London close: Top-flight index notches fresh intra-day record

(Sharecast News) - Stocks continued to push higher with investor sentiment buoyed by fresh bullish news around the artificial intelligence space, even as investors keep a wary eye on the ongoing budget standoff in Washington D.C.. Indeed, some market watchers were betting that the US federal government shutdown might go on until mid-October.

London's top-flight index added 0.67% to 9,491.25 and notched a fresh intra-day record high in the process at 9,494.64. A mix of banks, financial, miners and Big Pharma accounted for the bulk of the advance.

On the second-tier index, it was financials that paced gains, pushing it higher by 0.68% to 22,197.62.

Michael Hartnett at BofA Global Research pointed out in a research note sent to clients UK stocks' exposure to many of the resources underlying the AI boom, such as copper, alongside defensive exposure to Big Pharma names.

Nonetheless, as regarded the general market backdrop, he added that: "These credit cracks a big deal, but not big enough to put top in right now [...] each of past 5 months monthly low for S&P 500 printed on 1st trading day of month...first time this has happened since 1928."

COMEX gold futures were up 1.20% to $3,914.70/oz on news that flights at Munich Airport were suspended after a drone sighting.

Brent crude oil futures are up by 0.66% to $64.77 a barrel on the ICE ahead of an OPEC+ meeting at the weekend, but were still headed for the largest weekly drop since mid-June.

Overnight, it was reported that Elon Musk's OpenAI had fetched a valuation that cemented its position as the most valuable privately-held company in the world.

And according to Bloomberg, Global Infrastructure Partners was in advanced negotiations to buy Aligned Data Centers for roughly $40bn, underscoring the massive amount of funds that is being channelled into the sector.

On home shores, consultancy S&P Global reported that its services sector PMI for the UK fell to 50.8 in the month of September, after a print of 54.2 for August.

Meanwhile, the US Institute for Supply Management said that its non-manufacturing Purchasing Managers' Index for September fell to 50.0 after a reading of 52.0 for the month before.

S&P Global's euro area services PMI meanwhile came in at 51.3 (Preliminary: 50.5), an eight-month high, versus a reading of 50.5 for August.

JD Wetherspoon anticipates "reasonable" FY outcome

JD Wetherspoon posted a full-yar rise in like-for-like sales of 5.1% with profit before tax ahead by 10.1% to £81.4m. Free cash inflow per share surged by 79.2% to 47.3p. However, the company reiterated that higher national insurance and labour rates would lead to cost increases of around £60m and energy costs a further £7m per year. The pub-owner opted to keep its dividend pay-out steady at 12.0p.

AIM-listed Big Technologies has announced the resignation of Alexander Brennan from its board following calls from shareholders to oust the non-executive chair. The company has faced fierce criticism following the sacking of former chief executive and founder Sara Murray in March over alleged forgery and the falsification of documents in the lead-up to the company's IPO.

Content solutions firm RWS Holdings announced on Friday that chief financial officer Candida Davies will step down from the role at the end of 2025. Davies will remain with the company to support a smooth transition and the reporting of full-year results. The board has initiated a search for her successor.

Market Movers

FTSE 100 (UKX) 9,491.25 0.67% FTSE 250 (MCX) 22,197.62 0.68%

FTSE 100 - Risers

Bunzl (BNZL) 2,490.00p 4.45% NATWEST GROUP (NWG) 548.00p 3.83% Schroders (SDR) 393.80p 3.74% Spirax Group (SPX) 7,290.00p 2.75% 3i Group (III) 4,426.00p 2.69% Intertek Group (ITRK) 4,948.00p 2.57% WPP (WPP) 369.60p 2.55% Diploma (DPLM) 5,375.00p 2.28% Melrose Industries (MRO) 643.40p 2.26% Land Securities Group (LAND) 598.50p 2.05%

FTSE 100 - Fallers

Coca-Cola Europacific Partners (DI) (CCEP) 6,450.00p -1.98% Admiral Group (ADM) 3,268.00p -1.92% Coca-Cola HBC AG (CDI) (CCH) 3,306.00p -1.67% Metlen Energy & Metals (MTLN) 46.95p -1.37% Airtel Africa (AAF) 239.00p -1.24% GSK (GSK) 1,628.50p -1.12% British American Tobacco (BATS) 3,815.00p -1.09% Kingfisher (KGF) 307.70p -1.00% Prudential (PRU) 1,010.50p -0.93% Tesco (TSCO) 448.70p -0.82%

FTSE 250 - Risers

AJ Bell (AJB) 540.00p 5.88% Bridgepoint Group (Reg S) (BPT) 319.40p 4.58% Man Group (EMG) 190.00p 4.00% Oxford Biomedica (OXB) 615.00p 3.19% Abrdn (ABDN) 207.00p 3.09% Hochschild Mining (HOC) 382.40p 3.02% IntegraFin Holding (IHP) 352.50p 2.77% Wizz Air Holdings (WIZZ) 1,207.00p 2.72% Pagegroup (PAGE) 236.80p 2.69% Morgan Advanced Materials (MGAM) 230.50p 2.67%

FTSE 250 - Fallers

Wetherspoon (J.D.) (JDW) 627.50p -5.64% Aston Martin Lagonda Global Holdings (AML) 81.30p -5.41% Anglo-Eastern Plantations (AEP) 1,325.00p -3.99% ITV (ITV) 77.50p -2.52% FirstGroup (FGP) 217.40p -2.16% Tate & Lyle (TATE) 365.00p -1.72% Future (FUTR) 660.50p -1.49% Bakkavor Group (BAKK) 208.00p -1.42% Oakley Capital Investments Limited (DI) (OCI) 568.00p -1.39% Dr. Martens (DOCS) 93.35p -1.32%