Forecast-beating Nvidia results have changed the mood after a jittery run for global stock markets.
The FTSE 100 index opened higher as London’s top flight looks to end a five-day losing streak.
On the corporate front, JD Sports Fashion today said annual profits will be towards the lower end of City expectations.
FTSE 100 Live Thursday
- Nvidia results beat hopes
- Games Workshop extends run
- Dr Martens tariffs warning
Market update: Nivida lifts FTSE 100 mood, Games Workshop and Halma surge
10:11 , Graeme EvansRelief over the latest knockout Nvidia earnings figures today put London traders in the mood for buying following a five-day run of losses by the FTSE 100 index.
Games Workshop and Halma topped the shopping list as their shares surged by double-digit percentages to post fresh record highs.
The Warhammer hobby firm lifted 1710p to 17,800p after it said half-year profits will be at least 6% higher than last year’s strong performance.
It also lined up a dividend of 100p a share for payment on 28 January, leaving the amount declared so far in 2025/26 up by 75% to 325p a share.
Halma rose 11% or 354p to 3666p as the group of life-saving technology companies lifted full-year guidance on the back of record interim revenue and profit figures.
Other strong performers in the top flight included Polar Capital Technology Trust, which put back 16p to 463.5p thanks to Nvidia’s confidence-boosting results.
The chipmaker soothed Wall Street’s AI valuation fears by reporting quarterly revenues of $57 billion, well ahead of Wall Street’s $55.2 billion estimate.
Net income lifted 65% on a year earlier to $31.9 billion, while revenue guidance for the current quarter of $65 billion was well ahead of hopes.
Futures trading signalled gains of more than 1% for the S&P 500 index and Nasdaq Composite at today’s opening bell.
The progress lifted confidence in Asia and Europe as the FTSE 100 index rallied by 59.94 points to 9567.35.
On London’s fallers board, ex-dividend Vodafone fell 1.6p to 90.1p while JD Sports Fashion lost 1.9p to 78.5p following a third quarter update.
The transatlantic retailer’s like-for-like sales decline of 1.7% was better than the City had forecast and came in ahead of the 3% reverse of the second quarter.
However, JD said weaker macro and consumer trends heading into its peak trading period meant profits were set to be towards the lower end of expectations.
Broker Peel Hunt, which cut its 2026-28 profit forecasts by 4-7%, said: “JD is doing little wrong. It remains the store of choice for the sports fashion consumer and the partner of choice for global brands.
“We believe the long-term global strategy is also the right one, but the sector cannot catch a break at present.”
Dr Martens shares slide after tariffs warning
09:37 , Graeme EvansDr Martens has warned it expects to take a multimillion-pound hit from US tariffs this year.
The retailer makes the bulk of its footwear in Vietnam, which has been hit with higher US tariffs in President Trump’s trade war.
It said it now expects a “high single digit” million-pound impact from tariffs on full-year profits, of which roughly half can be offset in 2025-26 because of the timing of action being taken.
Dr Martens said it remains on track with full-year forecasts, for between £53 million to £60 million underlying pre-tax profits, although it said this did not include the tariffs hit.
Shares fell 9% or 7.1p to 74.5p following the update.
Gold price backed to continue strong run
09:31 , Graeme EvansGold’s strong price run has been backed to continue after UBS Global Wealth Management today lifted its forecast for next year to $4500 an ounce.
The precious metal has been this year’s best performing global asset, surging almost 60% to stand at more than $4000 an ounce.
UBS said: “We expect gold demand to rise further in 2026, influenced by anticipated Federal Reserve rate cuts, lower real yields, continued geopolitical uncertainties and changes in the domestic US policy environment, particularly with the upcoming midterm elections and increasing fiscal risks.”
It also expects elevated buying by central banks and sovereign wealth managers, which has driven the structural uplift in gold prices.
Games Workshop advance continues, shares up 11%
09:02 , Graeme EvansGames Workshop shares today set another record high as investors cheered more strong trading by the Warhammer hobby firm.
Core revenue for the six months to 30 November is set to be at least 15% higher at £310 million, with pre-tax profits 6% stronger at not less than £135 million.
Alongside the brief trading update, the Nottingham-based retailer announced plans to pay a dividend of 100p a share on 28 January. This takes the total declared so far in 2025/26 to 325p compared with 185p in 2024/25.
The FTSE 100-listed shares rose 11% or 1750p to 17,840p, meaning they have jumped by a third this year and by 43% since April.
Broker Peel Hunt increased its forecast for annual profits by 9% to £240 million following the update.
It said: “The company has delivered a strong performance against tough comparatives and is well set for another good year.
“We raise our target price from 16,500p to 18,000p and upgrade our recommendation from Add to Buy.”
