26th Sep 2025 08:55
(Alliance News) - European stocks rounded off the week in the green on Friday, as US President Donald Trump introduced 100% tariffs on pharmaceutical products and investors digested Thursday's positive US gross domestic product reading.
The FTSE 100 index opened up 26.32 points, 0.3%, at 9,240.30. The FTSE 250 was up 55.07 points, 0.3%, at 21,642.84, and the AIM All-Share was up 2.66 points, 0.3%, at 776.28.
The Cboe UK 100 was up 0.3% at 925.73, the Cboe UK 250 was up 0.3% at 18,918.64, and the Cboe Small Companies was down 0.1% at 17,474.39.
In European equities on Friday, the CAC 40 in Paris gained 0.8%, while the DAX 40 in Frankfurt advanced 0.3%.
UK Prime Minister Keir Starmer announced plans on Friday to introduce a free digital ID for both nationals and those residing in the country, in a bid to curb illegal migration.
The government said the drive will also make it simpler to apply for services such as driving licences, childcare, and welfare, while streamlining access to tax records.
The new digital ID will be held on people's phones, and there will be no requirement for individuals to carry their ID or be asked to produce it, said the government. However, it will be "mandatory as a means of proving your right to work," a statement said.
Smarttech247 fell 72% at London's market open.
The London-based cybersecurity services company has proposed delisting from London's AIM, as the board believes the group is "significantly undervalued on public markets".
"We are immensely proud of the progress we are making. Revenues are ahead of expectations, our pipeline has never been stronger, and the contracts we have secured put us in an excellent position to deliver sustainable growth," said Chief Executive Officer Raluca Saceanu.
"Despite this momentum and the clear opportunities ahead, we believe the company is better positioned to achieve its ambitions as a private business. The potential delisting will allow us to focus more resources on our strategy, enhance our flexibility, and continue building long-term value for our shareholders."
Gemfields slumped 14%.
The London-based miner and marketer of coloured gemstones suffered a pretax loss of USD23.7 million for the six months to June 30, swinging from a profit of USD25.1 million a year earlier.
Revenue for the first half of 2025 was USD64.2 million, down 47% from USD121.4 million, driven by a disruption to the firm's auction schedule.
Total auction revenue from two key assets, Montepuez ruby mine in Mozambique and Kagem emerald mine in Zambia, plunged by half to USD60.0 million from USD120.6 million, primarily due to fewer carats offered. "However, pricing and demand provided some encouragement," Gemfields said.
The commissioning of Montepuez ruby mine's second ruby processing plant remains on track for completion in the second half of 2025 and will significantly increase the mine's processing capacity, the company added.
At the other end, Jangada Mines rose 17%.
The natural resources development company with interests in Brazil said it has sold its entire investment in Blencowe Resources to focus its cash resources on the implementation of its new gold strategy, particularly the development of its high-grade Paranaita gold project.
In Asia on Friday, the Nikkei 225 index in Tokyo shed 0.9%. In China, the Shanghai Composite fell 0.6%, while the Hang Seng index in Hong Kong lost 1.2%. The S&P/ASX 200 in Sydney rose 0.2%.
In the US on Thursday, Wall Street ended lower, with the Dow Jones Industrial Average falling 0.4%, the S&P 500 shedding 0.5% and the Nasdaq Composite also losing 0.5%.
US President Donald Trump announced on Thursday new tariffs on pharmaceuticals, big-rig trucks, home renovation fixtures and furniture.
Starting October 1, "we will be imposing a 100% Tariff on any branded or patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America," the Republican wrote on his Truth Social platform.
In a separate post, he wrote of a 25% tariff on "all 'Heavy (Big) Trucks' made in other parts of the world" to support US manufacturers such as "Peterbilt, Kenworth, Freightliner, Mack Trucks and others."
"Additionally, we will be charging a 30% Tariff on Upholstered Furniture," he added.
The pound was quoted up at USD1.3353 early on Friday in London, compared to USD1.3348 at the equities close on Thursday. The euro stood slightly higher at USD1.1678, against USD1.1676. Against the yen, the dollar was trading higher at JPY149.83 compared to JPY149.74.
"The Fed's plan, right now, is to 'run it hot'; incoming US data, meanwhile, says that things are already pretty toasty," Pepperstone analyst Michael Brown said.
The US economy grew at a stronger pace than expected in the second quarter of the year, according to the latest reading from the Bureau of Economic Analysis on Thursday, amid a rise in consumer spending.
US gross domestic product rose 3.8% quarter-on-quarter on an annualised basis in the three months to June, upwardly revised from a 3.3% rise previously reported.
Brown continued: "Once again, this data not only speaks to the continued resilience of the US economy, and robust nature of underlying growth, but also supports the idea that some of the labour market softness, in particular, is more reflective of an adjustment to changing trade policies, as opposed to a sign of deeper structural issues.
"In reaction to all of that, participants unsurprisingly pared bets on Fed easing, with the OIS curve now discounting just 39bp of cuts by year-end, as opposed to the 45bp we had in the curve this time last week. The cross-asset fallout was also pretty much what you'd expect to see amid such a hawkish repricing, as the dollar continued to bound higher against major peers, Treasuries softened across a flatter curve, and stocks had a bit of a wobble on Wall [Street]."
The yield on the US 10-year Treasury was quoted at 4.19%, narrowing from 4.20%. The yield on the US 30-year Treasury was quoted at 4.77%, trimmed from 4.78%.
Brent oil was quoted down at USD68.63 a barrel early in London on Friday from USD69.15 late Thursday.
Gold was quoted higher at USD3,746.30 an ounce against USD3,729.67.
Still to come on Friday's economic calendar are the US personal consumption expenditures figures and the Michigan consumer sentiment index.
By Emily Parsons, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Gemfields Grou.Jangada Mines