12th Nov 2026 09:08
(Alliance News) - Stock prices in London opened slightly higher on Thursday, as stronger-than-expected monthly UK economic growth provided some support, while investors weighed fresh concerns over the leadership of US chipmaker Nvidia and a mixed set of corporate updates.
The FTSE 100 index opened up 24.04 points, 0.2%, at 10,859.51. The FTSE 250 was down 27.32 points, 0.1%, at 24,897.72, and the AIM all-share was down 4.62 points, 0.6%, at 759.67.
The Cboe UK 100 was up 0.4% at 1,077.48, the Cboe UK 250 was up 0.1% at 21,966.97, and the Cboe small companies was up 0.1% at 18,709.73.
In European equities on Thursday, the CAC 40 in Paris was up 0.7%, while the DAX 40 in Frankfurt gained 1.2%.
The UK economy grew at a faster pace in the third quarter, matching expectations, while monthly growth in September exceeded forecasts, according to figures released by the Office for National Statistics.
Gross domestic product increased 0.7% in the three months to September, accelerating from 0.5% growth in the second quarter and matching the FXStreet-cited consensus forecast.
On an annual basis, GDP grew 1.9% in the third quarter, in line with expectations and up from 1.4% in the previous quarter.
Growth was driven by the services sector, which expanded 0.9%, particularly business-facing services. Production output edged up 0.1%, while construction output contracted 0.7%.
GDP per head increased 0.7% quarter-on-quarter and was 1.7% higher than a year earlier.
Meanwhile, monthly GDP rose 0.2% in September, beating expectations of no growth, following a flat reading in August, which was revised down from an initial estimate of 0.1% growth.
Separately, the ONS said the UK's goods trade deficit widened to GBP22.29 billion in September from GBP19.61 billion in August, exceeding the FXStreet-cited consensus forecast of GBP19.2 billion.
The pound was quoted at USD1.3271 early Thursday, lower than USD1.3284 at the London equities close on Wednesday. Against the euro, sterling fell to EUR1.1964 from EUR1.1974 a day earlier.
The euro edged down to USD1.1092 from USD1.1095 late Wednesday. Against the yen, the dollar fell to JPY159.64 from JPY159.83.
In the US on Wednesday, Wall Street ended higher, with the Dow Jones Industrial Average gaining 0.5%, the S&P 500 rising 1.3%, and the Nasdaq Composite advancing 1.6%.
However, Nvidia shares plunged 8.6% in after-hours trading following reports that the chipmaker's board was preparing to remove co-founder and Chief Executive Jensen Huang amid fresh allegations concerning his personal conduct.
The Wall Street Journal reported that Nvidia's board was preparing to meet as early as Wednesday to discuss Huang's future, citing people familiar with the matter.
The reports followed fresh allegations of infidelity involving Huang, who had previously acknowledged an affair with a woman accused of working for Chinese intelligence.
Meanwhile, a Chinese university with close ties to the country's defence bodies recently bought advanced artificial intelligence chips made by Nvidia, procurement notices showed, despite stringent US controls.
Northwestern Polytechnical University in the city of Xi'an purchased two Nvidia H200 chips from Shaanxi Bosuan Network Technology – not Nvidia directly – for CNY874,700, around USD131,200, according to a procurement notice dated October 21.
H200 chips are subject to US export controls that limit direct shipments to China and apply certain restrictions on their resale globally.
In the FTSE 100, Burberry jumped 7.4% to lead the blue-chip index after returning to profit in the first half of its financial year, as revenue increased and its turnaround strategy continued to deliver growth.
The London-based luxury fashion retailer reported pretax profit of GBP19 million for the 26 weeks ended September 26, swinging from a GBP48 million loss a year earlier.
Revenue rose 6.0% to GBP1.10 billion from GBP1.03 billion.
Burberry expects further revenue growth and margin expansion in financial 2027, while remaining mindful of uncertainty in the external environment.
