance sheet. However, shares fell after total cash generation came in slightly short of the City consensus.
AIM mining heavyweight set for main market switch
09:27 , Graeme EvansOne of AIM’s largest companies today announced its intention to transfer its listing to the main London market.
Gold miner Pan African Resources has a market capitalisation of £1.4 billion, which is large enough for inclusion alongside Hochschild Mining as the only FTSE 250-listed stocks in precious metals.
With its operations across South Africa and Australia, the company is on track to increase annual gold production for the year to next June by about 40% to between 275,000 and 292,000 ounces.
The shares have doubled in value this year, boosted by a record gold price. They rose another 3.2p to 73.8p this morning.
Chief executive Cobus Loots said: “We believe the proposed move from AIM to the main market will enable us to access a deeper pool of capital and enhance liquidity for the group as we continue our ambitious growth strategy.”
The company’s move represents the first precious metals addition to the main market since Endeavour Mining listed in 2021.
Nikkei rallies after Japan PM resignation, GDP upgrade
09:01 , Graeme EvansThe Nikkei 225 today closed 1.45% higher after Japan’s Prime Minister Shigeru Ishiba announced his intention to stand down.
Figures this morning also showed 0.5% GDP growth in the second quarter, better than the original estimate of 0.3%.
The yen fell as investors speculated about what a change at the top would bring for government policy.
Susannah Streeter, head of markets at Hargreaves Lansdown, said: “There’s an expectation that frontrunners, in particular Takaichi Sanae, would be more pro spending and de-regulation, aimed at supporting the economy amid the pressure on exports from US tariffs.
“The economy is holding up better than expected, with higher consumer spending providing a boost but there is still concern about the path ahead.”
Oil and defence stocks lift FTSE 100, M&S shares rise on upgrade
08:28 , Graeme EvansMarks & Spencer shares are top of the FTSE 100 index, rising by 7.2p to 349.4p after Citigroup lifted their recommendation to Buy with a 440p target price.
BP and Shell also provided support to the top flight, accelerating by 6.85p to 422.5p and 34p to 2661.5p respectively after the price of Brent Crude rallied 1.5% to $66.51 a barrel this morning.
Rolls-Royce improved 13p to 1088.5p and BAE Systems by 15p to 1792p, helping the FTSE 100 to advance by 7.04 points to 9215.25.
Phoenix fell 4% or 29.5p to 640.5p after publishing half-year results, while Unilever drifted 68p to 4701p and AstraZeneca lost 104p to 11,986p.
Vistry unveils Homes England joint venture
07:48 , Graeme EvansVistry and Homes England, the Government's housing and regeneration agency, today announced a joint venture to accelerate the development of large-scale residential sites.
The venture, named Hestia, is backed by £150 million of capital investment by Homes England and Vistry and is designed to deliver high-quality, mixed-tenure communities at pace and scale.
Hestia will focus on the acquisition and development of strategic sites, each ranging from 400 to 3,000 homes and incorporating new infrastructure.
The joint venture will also seek to sell parcels of land on FTSE 250-listed Vistry’s larger sites to smaller developers.
Vistry chief executive Greg Fitzgerald said: “Hestia represents a bold and collaborative step forward in unlocking the potential of large-scale sites and accelerating the creation of thriving, mixed-tenure communities across England."
Phoenix to use Standard Life name, hails half-year progress
07:35 , Graeme EvansThe Standard Life name is to return to the FTSE 100 index after Phoenix Group said it intends to use its “most trusted brand” as its new corporate identity.
The switch, which is due to take place in March, was announced alongside interim results showing a 25% rise in adjusted operating profit to £451 million. The dividend has been increased by 2.6% to 27.35p a share.
The Standard Life business was founded in Edinburgh in 1825.
The group’s association with the name began in 2018 when it acquired Standard Life Assurance from investment company Standard Life Aberdeen - now known as Aberdeen.
In May 2021, Phoenix Group took full ownership of the Standard Life brand. Its other brands include Phoenix Life and SunLife.
The FTSE 100-listed retirement and savings business said today it had made progress on all key financial metrics during the first half of the year, including a stronger solvency balance sheet.
Chief executive Andy Briggs said: “Looking ahead, I am optimistic.
“The UK retirement savings and income market is huge and structurally growing and we are increasingly well placed to take advantage of the attractive opportunities it presents and deliver strong returns to our shareholders, supported by changing to Standard Life plc in March 2026.”
FTSE 100 index seen higher, oil price rallies
07:01 , Graeme EvansStock markets came under pressure on Friday after the US jobs report raised fears the world’s biggest economy was slowing.
Non-farm payrolls rose by 22,000, which compared with Wall Street forecasts of 75,000. The unemployment rate edged up to 4.3%.
The Dow Jones Industrial Average fell 0.5% and the S&P 500 index reversed by 0.3% while the Nasdaq Composite finished slightly lower.
The FTSE 100 index closed down 8.66 points at 9208.21 but is forecast to open 0.2% higher at today’s opening bell.
In Japan, the Nikkei 225 is up by 1.4% after the country’s GDP rate for the second quarter was revised higher to 0.5% and Prime Minister Shigeru Ishiba announced his resignation over the weekend.
The price of Brent Crude is 1% higher at $66.28 a barrel after Opec oil ministers announced a smaller-than-expected rise in production quotas.
