16th May 2025 12:03
(Alliance News) - London stocks remained firmly in the green at midday on Friday, with the FTSE 100 looking set to round off a positive week with another gain.
Geopolitical tensions remain in focus, as talks between Moscow and Kyiv got going.
The FTSE 100 index was up 58.09 points, 0.7%, at 8,691.84. It is up around 1.5% so far this week. The FTSE 250 was up 124.87 points, 0.6%, at 20,969.63, and the AIM All-Share was up 2.24 points, 0.3%, at 734.09.
The Cboe UK 100 was up 0.8% at 867.78, the Cboe UK 250 was up 0.7% at 18,357.97, and the Cboe Small Companies was marginally higher at 15,845.38.
In European equities on Friday, the CAC 40 in Paris and the DAX 40 in Frankfurt improved 0.7%.
EU chief Ursula von der Leyen vowed Europe would "increase the pressure" until Russia's Vladimir Putin is ready for peace, as the first talks in three years between Moscow and Kyiv got underway in Turkey.
"We will increase the pressure," von der Leyen told reporters at a gathering of European leaders in Tirana, saying work was underway on a new package of sanctions. "We want peace and we have to increase the pressure until President Putin is ready for it," she said.
US and Russian officials met Friday at an Istanbul hotel on the sidelines of Ukraine talks being led by Turkey, a US official said.
Michael Anton, the director of policy planning at the State Department, began closed-door talks with Vladimir Medinsky, a hawkish Kremlin aide sent to lead the discussions with Ukraine after Russian President Vladimir Putin declined to take part.
US President Donald Trump said on Friday he would like to meet Putin "as soon as we can set it up", during a business roundtable in Abu Dhabi.
"As soon as we can set it up I would actually leave here and go," Trump said in response to a question about meeting the Russian leader.
Trump on Friday capped his Gulf tour in Abu Dhabi after signing another raft of multi-billion-dollar deals, while also securing a USD1.4 trillion investment pledge from the UAE.
The eye-watering amounts of money in investments were accompanied also by historic overtures to Syria and renewed optimism over an Iran nuclear deal during the multi-day trip across the Gulf.
On his first foreign tour of his second term, Trump oversaw a USD200 billion order from Qatar Airways for Boeing jets and a USD600 billion investment from Saudi Arabia – including nearly USD142 billion in weapons, which the White House described as the largest-ever arms deal.
Boeing shares have advanced over 5% this week.
The pound was quoted higher at USD1.3289 at midday on Friday in London, compared to USD1.3279 at the equities close on Thursday. The euro also stood higher, at USD1.1190 against USD1.1178. Against the yen, the dollar was trading down at JPY145.50 compared to JPY145.81.
"The US dollar eased on Friday, set to end the week little changed as early gains from the US-China trade truce were overshadowed by a series of disappointing US economic data," Kudotrade analyst Konstantinos Chrysikos commented.
In London, Staffline Group was up 16% around midday.
The Nottingham, England-based recruitment and training firm has secured a "significant" strategic partnership with one of the UK's leading food and drink supply chain management and logistics providers covering the whole of the UK and Ireland.
The partnership is for an initial two years with a one-year extension option to fully outsource to Staffline of the agency's labour services that are currently supplied by the in-house labour supplier.
Staffline expects the contract to strengthen its market position in the logistics sector.
Workspace Group was the FTSE 250's biggest loser, down 8.3%.
The London-based provider of flexible workspace said trading profit for the year that ended late March is expected to be in line with consensus, with a marginal fall in valuation due to a fall in estimated rental value per square feet and a fall in occupancy.
The company said it will release its full-year results and a strategy update on June 5. In the update, it will outline its plan to drive a recovery in occupancy and income growth in the medium term.
De La Rue was down 0.4%.
PSF Entities after the market close on Thursday confirmed it no longer intended to make an offer for the Basingstoke-based firm, which prints banknotes for the Bank of England and other central banks across the world.
In April, De La Rue accepted an offer from US private equity firm Atlas Holdings LLC, preferring it to one from PSF Entities.
One that may be the object of a takeover, however, is Craneware. It was up 10% at midday. Bain Capital Private Equity confirmed its assessment of a possible takeover offer for Craneware.
Bain said it had noted the recent share price movement for Craneware, and "press speculation" about a potential offer for the Edinburgh, Scotland-based software solutions provider.
"Bain Capital confirms that the Bain Capital Funds are assessing a possible offer to acquire the issued and to be issued share capital of Craneware," the US private investment firm said. "This evaluation is highly preliminary in nature, and has not to date involved any approach to the board of Craneware."
Bain acknowledged that it has until the evening of June 13 to either announce a firm intention to make an offer or confirm that it does not intend to make one.
BT Group fell 0.3%.
The London-based telecommunications group plans to turn its international business into a standalone unit, reporting separately, amid a focus on domestic business and the potential sale of non-UK operations, the Financial Times reported on Thursday.
BT Chief Executive Allison Kirkby is open to a sale of the carved-out operation, or a merger with another operator, the newspaper said, citing a person familiar with the matter.
The new unit will be led by former BT Business head Bas Burger, the FT said.
The move follows the agreement last month to sell BT's Italian business to local telecoms provider Retelit Spa, the FT noted. That business generated EUR160 million in revenue in 2024.
Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.3%, the S&P 500 index 0.2% higher, and the Nasdaq Composite also up 0.2%.
"The S&P 500 index extended its impressive winning streak to a seventh consecutive session, closing yesterday with a gain of nearly 0.41%, reflecting a significant improvement in investor sentiment. The rally was primarily driven by renewed optimism over monetary policy easing and positive signals from US–China trade relations, which have long been a major source of market uncertainty," commented XS.com analyst Linh Tran.
"Although these developments are still in the early stages, the resumption of dialogue and initial progress have rekindled hopes for a less confrontational trade roadmap. This not only eases fears over disrupted supply chains but also lays the foundation for corporate profit growth to stabilize in the second half of the year. The S&P 500 — which is highly sensitive to trade dynamics due to its heavy exposure to the technology and industrial export sectors — has responded positively to these developments."
Brent oil was quoted at USD64.60 a barrel at midday in London on Friday, up from USD64.28 late Thursday.
Gold was lower at USD3,201.41 an ounce against USD3,213.28.
Still to come on Friday's economic calendar, the Michigan consumer sentiment index in the US is released at 1500 BST.
By Emily Parsons, Alliance News reporter
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