The FTSE 100 powered to record highs on Wednesday, with precious metals miners and Lloyds helping the index shake off a poor session in the US overnight.

London’s leading index was trading at 9,532 at the time of writing.

“After a miserable day on Wall Street yesterday, European markets opened with a spring in their step,” said Russ Mould, investment director at AJ Bell.

“The FTSE 100 was propelled by Lloyds enjoying a relief rally amid relatively positive news on the motor finance scandal, while Endeavour Mining continued to shine off the back of gold surpassing $4,000 an ounce for the first time.

“While stock markets have generally done well this year, gold has been a superstar. Traditionally, investors would load up on the shiny stuff when markets look gloomy, not when they’re motoring ahead. It shows that investors are hedging their bets, particularly as there are growing concerns that euphoria around AI has gone too far and the bubble could burst at some point.”

Precious metals miners have been a core driving force in the FTSE 100’s gains so far this year, and Endeavour Mining and Fresnillo were again among the top risers as gold took out yet another key level on Wednesday

And the rally could be set to continue. The latest gains in gold are being attributed to the US government shutdown, which shows little sign of being resolved in the short term.

“This latest high marks the latest stage in what has been a meteoric rise in the gold price, which has now doubled in the last two years,” said Steve Clayton, head of equity funds, Hargreaves Lansdown.

“Some are pointing to the ongoing US government shutdown, where Federal workers have been sent home, possibly with no pay, if overnight reports of President Trump’s intentions prove accurate.”

Endeavour Mining was the top FTSE 100 riser with gains of 2.7%.

Lloyds was also among the top risers as investors cheered an FCA proposal that could mean the financial impact of the motor finance scandal for Lloyds is less than previously feared.

“The motor finance scandal is proving to be less dramatic than thought. Lloyds’ shares jumped after the regulator proposed that motorists would get £700 on average in compensation, lower than the previous indicated amount of £950,” Russ Mould said.

“Lloyds has already taken a £1.2 billion provision to cover the cost, which now looks like a reasonable assumption. The fact its share price jumped means the market is comfortable with the outcome and that a big uncertainty factor will soon be removed.

“Lloyds’ management will be keen to shift the market’s focus to the bank’s growth opportunities in the future, not what it has done in the past.”

Lloyds shares were 2% higher at the time of writing.

Tesla investors were not impressed with the launch of the latest models of Tesla EVs and shares fell in an immediate reaction to the release of the low-cost Model Y and Model 3.

Elon Musk’s Tesla is facing growing competition from Chinese players, such as BYD, which has overtaken Tesla in terms of sales in many geographies. There were hopes that new models could improve their position.

However, the launches did nothing to address concerns that Tesla was at risk of becoming just another EV maker amid the growth of specialist EV manufacturers and the increasing range of EVs produced by traditional automakers.

“After days of cryptic X posts, Tesla’s announcement landed with a dull thud for those dreaming of a game-changing new model. Instead, it debuted cheaper ‘standard’ trims of the Model 3 and Model Y, achieved by stripping out premium features like glass roofs, rear screens, and some creature comforts – but this is cost-cutting, not reinvention,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.

“For realistic investors, this was as expected, and still an important step to help bridge the affordability gap in the US, with the tax credit no longer on the table. The near-term focus is on squeezing costs from existing platforms, not launching a $25k car. That rumoured ‘Model Q’ or sub-$30k Tesla is still just chatter, with the Cybercab project likely occupying that slot in Tesla’s roadmap.”

Tesla shares fell 4% in US trade overnight but were slightly higher in the premarket on Wednesday.

Although investors will be disappointed about the lack of innovation in the new launches, many will have their eyes on a different prize. And that’s the future of autonomous vehicles.

Musk has been vocal about his intentions to become a leader in AVs and set out his stall with Robotaxis and limited launches of the driverless taxis in the US. There were early issues such as cars driving on the wrong side of the road. However, we are in the early stages of AV adoption, and Tesla shared interesting software developments that will lay the foundations for future growth in the area.

“Perhaps the more important headline, and one that went under the radar, wasn’t the cars at all – it was about software,” Britzman said.

“Tesla rolled out FSD v14, its biggest self-driving update in a year. The marriage of hardware and software is what really sets Tesla apart from most of its competition and is as important, if not more, than driving down the headline vehicle price.

