The FTSE 100 was trading in a holding pattern on Friday as markets geared up for the Jackson Hole Symposium and a speech by the Fed Chair that could move the dial for stocks.
Friday’s steady session followed another record high for the FTSE 100 yesterday, achieved with the help of London’s defensive sectors.
“The FTSE 100 notched its third consecutive record close yesterday, edging up 0.2% as healthcare and mining stocks led the charge,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.
“A strong UK manufacturing PMI print added to the upbeat tone, signalling the best month for services in a year. The early US trade deal and relatively inexpensive valuation for UK companies relative to global peers have made for an attractive backdrop for UK stocks that have performed well all year.”
There was further good news on the economic front on Friday as GfK’s UK Consumer Confidence Index rose two points as the BoE’s interest rate cut helped lift the mood.
“The biggest changes in August are in confidence in personal finances, with the scores looking back and ahead a year each up by three points,” explained Neil Bellamy, Consumer Insights Director at GfK.
“This is likely due to the Bank of England’s August 7th cut in interest rates, delivering the lowest cost of borrowing for more than two years. The improved sentiment on personal finances is welcome, but there are many clouds on the horizon in the form of inflation – the highest since January 2024 – and rising unemployment.”
Standard Chartered was the top riser after reports of a favourable development in their long-running case with US courts. Standard Chartered shares were 3.2% higher at the time of writing.
Airtel Africa enjoyed a 2% gain as the stock retested all-time highs just above 220p
Gains were offset by losses for Rightmove, Coca-Cola HBC and Prudential.