7th Aug 2026 12:10
(Alliance News) - Stock prices in London were firmly higher at midday on Friday, with mining stocks leading the FTSE 100 as metals prices rallied, while investors balanced tentative progress towards reopening the Strait of Hormuz.
The FTSE 100 index was up 73.62 points, 0.7%, at 10,941.51. The FTSE 250 was up 101.37 points, 0.4%, at 24,796.79, and the AIM all-share was up 6.50 points, 0.8%, at 793.63.
The Cboe UK 100 was up 0.7% at 1,087.40, the Cboe UK 250 was up 0.4% at 21,609.82, and the Cboe small companies was up 0.2% at 18,856.87.
In European equities on Friday, the CAC 40 in Paris was up 0.3%, while the DAX 40 in Frankfurt was up 0.7%.
Oil prices were little changed as markets continued to assess developments in the Middle East.
Brent crude traded at USD81.75 a barrel at midday on Friday, edging up from USD81.74 late Thursday.
Saudi Arabia is preparing for the possibility of "multiple coordinated attacks" on ports and airports by Iraqi militias working with Iran-backed Houthi rebels, according to a Saudi official cited by CNN, who referred to "multiple intelligence reports".
Meanwhile, Iran's deputy foreign minister said Tehran and Oman were close to finalising a proposed framework for commercial shipping through the Strait of Hormuz, although he cautioned that the agreement would not automatically reopen the strategic waterway. Iran also reiterated that it is not engaged in direct negotiations with the US.
US President Donald Trump, meanwhile, pushed back against reports of dwindling Pentagon munitions stockpiles, insisting the US has "massive amounts" of weapons while acknowledging that supplies of some munitions are "tighter".
The pound was quoted at USD1.3436 at midday on Friday, down from USD1.3454 at the London equities close on Thursday. Against the euro, sterling eased to EUR1.1656 from EUR1.1675.
The euro stood at USD1.1528, up from USD1.1524. Against the yen, the dollar traded at JPY158.29, down from JPY158.41.
Metal prices remained buoyant, with copper on track to close at a record high in London.
The rally supported London's mining sector, with Fresnillo climbing 5.5% as precious and industrial metals miners tracked stronger commodity prices.
Wheaton Precious Metals shares were up 4.8% after it revealed a net profit surge during the second quarter of 2026.
The firm's average gold equivalent ounce price surged 61% to USD4,443 in the second quarter of 2026, from USD2,754 a year prior.
Net profit surged 86% to USD543.2 million from USD292.3 million.
Gold traded at USD4,319.36 an ounce at midday, up from USD4,250.01 on Thursday.
Diageo added 2.5% to extend gains after Thursday's well-received annual results.
At the other end of the FTSE 100, Metlen Energy & Metals fell 3.0%, extending losses following its interim results released on Thursday.
Airtel Africa lost 1.8%, while Persimmon slipped 1.6%, extending declines after its interim results published on Thursday.
On the FTSE 250, Goodwin climbed 9.8% after confirming it has launched a strategic review, including the possible sale of part of its Mechanical Engineering division.
The engineering and refractories company said the review aims to maximise shareholder value while ensuring continuity for customers and the long-term prosperity of its businesses. Assets under review include GSC, GI, Noreva, Easat and Pumps. Goodwin said discussions remain ongoing and there is no certainty a transaction will be completed. Rothschild & Co is advising on the review.
Oxford BioMedica slumped 18% after cutting its 2026 revenue guidance.
The cell and gene therapy manufacturer now expects 2026 revenue of GBP180 million to GBP200 million, down from previous expectations, reflecting client programme deferrals, delayed timelines, changes to a large client's procurement strategy and a slower-than-expected operational ramp-up at its Durham, North Carolina site.
Oxford BioMedica continues to expect a mid-single-digit Ebitda margin in 2026, excluding one-off costs, and maintained guidance for revenue growth of 25% to 30% in 2027. First-half revenue increased around 9% year-on-year to approximately GBP80 million.
The company said roughly GBP165 million of expected 2026 revenue is already covered by contracted client orders, with a total revenue backlog of around GBP193 million.
Among takeover news, Genel Energy surged 21% after DNO said it had approached the company with a possible offer valuing it at around GBP202 million, comprising a 69 pence-per-share cash proposal with a cash-and-share alternative.
DNO said Genel rejected the proposal, though it remains willing to engage, with a UK Takeover Code deadline of September 4.
Acceler8 Ventures gained 16%, extending Thursday's advance after a court sanctioned its recommended all-share acquisition of Intuitive Investments Group.
The scheme is expected to become effective on August 13, with trading in the enlarged group due to begin on the Main Market the following day.
Stocks in New York were called higher. The Dow Jones Industrial Average was called flat, the S&P 500 up 0.2% and the Nasdaq Composite up 0.4%.
The yield on the US 10-year Treasury was quoted at 4.65%, unchanged from Thursday. The yield on the US 30-year Treasury was quoted at 5.21%, widening slightly from 5.20%.
Still to come on Friday's economic calendar are US nonfarm payrolls for July at 1230 GMT, expected to show 80,000 jobs added after 57,000 in June, and the US unemployment rate, which is forecast to remain unchanged at 4.2%.
By Eva Castanedo, Alliance News senior economics reporter
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