“For investors looking for fireworks, this wasn’t it. But for those watching the autonomy story, yesterday was another important step toward the future Tesla is betting on.”

by Russell Shor

How to trade the FTSE 100 

The FTSE 100 has had a strong 2025 so far, gaining 16% year to date. The index trades at around 18 times earnings and offers a dividend yield slightly above 3%, supported by forecasts of £80 billion in dividends and more than £39 billion in buybacks. Its heavy weighting in banks, energy companies, miners, and consumer giants means profits remain closely tied to global growth and commodity prices. With interest rates at 4%, inflation at 3.8%, and gilt yields near 4.7%, dividends and buybacks continue to underpin valuations even as they appear stretched. From here, we examine three hypothetical technical scenarios for how the market may develop. 

FTSE100 Technical Analysis:  

Peak and Troughs 

Tradu’s FTSE 100 CFD, UK100, has broadly maintained a pattern of higher troughs followed by higher peaks since its reference trough in October 2022 and its reference peak in February 2023. There were periods where labelling was more complex, yet the overall trend has been clear. 

April was an exception. When President Trump announced reciprocal tariffs on “Liberation Day” (2 April), the index sold off sharply. A week later, however, a 90-day pause was announced, and the market staged a recovery. By the end of the month, the index had pared most of its losses and was down only about 1% for April. The bears had been forced out, and the bulls lifted prices well above the early April lows. 

A Continuation of the Trend Scenario 

If weakness sets in and a pullback develops, the key question is whether another higher trough can be established. Should that occur, the uptrend remains intact and would likely pave the way for a new higher peak. In this scenario, the series of higher troughs followed by higher peaks continues, reinforcing the existing bullish structure.

A Reversal of the Trend Scenario 

A second possibility is that the market is close to a peak and that a reversal is looming. In this case, a higher trough could still form initially, but the bulls may lack the strength to push through the previous peak. Instead, a lower peak would emerge, signalling potential fatigue. 

The real risk comes if bears then drive the next leg below the prior trough, creating a lower trough. This outcome would effectively resemble a head-and-shoulders formation, a classic sign of a trend reversal. 

The Trend Consolidates Scenario 

 A third option is that neither side gains the upper hand. If demand and supply balance, price action could settle into a sideways consolidation. This may take different forms, with a rectangular trading range being one likely outcome. A decisive breakout or breakdown from this range would then provide the signal for the next directional move. 

Conclusion 

The FTSE 100 has delivered solid gains this year, but the next stage will depend on how price action develops against a challenging backdrop of tight valuations, elevated rates, and shifting fundamentals. Whether the index extends its series of higher highs, signals a reversal through lower peaks and troughs, or pauses into a consolidation phase, each scenario carries distinct implications for investors and traders alike. Careful monitoring of peak and trough behaviour will be key, as the eventual breakout or breakdown will set the tone for the market’s next decisive move.

Click to find out more.

AIM-listed Aptamer Group developer announces £360,000 deal with top-tier pharmaceutical company alongside strong commercial momentum.

Aptamer Group shares jumped on Wednesday after announcing a contract worth £360,000 with a top three global pharmaceutical company to develop its Optimer® binders for radiopharmaceutical applications.

The fee-for-service agreement focuses on therapeutic potential whilst retaining future licensing rights for the York-based biotech firm.

The contract marks Aptamer’s entry into the targeted radiopharmaceuticals market, valued at $7.5 billion in 2025, and represents the company’s second therapeutic modality alongside targeted gene therapy.

Aptamer Group shares were 19% higher at the time of writing on Wednesday.

The programme will engineer Optimers targeting an undisclosed cancer marker. Initial work centres on developing tools for Positron Emission Tomography (PET) imaging, with plans to progress towards therapeutic uses.

Strong commercial performance

The contract wins were announced alongside a commercial update highlighting that Aptamer has already secured £675,000 in total new contract value, including the radiopharmaceutical deal, during the early stages of the new financial year.

An additional £315,000 stems from smaller contracts and project extensions across therapeutics, diagnostics, and research applications.

Aptamer drew attention to agreements that include two extensions with a top-five global pharmaceutical company for ELISA project work, synthesis of an enzyme inhibitor supporting a licensing deal under negotiation, and a therapeutic development agreement with Invizius targeting complement system components for inflammatory conditions.

