The FTSE 100 rose on Wednesday as investors prepared for Nvidia’s earnings, due to be released after the US close this evening.

US markets closed higher overnight as investors boosted their exposure to US stocks ahead of the most highly anticipated earnings release of any company globally.

This optimism spilt into European trade on Wednesday, and London’s leading index recovered some of yesterday’s losses in early trade to rise 0.3%.

Nvidia is now the single most important company in the world, due to its dominance in chips that power the AI revolution, responsible for the lion’s share of global equity returns over the past two years.

“The stock has become the heartbeat of the market, making up around 8% of the S&P500 weight, the single largest in history,” said Josh Gilbert, market analyst at eToro.

“Its market cap now eclipses the entire FTSE 100 and the ASX200, and is even larger than the entire global crypto market, underscoring just how outsized its role has become in global markets. That scale underlines why its earnings dates are fast becoming just as vital to investors as economic and central bank data.”

“Nvidia may be the market’s heartbeat, but that comes with the expectation of perfection, meaning even the smallest disappointment could spark outsized volatility across broader markets, not just Nvidia shares. But investors will likely see weakness as an opportunity, given the AI boom feels like it’s only just getting started.”

FTSE 100 movers

The FTSE 100 was led higher by JD Sports after the sports retailer rewarded loyal shareholders with a £100m buyback as the group continues to grapple with soft core markets.

“JD Sports investors breathed a sigh of relief as second-quarter numbers landed in line with market expectations, with group like-for-like sales down 3.0%,” explained Aarin Chiekrie, equity analyst, Hargreaves Lansdown.

“This was helped by America delivering a better-than-expected performance, despite the ongoing tariff-related uncertainty. Europe and especially the UK remain a drag on performance though, with like-for-like sales at the latter down 6.1%.

“Looking further out, the shift in focus from expansion to squeezing the most out of its existing store footprint is a welcome one. This should help to strengthen the balance sheet and provide more wiggle room for shareholder payouts – including a new £100mn share buyback announced today.”

JD Sports shares were 4% higher at the time of writing.

Prudential was also among the gainers, as investors reacted to steady first-half results that justified the stock’s 50% rally so far in 2025.

“Prudential had a decent first half, with solid growth in new business and cash generation across its core markets,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.

“Profits improved, helped by strong performances in Hong Kong and Indonesia, and the company raised its dividend while continuing share buybacks. Management says it’s on track to deliver its long-term goals and looks well placed to return more cash to shareholders over the next few years.”

JD Sports share edged higher as the group showed signs of improvement across its global operations, despite ongoing softness in core markets.

Shares in the retailer were 1.6% higher in early trading on Wednesday after announcing a new £100m share buyback programme, as it maintained its profit outlook.

Shares in JD Sports were among the heaviest hit by Trump’s tariffs and have since recovered all losses caused by the ‘Liberation Day’ announcement.

However, shares still trade well below 52-week highs as the group struggles to maintain sales growth momentum.

This was again the case in the group’s Q2 and H1 trading period to 2nd August.

The sportswear giant reported group like-for-like sales down 3.0% in Q2 and down 2.5% over H1. Organic growth remained positive at 2.2% for the quarter and 2.6% for H1, driven by strategic store expansion.

Regional performance painted a varied picture. North America, representing 36% of Q2 sales, showed encouraging momentum with like-for-like sales declining just 2.3% in the quarter – a marked improvement from the 3.8% drop in H1. Strong organic growth of 4.8% reflected successful integration of acquired stores and new openings.

European operations faced headwinds from tough comparatives. The region saw like-for-like sales slip 1.1% in Q2 following last year’s Euro 2024 tournament boost, whilst the UK endured a sharper 6.1% decline as it cycled particularly strong prior-year performance in replica kit sales and women’s athletic footwear.

Asia Pacific bucked the trend with positive like-for-like growth of 0.3% in Q2, supported by robust organic expansion of 9.3%.

