The FTSE 100 settled into a holding pattern on Friday as tensions in the Middle East eased amid reports the US was still open to talks with Iran.
The latest spate of strikes had a far milder impact on stocks than in previous flare-ups, largely because the market knows Trump will back down sooner or later to keep oil prices in check.
Brent crude was trading down 0.2% at $76.12. The FTSE 100 was little changed at 10,474.
“Markets were in a calmer frame of mind at the end of the trading week, with gains across much of Asia and Europe, and oil prices easing back,” says Dan Coatsworth, head of markets at AJ Bell.
“Vodafone soared after a major shareholder change, taking BT along for the ride. Miners were also in demand as investors regained their risk appetite. Among mid-caps, EasyJet flew higher as a new party entered the takeover battle.”
Vodafone shares were 11% higher at the time of writing, firmly at the top of the leaderboard. BT added around 2%.
Having Vodafone and BT in the top risers tells you how quiet European stocks were on Friday.
AstraZeneca fell again on Friday after reporting disappointing results from a drug trial yesterday.
St James’s Place was the FTSE 100’s top faller as news broke that one of its partner firms would break ties. Shares fell 9%.
Things may get a little more interesting later when chip maker SK Hynix begins trading on US markets.
“All eyes are on SK Hynix’s US market debut on Friday. The Asian technology company has had a blockbuster year thanks to soaring memory chip prices,” Coatsworth said.
“SK Hynix’s US listing has arguably come a few months too late as shares in memory chip suppliers have pulled back after a purple patch earlier in the year. However, demand for the US share sale has been stronger than some people might have expected. That implies the memory chip rally might have just taken a breath rather than peaked”