Combined with £350,000 carried over from the previous financial year, Aptamer now has visibility of approximately £1.03 million in contract value, with nine months remaining in the current period. This builds on the £1.2 million revenue achieved in FY25.

The FTSE 100 was largely flat again on Tuesday as investors held off making big bets, with the French political crisis continuing to rumble on and the US government shutdown extending into its second week.

It was a busy day for earnings and trading statements in London, but positive updates were finely balanced with negative, and London’s leading index was trading up just 9 points at 9,488 at the time of writing.

“The FTSE 100 held firm at the market open on Tuesday as strength in energy stocks was offset by weakness in miners and banks,” said Russ Mould, investment director at AJ Bell.

Shell was the standout corporate story on Tuesday after the oil giant said in its earnings teaser that strong energy trading helped offset weakness elsewhere in the group. Shell shares were 1.8% higher at the time of writing.

“A boost in activity at the trading division has helped Shell to weather the ongoing troubles in its chemicals division,” explained Chris Beauchamp, Chief Market Analyst at IG.

“But the bigger problem of a struggling oil price refuses to go away, and while OPEC+ might have balked at outsize production increases for now, the worries about weak demand will just not go away.”

Rentokil Initial was the FTSE 100’s top riser, continuing its recent rally with 2% gains.

Housebuilders were weaker after the latest house price data from Halifax showed average UK house price growth slowing to 1.3%. Halifax’s data for September paints a much gloomier picture of house price growth than Nationwide’s latest reading, raising questions about the state of the property market.

“Halifax’s latest data shows house price growth easing to 1.3% year-on-year in September, with a second monthly dip hinting at a market losing momentum,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.

“While lower mortgage rates and steady wages are helping to steady sentiment, affordability remains a headwind. Housebuilder shares have been under pressure all year, and underperformance looks set to continue with no obvious driving force as we move into the final quarter of 2025.”

Persimmon fell over 1% and Barratt Redrow lost 0.6%.

Retailers JD Sports, Kingfisher and Sainsbury’s fell in sympathy with a dire update from B&M European Value that showed slowing sales growth. Although B&M admitted internal failings, investors will be concerned about broader consumer weakness.

Supermarkets Tesco and Sainsbury’s were under heavy pressure after Asda announced a wave a price cuts that could threaten their market share.

JD Sports was the FTSE 100’s top faller with a loss of 1.5%.

Tekcapital has announced that portfolio company Innovative Eyewear made significant strides in its European expansion at SILMO Paris 2025, the world-leading optics trade show held 26-29 September.

After recording 88% revenue growth in Q2 2025, Innovative Eyewear has set its sights on Europe for the next leg of its global expansion.

The smart eyewear manufacturer, which produces the Lucyd®, Lucyd Armour™, Reebok®, Eddie Bauer®, and Nautica® brands, secured initial orders from the UK, Romania, Greece, Spain, and France at the Paris event.

Innovative Eyewear noted that it was featured in SILMO’s inaugural Tech Village alongside Meta, Google, and Snapchat.

To support its European expansion, Innovative Eyewear has opened a warehouse in the Netherlands, enabling VAT-free purchasing across all 27 EU member states.

Encouragingly for investors, the Lucyd Armour® Collection, now certified to EN 166 European safety standards, attracted substantial interest from industrial distributors.

Innovative Eyewear is also in discussions with sales representatives to establish dedicated coverage across EU countries, positioning the company for broader continental penetration.

“SILMO Paris provided an exceptional platform to showcase our market-leading smart eyewear to European vendors and distributors. Being part of the first Tech Village alongside the world’s largest technology companies validated our position as a pioneer in AI-enabled eyewear,” said Harrison Gross, CEO of Innovative Eyewear.

The establishment of our Netherlands distribution hub represents a critical milestone in our international expansion strategy, enabling us to serve EU businesses more efficiently. With initial orders already secured from five European countries and active discussions with regional sales representatives, we’re building the infrastructure necessary to capture significant market share in Europe’s rapidly growing smart eyewear business.

“SILMO Paris attracted over 32,000 visitors from more than 130 countries, with 51% international attendance, making it one of the most important global gatherings for the optical industry. The Company’s participation aligns with its strategic focus on international expansion, particularly as smart eyewear adoption accelerates in markets outside the United States, where pedestrian and public transit usage create ideal use cases for open-ear audio and AI assistance.”

