London open: FTSE nudges up in quiet trade
By Michele Maatouk
Date: Friday 08 Aug 2025
(Sharecast News) - London stocks nudged higher in early trade on Friday following a downbeat session the day before, in what looked set to be a fairly quiet end to a busy week.
At 0840 BST, the FTSE 100 was up 0.1% at 9,109.68, having closed down 0.7% on Thursday after a hawkish rate cut from the Bank of England, which sent sterling higher.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: "Wary sentiment pervades markets, as investors assess the implications of swathes of tariffs on new trading partners and a hawkish outlook from the Bank of England. The FTSE 100 has opened higher, but the gains are not yet large enough to erase yesterday's losses. Even though the Bank's policymakers did deliver a cut, it was a very finely balanced decision. Borrowers will need more patience with the chances of a further rate cut by the end of the year receding sharply.
"Tense geopolitics may hold back gains with the Israeli offensive in Gaza showing signs of expanding. The country's cabinet has now approved a plan to take control of Gaza City, despite intensifying criticism around the world about the destruction. However, there are tentative signs of progress when it comes to Ukraine with Putin and Trump expected to meet in the coming days to discuss a ceasefire. Threats still hover for extra 25% tariffs on Indian imports to the US as a punishment for the country buying Russian oil.
"Nevertheless, oil prices have dropped back, with Brent Crude trading around $66 a barrel amid optimism about the talks, and a lifting of supply concerns. Prices are being driven by pessimism about demand, amid high trade tensions and fears about a global economic slowdown."
On home shores, industry data out earlier showed that retail footfall dipped in July but the decline eased markedly from a month earlier.
According to figures from the British Retail Consortium and Sensormatic, total footfall fell 0.4% year-on-year, but this was an improvement on June's 1.8% drop.
On high streets, footfall was down 1.7% last month, versus a 3% fall in June. Meanwhile, footfall at retail parks rose 1.7% in July following a 1.1% decline in June.
Footfall at shopping centres ticked down 0.3% but this was an improvement on June's 1.6% drop.
BRC chief executive Helen Dickinson said: "July failed to bring about the summer boost in shoppers many retailers had hoped for. Instead, footfall dipped in July for the second consecutive year. There were bright spots, with Manchester, Birmingham, and Leeds all showing an improvement in numbers of store visits. Retail parks continued to outperform other destinations with some seeing big brands opening new outlets.
"Customers want a vibrant shopping destination, but with around one in seven shops lying empty, more needs to be done to turn town and city centres into places people want to visit. While government's plan to reduce business rates for most retail, hospitality and leisure premises is a step in the right direction, only a substantial cut will truly benefit communities nationwide and help bring thousands of empty shops back into use.
"Many smaller shops and businesses rely on larger anchor stores to attract footfall so the upcoming reforms must also ensure no store pays more, or risk seeing many larger stores close their doors or raise their prices."
In equity markets, GSK rallied as it said it would receive an upfront settlement of $370m in connection with the mRNA patent settlement reached between CureVac and BioNTech.
Capita gained after saying that its contact centre subdivision has secured a three-year extension to its partnership with ScottishPower for an undisclosed sum.
Drinks company Diageo fizzed higher after Goldman Sachs upgraded the stock to 'neutral' from 'sell' as it said the valuation is supportive and downside is limited.
"We see limited downside risk in FY26, as new management steps-up cost saving to support best-in-class margins and stabilise earnings, albeit visibility remains low and the outlook is based on a 2H recovery," the bank said.
On the downside, online sports betting and iGaming operator Flutter Entertainment slumped despite lifting its full-year outlook as it hailed a solid second quarter.
The FanDuel and Paddy Power owner said group revenue and adjusted EBITDA for FY25 are now expected to be $17.26bn and $3.295bn at the midpoint representing 23% and 40% year-over-year growth, respectively.
Georgian bank TBC tumbled even as it reported a 23% increase in second-quarter operating income to 835m Georgian lari (£235m), while net profit rose 5% to GEL 346m, driven by strong net interest income and an increased loan book.
Market Movers
FTSE 100 (UKX) 9,109.68 0.10%
FTSE 250 (MCX) 21,916.60 -0.10%
techMARK (TASX) 5,260.27 0.17%
FTSE 100 - Risers
JD Sports Fashion (JD.) 87.92p 2.04%
Glencore (GLEN) 285.75p 1.89%
GSK (GSK) 1,401.50p 1.34%
Vodafone Group (VOD) 84.62p 1.24%
Coca-Cola Europacific Partners (DI) (CCEP) 6,950.00p 1.16%
Smurfit Westrock (DI) (SWR) 3,253.00p 1.15%
Rentokil Initial (RTO) 376.00p 1.05%
BT Group (BT.A) 207.70p 0.97%
Fresnillo (FRES) 1,688.00p 0.90%
Diageo (DGE) 2,044.00p 0.89%
FTSE 100 - Fallers
Croda International (CRDA) 2,522.00p -2.78%
InterContinental Hotels Group (IHG) 8,974.00p -2.27%
Flutter Entertainment (DI) (FLTR) 22,410.00p -2.18%
Entain (ENT) 978.00p -1.81%
WPP (WPP) 385.90p -1.51%
Prudential (PRU) 958.60p -1.22%
Beazley (BEZ) 914.50p -0.92%
Experian (EXPN) 3,825.00p -0.91%
BP (BP.) 422.25p -0.82%
Compass Group (CPG) 2,622.00p -0.79%
FTSE 250 - Risers
Hochschild Mining (HOC) 313.60p 2.62%
Ocado Group (OCDO) 388.00p 2.11%
Harbour Energy (HBR) 225.60p 1.44%
Bakkavor Group (BAKK) 240.00p 1.27%
Senior (SNR) 188.80p 1.18%
Avon Technologies (AVON) 2,155.00p 1.17%
HGCapital Trust (HGT) 520.00p 1.17%
Serco Group (SRP) 218.40p 1.11%
Aston Martin Lagonda Global Holdings (AML) 73.40p 1.10%
NB Private Equity Partners Ltd. (NBPE) 1,468.00p 1.10%
FTSE 250 - Fallers
TBC Bank Group (TBCG) 4,395.00p -13.31%
Auction Technology Group (ATG) 342.00p -2.29%
Target Healthcare Reit Ltd (THRL) 97.00p -2.02%
Lion Finance Group (BGEO) 7,705.00p -1.47%
W.A.G Payment Solutions (WPS) 83.00p -1.43%
Trustpilot Group (TRST) 240.60p -1.23%
Marshalls (MSLH) 203.00p -1.22%
SDCL Efficiency Income Trust (SEIT) 57.10p -1.21%
Foresight Solar Fund Limited (FSFL) 85.70p -1.04%
Hill and Smith (HILS) 2,000.00p -0.99%
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