The FTSE 100 jumped on Monday as investors reacted to encouraging US inflation data that suggested the Fed was on track to cut interest rates again before the end of the year.

London’s leading index was 0.5% higher at 9,336 at the time of writing and was set to close above the all-time record closing high of 9,321.

Last week, we explained that the FTSE 100 was in need of a catalyst to break out of a tight trading range that had begun to form between 9,200 – 9,260. Equity bulls will be delighted that a catalyst presented itself in the form of updated US PCE data on Friday.

“The FTSE 100 was firmly higher on Monday after the market took reassurance from Friday’s reading of US inflation,” said AJ Bell investment director Russ Mould.

“The fact the PCE number – closely followed by the Federal Reserve when making interest rate decisions – came in bang in line with expectations helped create a positive mood on Wall Street which largely carried into trading in Asian markets overnight and, in turn, European shares this morning.”

UK stocks also received a welcome boost from resident pharma giants AstraZeneca and GSK on Monday. Indeed, Astra’s decision to remain a UK-listed company was grabbing headlines after the company announced it would list its shares in the US but keep its London listing.

“AstraZeneca is stepping onto Wall Street with a new US share listing, giving the company more visibility in the world’s largest healthcare market while keeping its London home,” said Lale Akoner, global market analyst.

“The move is aimed to attract a wider base of investors as Astra pursues strong growth over the next decade. By broadening its investor reach in the US, Astra is looking to secure the capital and visibility needed to fund its next wave of medicines and hit its long-term sales targets. 

“Importantly, this dual listing isn’t about shifting away from London but securing a truly global platform. Backed by a blockbuster cancer portfolio and a pipeline of promising new treatments, we think AstraZeneca is well positioned for steady earnings growth. With sights set on reaching $80bn in sales by 2030, the US listing strengthens its ability to deliver for both patients and shareholders.”

AstraZeneca shares were 1% higher at the time of writing.

GSK shares rose 2.9% after the group announced that Luke Miels will take over as CEO and will assume the task of securing a peer group-matching valuation for GSK, a goal that the outgoing CEO has failed to achieve during her tenure.

“A new group structure, thanks to a spin-off and several acquisitions, a clarified strategy, and much work on the company’s pipeline of new drugs have failed to galvanise the share price of GSK during Dame Emma Walmsley’s eight-plus years as chief executive. That means her successor, Luke Miels, will have much to do when he takes over on 1 January next year,” Russ Mould explained. 

Antofagasta was the FTSE 100’s top riser, surging 4%, as copper prices jumped on reports of undersupply and bullish price forecasts.

EnergyPathways (LON: EPP) confirmed that the Secretary of State for Energy Security has directed that major elements of the MESH hybrid compressed air storage project should be treated as a development of national significance. The share price jumped a further 43.3% to 9.1p and it has quadrupled over five days.

Future Metals NL (LON: FME) has appointed Keith Bowes as chief executive. He has experience of projects in Zambia, Namibia, Australia and South America. The share price is 15.3% higher at 1.7p.

Rockfire Resources (LON: ROCK) has entered into a new farm-in agreement with Eastern Resources for the Marengo tenement in Queensland. This is a gold, silver and copper prospect. Eastern Resources will provide funding for three years. Rockfire Resources has the option to retain a 20% stake in the project. The company’s focus will the Molaoi zinc deposit in Greece. The share price increased 11.9% to 0.235p.

There were mixed interim results from syngas production technology developer Eqtec (LON: EQT), but the market appears to be concentrating on the positives. Revenues more than halved to €600,000, although the loss reduced to €2.1m. Eqtec will start generating maintenance revenues on a project in Greece in the fourth quarter. A project in Hawaii could receive a grant that would generate revenues of £1m. Idex is not proceeding with a project in France. There are other potential projects making progress. The share price recovered 9.29% to 0.4p.

FALLERS

A delay to the publication of the account of Trafalgar Property Group (LON: TRAF) means that trading in the shares will be suspended on 1 October. The share price dived 30% to 0.0175p.