Chief Executive Officer Joshua Schulman said: "Two years ago, we launched Burberry Forward. Today, our brand and our business are stronger. Five consecutive quarters of growth and improved quality of sales demonstrate that our strategy is working."
"Having laid the foundations for growth, I am more confident than ever that we will realise the full potential of this extraordinary British luxury brand," he added.
At the other end of the FTSE 100, Endeavour Mining plunged 9.5% after reporting lower third-quarter gold production and warning that output at its Mana mine would fall below the lower end of guidance.
The West Africa-focused gold miner produced 256,000 ounces in the third quarter, down from 264,000 ounces a year earlier, while gold sales edged up to 259,000 ounces from 258,000 ounces.
Its average realised gold price increased to USD4,258 per ounce from USD3,247 a year earlier, although it declined from USD4,348 in the second quarter.
Adjusted earnings before interest, tax, depreciation and amortisation rose to USD639 million from USD466 million a year earlier.
Endeavour said fourth-quarter production was expected to increase significantly from the third quarter, although output at its Mana mine would be lower than previously anticipated due to ramp subsidence.
The company remains on track to achieve the lower half of its 2026 production guidance range and reiterated plans to return at least USD1.0 billion to shareholders between 2026 and 2028.
In the FTSE 250, Dr Martens plunged 15% after warning that a "wide range of outcomes" remained possible for revenue and profit in financial 2027, amid continued weakness in demand for boots.
The footwear retailer reported a narrowed pretax loss of GBP8.5 million in the first half of its financial year, compared with GBP11.0 million a year earlier.
However, its adjusted pretax loss widened to GBP13.7 million from GBP9.4 million, while it swung to an adjusted earnings before interest and tax loss of GBP2.8 million from a GBP3.1 million profit.
Dr Martens maintained its interim dividend at 0.85 pence per share.
The company said direct-to-consumer trading remained challenging, with October revenue showing signs of improvement from a particularly weak September, although overall sales continued to decline.
It added that resilient demand for shoes and sandals had been insufficient to offset weaker boot sales.
Elsewhere in the mid-cap index, Persimmon rose 4.0% after saying it remained on track to deliver full-year 2026 performance in line with market expectations.
Metro Bank Holdings climbed 3.5% after announcing a strategic review, including the launch of a formal sale process, as it explores options to accelerate growth and maximise shareholder value.
The lender said it was inviting expressions of interest for a potential takeover of the entire company, although it was not currently in discussions with any potential bidder and had received no approaches.
Morgan Stanley has been appointed lead financial adviser for the process.
Metro Bank said it remained confident in its standalone growth prospects and reiterated guidance for return on tangible equity of more than 13% in the fourth quarter of 2026, above 15% in 2027 and above 18% in 2028.
The company cautioned that there was no certainty an offer would be made or a sale completed.
The bank has shifted its strategy away from mainstream lending towards what it describes as an "underserved market", as part of a wider turnaround launched in 2023.
The yield on the US 10-year Treasury was quoted at 4.99% early Thursday, narrowing from 5.00% on Tuesday, while the yield on the US 30-year Treasury narrowed to 5.33% from 5.36%.
The US bond market was closed on Wednesday for Veterans Day.
Brent oil was trading at USD93.05 a barrel early Thursday, lower than USD94.03 late Wednesday.
Gold was quoted at USD3,938.10 an ounce early Thursday, down from USD4,000.66 on Wednesday.
In Asia on Thursday, the Nikkei 225 index in Tokyo closed down 0.7%. In China, the Shanghai Composite ended down 0.7%, while the Hang Seng index in Hong Kong fell 1.3%. The S&P/ASX 200 in Sydney closed down 0.1%.
Still to come on Thursday's economic calendar, the US releases weekly jobless claims and existing home sales figures.
By Eva Castanedo, Alliance News senior economics reporter
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Endeavour MiningBurberryDr. MartensPersimmonMetro Bank