The FTSE 100 slipped on Friday as investors paused for breath after a rip-roaring rally driven by hopes of an EU/US trade deal and strong corporate earnings.

London’s leading index was down 0.3% at the time of writing, but it is still 10% higher year-to-date. This outstrips the S&P 500’s 8% gain but lags the German DAX’s stellar 20% rally.

“The FTSE 100 lost some ground as investors took stock after another breathless week for the markets,” says AJ Bell investment director Russ Mould.

“There was positive economic news from the UK as retail sales bounced back in June helped by warm weather – although beyond the headline there were several signs that consumer confidence remains fragile.

“The next big focus for the market is whether a deal can be struck between the EU and Trump administration on trade – which would remove one of the biggest remaining uncertainties ahead of next week’s tariff deadline.”

The ultimate driving force of equity returns is earnings, and on that front, investors will be encouraged by the latest round of updates from both UK and US companies.

NatWest was London’s standout corporate story on Friday, as the bank rallied by more than 2% after announcing rising profits and rewarding shareholders with a dividend hike and a share buyback.

“NatWest has given investors reason to cheer heading into the weekend with a broad-based beat this morning,” explained Matt Britzman, senior equity analyst, Hargreaves Lansdown.

“It’s a similar story to Lloyds yesterday, with better impairments doing most of the work to bring profits in a good clip above expectations. Unlike Lloyds, NatWest has taken the opportunity to raise its guidance, though this simply aligns management to where consensus is already sitting.”

However, NatWest was just one of 20 FTSE 100 gainers on Friday as most stocks traded negatively.

The London Stock Exchange Group fell 2% and was the FTSE 100’s top faller as the group extended a losing streak that has taken the shares to the lowest levels since July 2024.

Rightmove was among the fallers despite reporting a 10% increase in revenue in the first half and a 9% increase in the interim dividend.

NatWest Group shares rose on Friday after delivering strong H1 2025 results with profit for the period increasing 19.5% to £2.7 billion.

There’s a lot to like in today’s results.

Earnings per share rose 28% to 30.9 pence compared to the prior year, whilst Return on Tangible Equity hit 18.1%.

The bank has upgraded its 2025 income guidance, now expecting income excluding notable items to exceed £16.0 billion.

Cost management improved significantly, with the cost-to-income ratio (excluding litigation and conduct costs) falling to 48.8% from 55.5% in the previous year – a 6.7 percentage point improvement.

The interim dividend increased substantially to 9.5 pence per share, representing a 58% rise on the prior year. NatWest also announced plans for a £750 million share buyback programme to commence in H2 2025.

Investors will be encouraged by NatWest’s plans to boost shareholder returns in the future. The bank targets paying ordinary dividends of around 50% of attributable profit from 2025, with additional buybacks to be considered as appropriate.

For 2025, NatWest expects Return on Tangible Equity to exceed 16.5%, maintaining its trajectory of improved profitability and shareholder value creation.

NatWest shares rose a modest 1% on Friday, but the gains must be appreciated in the context of a general retreat for FTSE 100 shares on the session. If NatWest had released these results during one of the more positive trading sessions this week, the market reaction would likely have been stronger.

“NatWest has given investors reason to cheer heading into the weekend with a broad-based beat this morning,” explained Matt Britzman, senior equity analyst, Hargreaves Lansdown.

“It’s a similar story to Lloyds yesterday, with better impairments doing most of the work to bring profits in a good clip above expectations. Unlike Lloyds, NatWest has taken the opportunity to raise its guidance, though this simply aligns management to where consensus is already sitting.

“The overarching story here is a positive one. Borrowers are looking strong, loans and deposits are growing, and costs are under control. That’s providing a strong base for the bank’s secret weapon, the structural hedge, to sit on top of. The hedge is expected to bring home an additional £1 billion of income this year alone, as 0% products are being reinvested at yields of around 3.7%. This is a multi-year tailwind that’s helping underpin a positive outlook for NatWest.”