Apparel outperformed footwear across regions. Management highlighted strong apparel performance, whilst footwear faced pressure from key product lines reaching end-of-cycle, though newer launches provided some offset in North America.

Looking ahead, JD Sports expects to meet market profit expectations for the full year, though it continues monitoring potential US tariff impacts. The company anticipates that around 60% of annual profits will be weighted to the second half, consistent with historical seasonality patterns. Investors will hope this transpires because the first half of the year lagged behind JD Sports’ traditionally strong performance.

“Across our regions and fascias, in general we see a resilient consumer, albeit very selective on their purchases. We therefore remain cautious on the trading environment going into H2. For our FY26 profit before tax and adjusting items we expect to be in line with current market expectations, before any indirect impact of US tariffs which we continue to work through,” said Regis Shultz, CEO of JD Sports.

“We are well placed to continue growing our market share in the key growth regions of North America and Europe, and confident about the medium-term growth prospects for our industry. Reflecting this, we are reaffirming our commitment to enhanced shareholder returns, and announcing today a new £100m share buyback following the successful completion of the first £100m programme last month.”

The new £100m share buyback programme will be welcomed by shareholders and it does show management has confidence in the firm’s medium-term growth prospects and the company’s ability to continue gaining market share through focused execution of its omnichannel strategy.

Oriole Resources (LON: ORR) says the number of gold bearing intersections at the Mbe gold project in Cameroon to 285, equivalent to one intersection for every 21 metres. A mineral resource estimate is expected before the end of the year. The share price jumped 117.5% to 0.435p.

Guardian Metal Resources (LON: GMET) has become a member of the Defense Industrial Base Consortium (DIBC), which addresses supply issues and provides access to finance and partners. It has also joined the Cornerstone Program, which is a public-private partnership with the US Army. This highlights the importance of the tungsten projects in Nevada. The share price rose 21% to 89.5p.

Georgia-focused oil and gas producer Block Energy (LON: BLOE) has completed the initial injection of CO2 as part of the Carbon Capture Storage project. No leakage is detected. The share price improved 15.2% to 0.95p.

Ashtead Technology (LON: AT.) is planning to move to the Man Market on 6 October. Interim revenues rose 23% to £99.1m, including organic growth of 1%, while pre-tax profit was flat at £17.8m. Full year pre-tax profit should be in line with expectations of £48.6m. The medium-term outlook is positive. The share price recovered 5.89% to 364.25p.

FALLERS

AI-based services provider to smaller businesses Pri0r1ty Intelligence Group (LON: PR1) has joined the OTCQB Venture Market in the US. This is designed to attract US investor interest. It works best when companies have business in the US. The share price slipped 19.6% to 4.1p.

Fire safety products supplier LifeSafe Holdings (LON: LIFS) is asking for shareholder approval to leave AIM. It has raised £700,000 at 3p/share and a retail offer can raise up to £500,000. Disappointing sales mean that LifeSafe requires more working capital. Overoptimistic expectations from the company have led to the share price slumping from the 75p placing share price in July 2022. It costs £300,000 each year to be quoted and management says that it has prospective investors that can only invest in private companies and are willing to invest at higher valuations than the current valuation. The share price dipped 15.4% to 2.75p.

Time Out (LON: TMO) market revenues grew 10% to £47m in 2024-25, but media revenues were 22% lower at £28m. Overall revenues fell 4%. There was a weaker performance In June, but trading has recovered since then. Time Out is making £10m of annual savings. Full year EBITDA is expected to be £7m-£9m, down from £12.4m last year. The share price declined 8.47% to 13.5p.

Kodal Minerals (LON: KOD) says a security guard at the Bougouni lithium mine in Mali has died, following an attack on the main security entrance. The company is working with the government to increase security. The share price fell 7.81% to 0.295p.

The FTSE 100 was weaker on Tuesday as investors turned their noses up at Trump’s latest attack on the Federal Reserve’s independence by ordering the sacking of govenor Lisa Cook.

