12th Nov 2026 17:06
(Alliance News) - Stocks in London ended a volatile session mixed on Thursday as brighter economic growth data was overshadowed by the resignation of Nvidia's boss Jensen Huang.
The FTSE 100 index closed up 27.62 points, 0.3%, at 10,863.09, recovering after drifting into the red in the early afternoon.
The FTSE 250 ended just 8.20 points lower at 24,916.84, and the AIM all-share shed 8.03 points, 1.1%, at 756.26.
The Cboe UK 100 ended up 0.4% at 1,077.56, the Cboe UK 250 closed 0.1% higher at 21,965.56, and the Cboe small companies rose 0.3% to 18,760.32.
In Europe, the CAC 40 in Paris rose 0.3%, while the DAX 40 in Frankfurt climbed 0.4%.
In the US, equity markets were higher across the board. Around the time of the London equities close on Thursday, the Dow Jones Industrial Average was up 0.4%, the S&P 500 was 0.3% higher, as was the Nasdaq Composite.
Nvidia was down 4.8% at the time of the London equity market close, but well above earlier lows, as the chip maker confirmed that CEO Huang had resigned.
On Sunday, Huang admitted to an extramarital affair with Alice Huang, whom US intelligence officials have reportedly identified as a suspected Chinese intelligence asset, raising concerns about potential risks to sensitive information relating to US restrictions on AI chip exports to China.
Separately, the New York Times reported that the former CEO had a second extramarital relationship with Kimberly Powell, Nvidia's vice president of healthcare, who reported directly to him.
Colette Kress, who has served as Nvidia's CFO since September 2013, will retain her finance responsibilities while serving as interim CEO. The board has launched a search for a permanent successor, considering both internal and external candidates.
The news saw the chip maker's market value fall below USD4 trillion for the first time since July 2025.
Looking at successors, Dan Ives, analyst at Yorkville Ives, said: "Colette Kress has built enormous credibility internally and externally and we are big fans of her strategically. We always believed she would eventually be CEO of a major public tech company, but [that] she would have to leave Nvidia after many years there."
Ives reckons there is also a good chance Nvidia looks to the outside for a CEO and this could include a host of names "including Apple's Tim Cook as a dark horse candidate in our view given the global importance of Nvidia to the overall US tech industry."
Cook left iPhone maker Apple in September.
Cook was also tipped by US President Donald Trump, who wrote "NOW THAT Nvidia CEO JENSEN HUANG, who has done a fantastic job, has resigned, there is only one man to take his place - TIM COOK of Apple. A Legend replaces a Legend!"
Brian Colello, senior equity analyst at Morningstar, pointed out prediction markets have identified Rene Haas, former Nvidia vice president and current CEO of Arm Holdings, as a potential external replacement, in addition to internal candidates Kress and Ian Buck, head of Nvidia's AI efforts.
Back in London, investors weighed another surprisingly resilient economic growth print.
Monthly gross domestic product increased by 0.2% in September, beating expectations of no growth, following a flat reading in August, revised down from an initial estimate of 0.1% growth.
This took GDP growth to 0.7% in the three months to September, accelerating from 0.5% growth in the second quarter and matching the FXStreet-cited consensus forecast, according to figures released by the Office for National Statistics.
"Strip out the pandemic years and you have to go back to 2017 to find the economy running this hot," Sanjay Raja, chief UK economist at Deutsche Bank, said.
He attributed the strength to higher household consumption, business investment and government spending, alongside the rapid expansion of AI-related activity.
Kallum Pickering, chief economist at broker Peel Hunt, pointed out that taken together, growth in the first three quarters of 2026 has averaged an annualised rate of around 2.4%.
"That is healthy even by historical standards, comfortably above the pace the UK has managed for most of the past decade, and well above our own 1.8% estimate of UK potential growth," he added.
The pound was quoted at USD1.3233 late Thursday afternoon, down from USD1.3284 at the same time on Wednesday. Against the euro, sterling eased to EUR1.1968 from EUR1.1974.