Anti-counterfeit technology developer Spectra Systems Corporation (LON: SPSY) interim figures show strong growth, but expectations have been timed for 2026. Interim revenues rose 54% to $35m and pre-tax profit more than doubled from $6.3m to $14.3m. This was due to a major sensor contract. Net cash is $3.8m. Full year pre-tax profit expectations remain at $25.4m, but the 2026 figure has been cut from $15m to $9.8m because of delays to potential contracts and the reorganisation of the security printing business. Net cash could still be $22m at the end of 2026. The share price decreased 19.4% to 155.5p.

Technology investment company Tern (LON: TERN) is raising up to £642,000 at 0.5p/share via a one-for-five open offer, which closes on 14 October. There was cash in the bank of £150,000 at the end of August 2025 and exits from investments are difficult to secure at appropriate valuations. The additional cash will cover the costs of running the company and provide cash for additional investments. The share price fell by one-fifth to 0.5p.

Video editing technology developer Blackbird (LON: BIRD) reported a 17% dip in revenues to £577,000 because of the loss of a contract and the lack of boost from a one-off event. Contracted but unrecognised revenues are £1.51m. There are 697 paying customers. There was a cash outflow of £1.5m in the first half with £2.27m in cash at the end of June 2025 before a £2.1m fundraising. The full year loss is likely to be much lower than the £2.42m reported for 2024 thanks to tight cost management. The share price declined 19.6% to 1.85p.

Online food and health products retailer Huddled Group (LON: HUD) continued to grow strongly in the first half of 2025, but it is focusing on profitable business, which will slow the rate of growth in revenues in the second half. Interim revenue roe from £5.25m to £9.48m with a contribution from Boop Beauty which was not included last time. New chief executive Michael Ashley has reviewed the retail brands and put in place plans to improve their performance. Discount Dragon is improving its range of food and consumer goods and the benefits showed through in the third quarter with a one-fifth improvement in basket margin. Nutricircle continues to grow, and its efficiency will be helped by the group’s move to the THG Ingenuity fulfilment business. A full year loss of £3m is forecast, falling to £500,000 next year. The share price dipped 16.4% to 2.55p. The recent funding was at 3.2p.

Petro Matad shares ticked higher after the Mongolia-focused energy firm released an update on operations and production at its wells.

The firm said its Heron-1 well continues to produce approximately 150 barrels of oil per day, with a stable water cut of around 3%. This rate isn’t a disaster, but it’s far from exciting as shares barely moved on the news.

However, the firm did say that the well’s pressure profile compares favourably with some of the better-producing wells in Block XIX, and no limiting faults or reservoir boundaries have been encountered to date.

Trucking and transfer operations at the Block XIX TA-1 facilities are running smoothly.

All in all, recent production will keep investors interested, but it’s far from fireworks for Petro Matad investors.

On the works programme front, construction has begun on a 1.2km overhead transmission line to connect Heron-1 to the national electricity grid, with completion expected by mid-October. This infrastructure work is targeted to deliver a 15% reduction in operating expenditure.

Meanwhile, the beam pump for Heron-2 is being refurbished ahead of installation, whilst the workover rig has mobilised to Gazelle-1. The production casing will be perforated across the oil-bearing zone before well test operations commence in early October, with completion anticipated within the same month.

“It is a very busy period for the Company at the moment. The focus in head office is on removing PetroChina’s withholding of revenue,” said Mike Buck, CEO of Petro Matad.

“We are encouraged by the recent progress on this and we are pushing to resolve the issue and to get paid in full. Meanwhile the team in the field continues to execute the 2025 work programme at multiple sites. I look forward to updating shareholders further as these matters progress.”

Regarding payments, the company received $110,000 net for July’s production in late September, with PetroChina withholding 30% of revenues. The August invoice remains overdue, though the buyer has indicated its new payment system issues have been resolved.

EnergyPathways plc has announced that the Secretary of State for Energy Security and Net Zero, Rt Hon Ed Miliband, has formally designated the major elements of the company’s MESH project as a development of national significance under the Planning Act 2008.