Close Brothers Group has agreed to sell its execution services and securities business, Winterflood Securities, to Marex Group for approximately £103.9 million in cash.

The deal is expected to be completed in early 2026, subject to regulatory approval.

Close Brothers has been actively evaluating its portfolios to maximise returns and streamline its portfolio, and believes now is the right time to divest Winterflood.

The sale of Winterfloods will allow Close Brothers to focus on its core lending activities.

“Following a comprehensive strategic review, the Board is pleased to announce the sale of Winterflood to Marex,” said Mike Morgan, Close Brothers Group Chief Executive.

“This transaction marks another important step in simplifying the group to focus on our core specialist lending business, following the sale of CBAM in February 2025. We see Marex as an excellent steward for the business going forward, we thank the Winterflood team for their hard work and commitment over the years, and wish them every success in their next chapter with Marex.” 

GenIP has reported a robust first half of 2025, with cash balances rising to $1,077k from $972,000 at the end of 2024, driven by record new orders and disciplined cost management.

The artificial intelligence analytics services provider secured $488,000 in new orders during the six-month period, including significant contract wins in Asia and Saudi Arabia.

GenIP is focused on helping research organisations accelerate the commercialisation of their technological discoveries.

Since its AIM listing in October 2024, GenIP has received total orders worth $981,000, with an outstanding order book of $813,000 providing revenue visibility for the second half of the year.

The company recognises revenue as services are delivered, which explains the rising order book and cash balance, but fairly steady revenues.

Half-year revenue is expected to reach approximately $128,000, marginally ahead of the previous year’s full-year total of $123,000. The company noted that it expected revenues to pick up in the second half of the year as orders are delivered.

The firm said Invention Evaluator services generated the majority of first-half revenue and orders, whilst its Vortechs division is expected to contribute more significantly in the second half.

“We are extremely encouraged by the strong commercial traction we’ve achieved in such a short period since our IPO,” said Melissa Cruz, CEO of GenIP.

“The size and quality of our order book reflect the value our services bring to clients worldwide. We’re seeing increasing demand for our solutions as institutions seek faster, data-driven ways to unlock the value of their innovations. With a strong balance sheet and a growing pipeline of opportunities, we are well positioned to deliver accelerated growth in the second half of the year and beyond.”

IG has become the first platform globally to offer daily options on Tesla shares, introducing zero days to expiry (0DTE) contracts that provide traders with unprecedented flexibility for short-term positioning.

The innovative product, exclusive to IG and unavailable on any global exchange, including those in the United States, allows traders to trade the daily volatility in Tesla shares. The contracts settle at the US market close, enabling intraday risk management in a way that isn’t available anywhere else.

The launch addresses growing demand in the derivatives market, where daily options have gained significant traction. In the US, 0DTE index options now represent over 50% of total daily options volume, yet no provider has previously offered this structure for individual equities.

IG’s UK client base has demonstrated strong appetite for options trading, with activity increasing 27% year-on-year alongside a 9% rise in active options traders. The figures reflect broader market interest in sophisticated trading instruments that offer precise risk management capabilities.

Elliot Harris, Head of Options at IG, said: “We’re proud to be the first in the world to offer daily expiring Tesla options, giving our clients unmatched flexibility and speed. These contracts are a powerful new tool for short-term traders looking to capitalise on Tesla’s intraday price swings, which in recent times have been pretty dramatic.

“This is one of the fastest-growing areas in global trading, and we want to be at the forefront – driving innovation and giving our clients the tools they’re asking for. Daily Tesla options are just the beginning. We’re here to push boundaries and lead the way in delivering smarter, faster trading solutions.”

Available through spread betting and contracts for difference (CFDs) on IG’s platform and mobile application, the daily Tesla options will trade Monday through Thursday. Friday trading remains unavailable due to existing weekly options contracts on that day.

IG confirmed plans to extend daily options to additional major US equities in the near term, building on this pioneering launch in the individual stock options market.