London midday: FTSE rises as jobless claims calm nerves

London stocks were still in the black by midday on Friday as stronger-than-expected jobless claims numbers eased concerns about the US economy.

The FTSE 100 was up 0.5% at 8,183.23, extending earlier gains.

Richard Hunter, head of markets at Interactive Investor, said: "In the US, the initial jobless claims number - which on a weekly basis is of limited interest to investors - took on fresh significance, with the better-than-expected reading breathing new life into what has generally been a positive year for markets.

"It adds to a pleasing service sector report earlier this week, implying that perhaps the non-farm payrolls figure was an exception to the rule, and that the US will be able to manage a soft economic landing after all."

In equity markets, heavily-weighted miners were on the rise, with Anglo American, Antofagasta and Glencore all up after data showed that consumer price inflation accelerated more than expected in China in July.

Hargreaves Lansdown advanced after it agreed to be taken over by private equity firms CVC Group, Nordic Capital and Abu Dhabi’s sovereign wealth fund in a £5.4bn deal.

Bellway was up as the housebuilder said it expected to return to growth in fiscal 2025 if market conditions remain stable, with signs of an upturn in the market after the recent cut in interest rates.

The company said total housing completions fell to 7,654 homes in the year to July 31 from 10,945 a year ago at an overall average selling price of around £308,000 compared with £310,306 in 2023 - both slightly ahead of previous guidance.

Housing revenue came in at £2.35bn, down from £3.4bn and the underlying operating margin is expected to be around 10% against 16.0% last year.

Market Movers

FTSE 100 (UKX) 8,183.23 0.47%
FTSE 250 (MCX) 20,667.45 0.77%
techMARK (TASX) 4,781.04 0.26%

FTSE 100 - Risers

Beazley (BEZ) 728.00p 3.19%
United Utilities Group (UU.) 995.60p 2.87%
JD Sports Fashion (JD.) 126.00p 2.77%
Antofagasta (ANTO) 1,859.00p 2.48%
easyJet (EZJ) 433.80p 2.48%
Anglo American (AAL) 2,276.00p 2.43%
Entain (ENT) 562.20p 2.22%
Rightmove (RMV) 543.80p 2.14%
Glencore (GLEN) 411.15p 1.97%
Severn Trent (SVT) 2,566.00p 1.91%

FTSE 100 - Fallers

Smurfit Westrock (DI) (SWR) 3,097.00p -0.74%
GSK (GSK) 1,552.00p -0.51%
Spirax Group (SPX) 7,860.00p -0.51%
DCC (CDI) (DCC) 5,165.00p -0.39%
British American Tobacco (BATS) 2,793.00p -0.36%
Unilever (ULVR) 4,767.00p -0.29%
Lloyds Banking Group (LLOY) 56.92p -0.28%
Auto Trader Group (AUTO) 792.20p -0.28%
BAE Systems (BA.) 1,281.00p -0.27%
Smith & Nephew (SN.) 1,175.00p -0.21%

FTSE 250 - Risers

Domino's Pizza Group (DOM) 293.80p 4.18%
Lancashire Holdings Limited (LRE) 613.00p 4.07%
Diversified Energy Company (DEC) 1,104.00p 2.99%
Bellway (BWY) 2,736.00p 2.93%
Safestore Holdings (SAFE) 822.50p 2.88%
Crest Nicholson Holdings (CRST) 258.20p 2.87%
Dr. Martens (DOCS) 69.55p 2.81%
Workspace Group (WKP) 614.00p 2.68%
Trustpilot Group (TRST) 195.60p 2.52%
Allianz Technology Trust (ATT) 357.50p 2.44%

FTSE 250 - Fallers

Indivior (INDV) 984.50p -4.70%
Future (FUTR) 1,047.00p -1.87%
Hill and Smith (HILS) 2,095.00p -1.64%
Edinburgh Worldwide Inv Trust (EWI) 148.80p -1.33%
HarbourVest Global Private Equity Limited A Shs (HVPE) 2,450.00p -1.21%
Apax Global Alpha Limited (APAX) 140.40p -1.13%
Bakkavor Group (BAKK) 145.00p -1.02%
Templeton Emerging Markets Inv Trust (TEM) 159.20p -1.00%
Bankers Inv Trust (BNKR) 110.00p -0.90%
Ocado Group (OCDO) 394.50p -0.83%