Nationwide mortgage lending drops, income higher
08:50 , Graeme EvansNationwide Building Society today said net mortgage lending dropped to £4.7 billion for the six months to the end of September, down from £6.3 billion the year before.
The building society said the decline came as home buyers raced to complete purchases ahead of April’s stamp duty deadline.
Underlying income for the group soared to £3.1 billion, up from £2.1 billion the prior year amid the integration of Virgin Money’s banking business.
Nationwide handed out a payment of £100 each to around four million of its members earlier this year.
FTSE 100 rallies, Games Workshop surges to new record
08:19 , Graeme EvansThe FTSE 100 index today rose 0.6% or 56.96 points to 9564.37, boosting hopes for an end to the top flight’s five-day losing streak.
Games Workshop jumped 8% or 1230p to a record 17,320p after the Warhammer hobby firm forecast core revenues of at least £310 million in the six months to 30 November.
It also intends to pay a dividend of 100p a share on 28 January, taking the total declared so far in 2025/26 to 325p compared with 185p in 2024/25.
Upgraded full-year guidance helped Halma, a group of life-saving technology companies, to surge by 10% or 334p to 3646p.
Other risers included tech-focused investment trusts Polar Capital and Scottish Mortgage, up 3% and 2% respectively after Nvidia results boosted AI confidence.
JD Sports Fashion shares fell 0.8p to 79.6p after it said annual profits will be towards the lower end of City expectations.
US jobs market report due, rate cut hopes fade
07:59 , Graeme EvansDelayed US jobs market statistics for September are today’s key event as Wall Street traders evaluate the possibility of a December interest rate cut.
Deutsche Bank’s US economists expect both headline and private payrolls to come in at 75,000, with the unemployment rate steady at 4.3%.
Last night, minutes of October’s Federal Reserve policy meeting showed “many” officials leaning against a December rate cut.
Expectations have also suffered due to the timing of November’s labour market report, which has been scheduled after the Federal Reserve’s December meeting.
Nvidia shares rally after latest results beat
07:42 , Graeme EvansForecast-beating results by Nvidia have changed the mood of markets after the chipmaker’s quarterly revenues of $57 billion beat Wall Street’s $55.2 billion estimate.
Net income lifted 65% on a year earlier to $31.9 billion, while revenue guidance for the current quarter of $65 billion compared with the $61.9 billion forecast.
Chief executive Jensen Huang said: “We’ve entered the virtuous cycle of AI.
“The AI ecosystem is scaling fast — with more new foundation model makers, more AI startups, across more industries, and in more countries. AI is going everywhere, doing everything, all at once.”
Shares rose 5% to $196 in extended dealings as market confidence returned after a jittery run for Wall Street’s AI valuations. The company has a market value of $4.5 trillion.
Hargreaves Lansdown analyst Matt Britzman said: “Nvidia bears the weight of the world, but like Atlas, it’s standing firm under that towering mountain of expectations.
“Third quarter results delivered the goods and then some, a 4% beat on the top and bottom line came with a side of more good news in the form of a monster $65 billion revenue guide for the fourth quarter.”
JD Sports Fashion cautious on profit outlook
07:15 , Graeme EvansJD Sports Fashion today said annual profits will be towards the lower end of City expectations.
The retailer said its guidance reflected “incrementally weaker macro and consumer indicators” heading into its peak trading period.
The current City consensus is for a profit of £871 million, with a range of £853 million to £888 million. The company posted a figure of £923 million for 2024/25.
A third quarter update showed like-for-like sales 2.4% higher on an organic basis in the 13 weeks to 1 November, boosted by an improved trend in North America.
Underlying sales fell 2% in the UK, better than the 4,5% decline in the second quarter.
Chief executive Regis Schultz said it had been a solid quarter but that the company remains mindful of recent weak macro and consumer indicators in its key markets.
He said: “These lead us to take a pragmatic approach for our 2025/26 profit outturn.
“We remain confident in the overall positive trajectory for our industry and JD Group over the medium term, and this is well reflected in our commitment to enhanced shareholder returns."
FTSE 100 seen higher, Nvidia shares rise on earnings cheer
07:01 , Graeme EvansStrong Nvidia results today lifted US stock market futures and left the FTSE 100 index on course for its first positive session in over a week.
The semiconductor giant’s shares rose 5% in dealings after the New York closing bell, having announced a forecast-beating 65% rise in quarterly net income.
The results eased worries over Wall Street’s AI-led valuations, with the S&P 500 index and the Nasdaq Composite both seen more than 1% higher later today.
In dealings yesterday, the Dow Jones Industrial Average rose 0.1%, the S&P 500 lifted 0.4% and the Nasdaq Composite improved 0.6%.
The FTSE 100 index last night extended its run of losing sessions to five with a fall of 0.5% or 44.89 points at 9507.41.
IG futures trading points to a rise of about 0.6% at today’s opening bell.