The euro was lower at USD1.1061 from USD1.1095 late Wednesday. Against the yen, the dollar was higher at JPY159.97 from JPY159.83.
The yield on the US 10-year Treasury was quoted at 5.08% late on Thursday afternoon, stretched from 5.00% on Tuesday. The yield on the US 30-year Treasury was at 5.42%, widened from 5.36%.
The US observed Veterans Day on Wednesday. The Securities Industry & Financial Markets Association in the US recommended a Treasury market closure as a result. Equities traded as normal, however.
Back in London, a raft of blue chip and mid-cap earnings and trading updates kept traders busy.
On the FTSE 100, Burberry led the winners, up 8.1%, with 3i Group, up 5.7%, close behind.
London-based luxury goods brand Burberry reported pretax profit of GBP19 million in the 26 weeks that ended September 26, swinging from a GBP48 million loss a year prior.
Adjusted operating profit jumped to GBP62 million from GBP19 million, beating GBP44 million company-compiled consensus, while revenue increased 6.8% to GBP1.10 billion from GBP1.03 billion a year earlier, ahead of GBP1.08 billion consensus.
AJ Bell investment director Russ Mould said Burberry is "starting to get on a roll".
But he noted the fashion world is "capricious", so investors will take "nothing for granted but a return to profit for the first half is a notable milestone in its recovery plan."
Meanwhile, London-based private equity investor 3i Group advanced as it started a new share buyback, raised its interim dividend, posted a net asset value rise, and increased its stake in its largest investment, Dutch discount retailer Action.
Firmly in the red was Endeavour Mining, down 8.5%, as it warned that output at its Mana gold mine in Burkina Faso would fall below the lower end of guidance, while a plunging gold price added to its woes.
The West Africa-focused gold miner reported lower third-quarter gold production and warned that output at its Mana mine would fall below the lower end of guidance of between 155,000 ounces and 180,000, citing a previously disclosed partial ramp subsidence.
Gold was quoted at USD3,865.83 an ounce Thursday, lower than USD4,000.66 on Wednesday.
Fellow gold miner Fresnillo dropped 3.0%.
The FTSE 250 also saw some big swings in fortunes.
B&M European Value Retail soared 21% as it reported UK like-for-like sales accelerated in its second quarter, while Metro Bank jumped 9.7% as it announced a strategic review, including a formal sales process.
But investors put the boot into Dr Martens, down 15%, as it said revenue fell 9.8% to GBP290.4 million in the six months ended September 27 from GBP322.0 million a year ago. Boot sales declined 11% to 4.2 million from 4.7 million.
Chief Executive Ije Nwokorie said boot sales were impacted by the "exceptionally" hot summer weather.
Also in the red, travel retailer WH Smith, down 6.7%, gave lacklustre guidance and said like-for-like sales growth has slowed in the new financial year compared with the final three months of the prior year.
Brent oil was trading at USD93.53 a barrel on Thursday, lower than USD94.03 late Wednesday.
The biggest risers on the FTSE 100 were Burberry Group, up 87.50p at 1,180.50p, 3i Group, up 145.00p at 2,710.00p, Land Securities Group, up 14.50p at 696.00p, Rolls-Royce Holdings, up 27.00p at 1,369.60p and United Utilities, up 30.00p at 1,570.00p.
The biggest fallers on the FTSE 100 were Endeavour Mining, down 349.00p at 3,778.00p, Babcock International, down 44.60p at 995.40p, ICG, down 74.00p at 1,880.00p, Fresnillo, down 75.00p at 2,444.00p and Coca-Cola HBC, down 122.00p at 4,208.00p.
Friday's global economic events calendar has eurozone GDP data and US PPI figures.
Friday's local corporate calendar has a trading statement from insurer Aviva and half-year results from Land Securities.
By Jeremy Cutler, Alliance News reporter
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Copyright 2026 Alliance News Ltd. All Rights Reserved.
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