Imperial Brands shares rose on Tuesday after the group announced it is on track to meet its full-year guidance for FY25, driven by solid growth in both tobacco and next-generation products (NGP).

Shares were 2% higher after announcing results and a £1.45bn share buyback program for FY26.

The tobacco giant expects market share gains in the US, Germany, and Australia to broadly offset declines in Spain and the UK. This balanced performance across key markets demonstrates the company’s resilient global positioning.

Imperial Brands anticipates another year of double-digit Next Generation Product (NGP) net revenue growth, with the full-year figure expected around the mid-point of a 12-14% range.

Next-generation products, such as vapes and other tobacco alternatives, are clearly the future for Imperial Brands, and continued growth will likely encourage investors.

Group adjusted operating profit growth is projected at a similar rate to last year, aligning with previous guidance.

“Investors in tobacco giant Imperial Brands won’t need to inhale too deeply after digesting today’s full year trading update,” said Derren Nathan, head of equity research, Hargreaves Lansdown.

“The company behind the likes of Rizla, Golden Virginia and blu vapes is set to deliver results in line with guidance. That translates to low single-digit growth in underlying revenue and mid-single digit growth in underlying operating profit, implying a step up in margins over the second half of the year.”

FY25 marks the final year of Imperial Brands’ 2021 strategy, with the company positioning itself strongly for the next phase through 2030. The transformation focuses on becoming a more consumer-centric, focused, and agile challenger business.

Constant currency tobacco and NGP net revenue growth has been underpinned by strong combustible pricing and continued double-digit NGP business expansion. Volume declines have eased across most markets.

As part of its 2030 strategy to build a simpler, more efficient organisation, Imperial Brands has initiated consultation regarding its Langenhagen, Germany, factory. The process will result in either a third-party sale or closure of the facility.

Share buybacks are always welcomed by the market, and the announced £1.45bn FY26 share buyback will go a long way to offsetting concerns about falling combustible sales.

B&M shares sank on Tuesday after the retailer said sales growth was slowing and revealed its ‘Back to B&M Basics’ plan to improve operations.

B&M shares fell 15% after the discount retailer B&M unveiled a comprehensive operational overhaul following the reporting of weaker-than-expected sales growth and a significant decline in profits during the first half of its financial year.

The company’s Group revenue grew 4.0% to £2.74 billion in H1 FY26, but this masked underlying challenges. B&M UK’s like-for-like sales managed only 0.1% growth in the first half, declining 1.1% in the second quarter alone.

Back to B&M Basics Initiative

Management has identified key operational weaknesses and launched the “Back to B&M Basics” programme to address them. The initiative focuses on four critical areas that have impacted recent performance.

The company has reduced prices on 35% of its Key Value Items, lowering the average prices by 1.8% to target customer price perception. B&M’s low-cost options will be all-important as UK job creation slows.

B&M is also rebooting its “Managers Specials” promotions, giving store managers more flexibility to select products that respond to local opportunities. The revamped approach launched with Back-to-School and Halloween ranges, both showing positive early results.

Operational challenges addressed

Product availability has emerged as a significant issue and B&M found that FMCG best seller availability across key stores stood at just 86%, well below the industry benchmark of 98%. This will be a concern for investors who rely on management to get low-cost products to customers in an orderly fashion.

Range simplification will also be looked at. B&M plans to reduce line counts and accelerate clearance of discontinued ranges, particularly in FMCG, home accessories and toys, following a material increase in product complexity in recent years.

Investors will hope that, over time, these measures pay off.

Financial Impact and Outlook

The operational challenges have taken a financial toll. Group adjusted EBITDA is expected to fall to approximately £198 million in H1 FY26, down from £274 million in the previous year.

Additional headwinds include £14 million in Extended Producer Responsibility tax costs, adverse foreign exchange movements of £3 million, and around £30 million in higher wage costs from minimum wage and National Insurance increases.

For the full year, B&M expects Group adjusted EBITDA of £510-560 million. The company’s leverage ratio will temporarily exceed its 1.0-1.5x target range due to lower earnings and seasonal working capital requirements.

B&M anticipates the full impact of its turnaround programme will take 12-18 months to materialise. With shares down 36% year-to-date, it can’t come soon enough.