The recognition grants the project priority development authorisation status, reserved for initiatives of national importance in the energy sector.

It is also a major validation of EnergyPathways’ investment case.

“The Secretary of State’s decision is a landmark moment for EnergyPathways and for the UK’s energy transition. By granting the MESH project nationally significant status, the Government has recognised its potential to become a cornerstone of the UK’s clean energy future,” said Ben Clube, EnergyPathways’ CEO.

“MESH is designed to tackle some of the biggest challenges facing the UK energy system today – the high cost of wasted wind power, heavy reliance on aging high emission and expensive gas power plants and ensuring reliable and secure energy supply in an uncertain geo-political world. With its significant storage capacity, flexible clean power, low-cost hydrogen and supporting new low-carbon industries, MESH can become a catalyst for investment and growth in the UK’s economy delivering long-term value not only to EnergyPathways’ shareholders, but also to Britain’s consumers.”

Located in the East Irish Sea and Barrow-in-Furness, Cumbria, the MESH project is positioned to support the Government’s Clean Power 2030, Net Zero and industrial growth targets.

The Secretary of State’s decision acknowledges the project’s key components: long-duration energy storage designed to capture wasted UK wind power; flexible low-carbon power capacity to stabilise the national grid; low-carbon hydrogen production at reduced costs; production of high-purity synthetic graphite and low-carbon ammonia; and large-scale gas storage to enhance energy security.

EnergyPathways is developing MESH in partnership with Siemens Energy, Wood plc, Costain plc, KBR Inc and Hazer Group. The company will now progress towards obtaining a Development Consent Order for the project.

EnergyPathways (LON: EPP) says that it remains focused on delivering the MESH hybrid compressed air storage project in the North Sea. Progress is being made towards final investment decision while outstanding approvals are awaited. The Secretary of State considers the proposals to be nationally significant and therefore it is a development for which consent is required.

Future Metals NL (LON: FME) reported a reduction in loss from $3.94m to $2.44m. The net cash outflow from operating activities was $2m.

Oracle Power (LON: ORCP) partner on the Northern Zone gold project in Australia, Riversgold, has requested a trading halt on the ASX. This is prior to a fundraising and there are discussions between the two companies and another firm to make progress with the project.

Ascent Resources (LON: AST) says the arbitration tribunal for its Energy Charter Treaty claim against the Republic of Slovenia has no further questions and it has to announce its award decision by the end of the first quarter of 2026.

FALLERS

WH Ireland (LON: WHI) has agreed the conditional disposal of its wealth management business to Aquis-quoted Oberon Investments (LON: OBE) for £1m, plus the assumption of contract liabilities. The business is loss making and there have been talks with other potential buyers. Assets under management declined to £1m. The group lost £1.9m on revenues of £13.2m last year. That is before an impairment charge of £6.1m and £900,000 of restructuring costs. WH Ireland will not have an operating business and plans to leave AIM if approved by shareholders. Cash was £3.3m at the end of August 2025. The company will be wound down.

Cyber security business Smarttech247 (LON: S247) is proposing to shareholders that it should leave AIM because it believes that will bring more flexibility in strategy. Full year revenues were ahead of expectations at €14.2m, three-quarters of which was recurring. Margins were lower than expected and there will be a loss in the year to July 2025.

Pharmacogenetic testing company Genedrive (LON: GDR) has raised £3.2m at 0.2p/share and there could be an additional £100,000 forthcoming. A retail offer of up to £300,000 has been launched and closes on 26 September. Each share comes with one warrant exercisable at 0.4p each. The cash will fund commercialisation of the company’s tests and a FDA 510(k) submission for a test that identifies stroke and cardiovascular patients unlikely to respond to medication early next year.  

Proteome Sciences (LON: PRM) reported a reduction in interim revenues from £2.22m to £1.86m due to lower reagent sales and royalties. Uncertainty in the US life sciences market has hit demand and this will continue into the second half.