FTSE 100 Live Thursday
- FTSE 100 sets new record
- Royal Mail changes approved
- PageGroup hit by tariffs uncertainty
Market update: FTSE 100 sets record as miners surge, WPP up 3%
10:05 , Graeme EvansA 1% mining-led surge today took the FTSE 100 index into new territory as London’s top flight joined the recent toppling of stock market records.
The rise of 92.38 points to 8959.40 beat March’s previous intraday high of 8908, reflecting an improvement of 9% so far this year.
The tech-focused Nasdaq last night posted a fresh record and Germany’s Dax today set a new high as traders continue to price in a de-esclation of trade tensions.
The S&P 500 index has risen 26% since its post-Liberation Day lows, while excitement over AI’s potential yesterday helped Nvidia reach a $4 trillion landmark.
UBS Global Wealth Management said today: “Tariff headlines in the coming days and weeks are likely to fuel volatility, especially if the Trump administration starts to unveil more details on sector-specific tariffs.
“But we believe the US equity bull market still has room to run, and we expect further gains over the next 12 months.”
The positive Wall Street sentiment helped today’s session in Europe as heavyweight AstraZeneca advanced 2% or 212p to 10,574p and Diageo lifted 39p to 1954p.
In the mining sector, leading stocks jumped by as much as 4% after the copper price surged on the back of Donald Trump’s 50% tariffs plan.
Anglo American led the FTSE 100 with a rise of 97p to 2267p while Rio Tinto rallied 163.5p to 4440p and Glencore added 11.3p to 309.5p.
Marketing and advertising group WPP rebounded after yesterday’s profit warning, boosted by the appointment of Microsoft executive Cindy Rose as new CEO.
The shares, which closed at a 16 year low last night, put back 3% or 14.7p to 443.3p.
On the fallers board, Rolls-Royce drifted 9p to 975.4p and Holiday Inn business IHG fell 158p to 8606p. Property group Land Securities reversed 7.5p to 588p after analysts at Jefferies cut their price target to 492p.
In contrast to London’s top flight, the domestic-focused FTSE 250 index only managed a rise of 0.3% or 64.74 points to 21,632.60.
Water company to pay £24m after Ofwat investigation
09:52 , Graeme EvansSouth West Water has agreed to pay £24 million after Ofwat identified failures in how the company managed its wastewater treatment works and sewer network.
The regulator said a lack of adequate management systems, including oversight from senior leaders and board, meant the company did not meet its legal obligations.
South West Water proposed the £24 million enforcement package, to be paid by the company and its shareholders, to invest in its systems and address the failures.
It means the company avoided being fined by Ofwat, which the watchdog said would have amounted to £19 million.
The shares of South West Water owner Pennon rose half a penny to 494.5p.
PageGroup hit by tariffs uncertainty, shares rise
09:43 , Graeme EvansPageGroup has highlighted the impact of tariff uncertainty on the jobs market after revealing gross profit dropped 13.1% on a year earlier in the second quarter.
The recruitment firm said UK profit fell 14.3% to £23 million, while trading worsened in France and Germany following drops of 20% and 21% respectively.
PageGroup cut its workforce by nearly another 200 in the second quarter as it looked to offset the difficult market, with its fee earning team reduced by 133 or 2.5% to 5163.
Chief executive Nicholas Kirk said the results came against a backdrop of “ongoing market and tariff-related uncertainty, with mixed results across the group”.
Shares rose 7.1p to 275.1p after the group left full-year guidance unchanged.
Records fall as markets appear relaxed on tariffs threat
08:30 , Graeme EvansToday’s record for the FTSE 100 index follows last night’s all-time high for the Nasdaq and the $4 trillion valuation landmark of semiconductor giant Nvidia.
Richard Hunter, head of markets at Interactive Investor, said “Increasing cynicism about the veracity of tariff threats and a rekindling of the AI trade drove markets higher, with the Nasdaq setting a record closing high.
“Investors are apparently running with the TACO (Trump Always Chickens Out) theme, assuming that the more recent deals and negotiations which have taken place will continue to override the hefty threats emanating from the White House.”
He said the FTSE 100 index was now ahead by 9.3% in the year to date, which excludes the additional benefit of an average 3.4% dividend yield.
FTSE 100 index trades at new record
08:06 , Graeme EvansThe FTSE 100 index today set a new intraday record after lifting 0.8% or 71.97 points to 8938.99 in the opening minutes of trading.
The advance followed last night’s strong session on Wall Street, where the Dow Jones Industrial Average closed 0.5% higher.
The FTSE 100’s previous intraday record was set in March.
Mining stocks drove today’s improvement, with Rio Tinto up 4% or 153p to 4429.5p and Glencore 2% or 6.65p higher at 304.85p.
Market heavyweight AstraZeneca also lifted 128p to 10,490p.
WPP shares rallied following yesterday’s slump, putting on 7.8p to 436.4p after announcing Microsoft executive Cindy Rose as its new chief executive.
Royal Mail delivery changes given green light
07:36 , Graeme EvansRoyal Mail will be allowed to scrap Saturday deliveries for second class post and switch to an alternate weekday service instead, Ofcom has announced.
The regulator said the changes will come into force from 28 July. The company will maintain Monday to Saturday deliveries for first class post.
Ofcom said it intends to keep the target for second class letters to arrive within three working days despite the changes, which come after a lengthy consultation and are designed to “help the universal service to survive”.
WPP names Microsoft executive as new CEO
07:14 , Graeme EvansMarketing and advertising group WPP today named Microsoft executive Cindy Rose as its new chief executive.
She has spent the last nine years in senior leadership positions at the US tech giant, where she is currently chief operating officer in Global Enterprise.
Rose has been a non-executive director of WPP since 2019.
WPP chair Philip Jansen said: "Cindy is an outstanding and inspirational business leader with extensive experience at some of the world's most recognised companies and a track record of growing large-scale businesses.
“She has led multi-billion-dollar operations across the UK, EMEA and globally, built enduring client relationships and delivered growth in both enterprise and consumer environments.”
She takes on the £1.25 million-a-year role from 1 September, replacing Mark Read who in January announced his intention to step down after seven years in post.
The appointment comes a day after WPP downgraded profit guidance for this year, leaving shares at their lowest level since 2009.
FTSE 100 set to open near record, Asia stocks mixed
07:06 , Graeme EvansThe FTSE 100 index is seen opening about 0.4% higher, a move which would leave it close to March’s intraday record of 8908.
London’s top flight closed up 0.2% at 8867.02 in yesterday’s session as investors took stock of Donald Trump’s latest tariff moves.
On Wall Street, technology stocks helped the S&P 500 to close 0.6% higher while the Nasdaq Composite lifted 0.9%.
Semiconductor giant Nvidia ended the session with a valuation of $4 trillion after closing 1.8% higher.
In Asia, the Nikkei 225 has fallen by 0.7% while the Hang Seng index is 0.4% higher.
