FTSE 100 Rises; Fresnillo Gains, Card Factory Plunges

The FTSE 100 rose 0.4% on Friday morning, with gains occurring across European markets. 

The pan-European Stoxx 600 also climbed 0.4%, while Germany’s DAX and France’s CAC 40 each advanced 0.5%.

However, shares in Card Factory (LON: CARD) slumped more than 25% after the retailer issued a stark profit warning ahead of its crucial festive trading period. 

The stock initially fell to around 70p, its lowest level since December 2022.

The company highlighted ongoing strain on household budgets, saying: “Over recent months, the pressures facing the UK consumer have been well publicised. It is an inescapable fact that these pressures have impacted consumer confidence and shopping behaviour, contributing to soft high street footfall.” 

It added that these conditions persisted into its “most important trading period,” resulting in store sales coming in below expectations.

Economic data added to the cautious backdrop. GDP contracted by 0.1% in October, marking a second straight monthly decline, according to the Office for National Statistics. 

Services output fell 0.3% and construction dropped 0.6%, while production rose 1.1%. Over the three months to October, GDP also slipped 0.1% as production weakened again and services growth stalled.

Elsewhere, WH Smith delayed the release of its annual financial results.

Among FTSE 100 constituents, Fresnillo led the index with a 5.3% rise, followed by InterContinental Hotels Group up 3.9% and Endeavour Mining up 2.9%. British American Tobacco, Haleon and Melrose were the session’s weakest performers, each down around 0.7%.