London’s leading index fell in line with a global retreat in equities that saw declines in Europe and the US. The FTSE 100 was down 0.5% at the time of writing.

Most major central banks are independent and free from the political interference of government for a very good reason, and the entire financial system is built on this independence.

Central bank independence is especially important in the current environment because the Fed’s position acts to counteract Trump’s inflationary trade policies.

Trump’s efforts to undermine independence by pushing for interest cuts and ordering the removal of governors are being met with disdain, and traders reacted by dumping US bonds and selling down positions in stocks on Tuesday.

“A jump in US Treasury yields indicates that bond investors aren’t happy about how Trump continues to meddle with the Fed and threaten its independence,” said Russ Mould, investment director at AJ Bell.

“Equity markets were in the red across Europe and Asia, and futures prices imply Wall Street will follow suit when it opens for trading later today.

“Donald Trump is being relentless in his quest to lower interest rates. He has publicly called for the Federal Reserve to cut the cost of borrowing and has repeating criticised Fed chair Jerome Powell for not pursuing looser monetary policy.”

The bottom line here is that if Trump gets his way, inflation could very well soar and bring with it the negative economic impact the Fed is mandated to avoid.

Attention will likely remain fixed on the US this week with Nvidia due to release earnings tomorrow and provide insight into the health of the AI industry that has powered equity returns over the past two years.

“Expectations are sky-high, with Nvidia’s revenue forecast to surge 55% – already ahead of company guidance – though Nvidia has a track record of topping its own numbers. Investors will be laser-focused on the resumption of China sales and forward guidance, seeking clarity on just how much Chinese revenue is back in play,” explained Matt Britzman, senior equity analyst, Hargreaves Lansdown.

“US earnings have been strong so far, but this is the big one – and there’s every reason to expect another knockout from Nvidia tomorrow evening.”

In the UK, the FTSE 100’s losses were broad with 81 of the 100 constituents trading negatively at the time of writing.

Bunzl was the top riser, gaining 4%, after announcing the acquisition of Mexican and Spanish distributors.

Kingfisher was at the bottom of the leaderboard, declining 4.8%, as Deutsche Bank analysts cut their rating to hold for buy. Deutsche Bank analysts also cut AB Foods to hold, sending the stock lower by 4%.

Oriole Resources shares surged on Tuesday after reporting exceptional gold grades from its Mbe project in Cameroon, with drill results showing ‘bonanza-grade’ intersections that significantly extend the known mineralised system.

This was the type of announcement junior mining investors dream of.

The latest drilling results from holes MBDD018 to MBDD020 delivered standout grades, including 1.00m at 119.10g/t gold within a broader 6.15m intersection averaging 19.67g/t gold from hole MBDD019. MBDD018 returned 3.00m at 17.66g/t gold, including a 2.00m section grading 26.31g/t gold.

The results bring the total gold-bearing intersections across the Phase 1 programme to 285, representing a discovery rate of more than one intersection every 21 metres drilled.

Oriole Resources shares soared over 70% in early trade on Tuesday.

Surface sampling has also yielded encouraging results. Five rock chip samples from artisanal pits approximately 150 metres outside the defined exploration target returned grades up to 13.10g/t gold, demonstrating the potential for further system extensions.

“The latest drilling results for Mbe are significant for several reasons,” explained Chief Executive Officer of Oriole Resources, Martin Rosser.

“Firstly, they confirm the potential for very high grades within the deposit, consistent with what we have already confirmed at surface.

“Secondly, they extend the known gold system boundaries, which has the potential to enhance the size of the recently published Mbe Exploration Target and the maiden MRE for MB01-S, which is earmarked for Q4-2025.  Finally, with the system remaining open in all directions, the potential scale of Mbe is currently uncapped and is therefore hugely exciting.”

The company expects to publish its maiden pit-constrained Mineral Resource Estimate for the MB01-S target in Q4-2025, following completion of the Phase 1 drilling programme, which is already 90% complete.