LIVE UPDATED: 16:45 – 03/11/23
Key events:
- The FTSE 100 closes Friday down 0.45%
- Curry's shares jumped as much as 6% on Kotsovolos sale
- Wizz Air has risen over 10%
16:45 – FTSE 100 Closes Down/h2>
After a positive start to the session, the FTSE 100 closed 0.45% lower on the day.
The biggest riser was Ocado at +6.48%, while the biggest faller was Shell at -4.17%.
13:58 – London Shares Rally
Following the US non-farm payroll data, London-listed stocks have also rallied, with Ocado, which is now the biggest FTSE 100 riser, and Wizz Air now up more than 10% on the day.
IAG is now up more than 2%, while EasyJet has gained over 4%.
13:30 – US Non-Farm Payrolls
In the US, non-farm payrolls came in at 150k, compared to the 180k expected. The previous reading was 297k.
12:40 – US Index Futures Positive
Ahead of the open in an hour, US index futures are currently higher, with S&P 500 futures leading the way, up around 0.45%.
However, in London, the FTSE 100 is now in negative territory on the day, with stocks pulling back slightly from their earlier rise.
11:13 – RBC Capital upgrades Antofagasta
Antofagasta was upgraded to Sector Perform from Underperform at RBC Capital on Friday, with a new price target of 1,300p, up from 1,200p. The investment bank noted that risks to 2024 copper balances, resilient demand from China, and the Federal Reserve pause mean it now has a more neutral view of the stock.
11:06 – Smith & Nephew upgraded at JPMorgan
Smith & Nephew was raised to Overweight from Neutral at JPMorgan on Friday, with the investment bank's analyst David Adlington assigning the stock a new price target of 1,248 p, down from 1,405p.
Adlington said the stock has de-rated to 10-year lows due to concerns over margin guidance and the impact of GLP-1 on procedures. However, JPMorgan believes stronger than expected Q3 sales are likely to build confidence that the company's top-line growth is sustainable.
Smith & Nephew posted a Q3 update on Thursday.
10:19 – Smith & Nephew leads the way
The biggest FTSE 100 riser so far on Friday is Smith & Nephew, which has gained 4%. Ocado, which surged 7% on Thursday, is not far behind SN., up a further 3.8% in today's session. After Sainsbury's reported earnings yesterday, which resulted in a 3.8% climb, the stock has continued to rise, jumping a further 3% so far on Friday.
The biggest faller is Sage Group, down almost 2%. Meanwhile, Shell has given up some of its Thursday gains, currently trading 1.8% below the previous session close.
Elsewhere, Wizz Air is a big mover, up almost 8%, while fellow airline easyJet has climbed over 2%. IAG and JetBlue are both trading over 1% higher.
09:53 – The FTSE 100 rises
The FTSE 100 is up so far on Friday, alongside other European equities, with the DAX also making gains.
Curry's shares jumped this morning after the retailer announced it has reached a deal to sell Dixons South East Europe A.E.V.E., the holding company overseeing Currys' retail operations in Greece and Cyprus under the brand name Kotsovolos, to Public Power Corporation S.A. for €200 million (£175 million).
Read more here.
06:30 – Market Recap
The FTSE 100 closed Wednesday's session up 1.41%, with stocks in the US and Europe climbing throughout the London session.
The biggest mover during Wednesday's session was Ocado, which rose 7%, while the biggest loser was Entain, which closed down almost 6% after reporting a Q3 update.
Here's a summary of our top headlines from yesterday:
SHELL REPORTS Q3 PROFITS, $3.5BN SHARE BUYBACK
SAINSBURY’S SHARES SURGE 5.91% AFTER REPORTING MARKET SHARE GAINS
BT RISES AFTER UPBEAT H1 RESULTS
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.