The FTSE 100 opened 30 points higher at 10,503 on Friday, buoyed by growing diplomatic optimism between the US and Iran that eased investor concerns over the Middle East conflict. The positive sentiment was further supported by a decline in oil prices, with Brent crude futures falling 0.83% to $75.71 a barrel and US West Texas Intermediate (WTI) dropping 0.74% to $71.55 a barrel.
Sterling strengthened against both the dollar and the euro, trading at $1.3424 early Friday compared to $1.3397 at the London equities close on Thursday, and rising to €1.1736 from €1.1717 a day earlier.
Gainers & Losers
Top Gainers: Vodafone Group led the rally, soaring 10.32% to £107.85, after UAE telecom operator e& Group agreed to sell its entire 16.3% stake in Vodafone for $5.95 billion to an investment vehicle controlled by Xavier Niel’s family at a 13% premium to Vodafone’s last close. BT Group advanced 1.60% to £190, International Consolidated Airlines Group gained 1.52% to £473.40, Rio Tinto moved higher by 1.35% to £6,765, Airtel Africa added 1.31% to £325.80, and British Land climbed 1.29% to £424.60.
Top Losers: On the downside, AstraZeneca declined 1.29% to £13,182, St. James’s Place slipped 6.81% to £1,177.50, Next fell 0.38% to £14,480, Admiral Group moved lower by 1.09% to £3,634, Coca-Cola HBC dropped 0.70% to £4,858, and Lion Finance Group eased 0.26% to £11,510.
Political Developments
In political news, Andy Burnham moved closer to becoming Prime Minister after hundreds of Labour MPs formally nominated him to succeed Keir Starmer as party leader. Burnham appeared on course to become Labour leader unopposed after the party said 322 of its 403 MPs backed his candidacy on the first day of nominations. The process closes on July 16, with Burnham set to be confirmed as Labour leader the following day if no challenger emerges.
Mergers & Acquisitions
Apollo has agreed to buy EasyJet in a deal valued at £5.7 billion, usurping an earlier bid from asset manager Castlelake. EasyJet said it had accepted an all-cash offer from the US investment giant valuing the airline at £714 a share, an 80% premium on the airline’s closing share price. The carrier stated that Apollo’s bid “delivers a superior outcome for EasyJet shareholders.”
Corporate News
Vodafone shares jumped after e& Group agreed to sell its entire 16.3% stake in Vodafone for $5.95 billion to Vega, an investment vehicle controlled by the family of French telecommunications entrepreneur Xavier Niel, at 112.5 pence per share—a 13% premium to Vodafone’s last close.
Hays reported that it expects profit for the 2026 financial year to come in at the higher end of market estimates after cost cuts offset another quarter of weak recruitment activity. The recruiter said like-for-like net fees fell 5% in the three months to June 30, with temporary and contracting fees falling 3% and permanent fees dropping 7% as hiring declined through the quarter.
Global Market View
In the US, the tech-heavy Nasdaq climbed 1.3%, the S&P 500 added 0.8%, and the Dow Jones inched up 0.3%. In Asia, Tokyo’s Nikkei 225 rose 1.2% to 68,557.73, while China’s Shanghai Composite fell 1%. Hong Kong’s Hang Seng climbed 0.65%, and Australia’s S&P/ASX 200 rose 0.5%. In India, Nifty 50 and Sensex declined by 0.92% and 0.98%, respectively.
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