FTSE 100 Live: London shares hold onto gains; BP rises on takeover rumours

• FTSE 100 closes up 23.19 points at 8,554.80
• Wall Street starts higher
• Brent crude tops $63 a barrel 
• BP's rivals 'running the numbers': FT
• IAG, Rightmove keep guidance steady
• Chinese exports to the US slump

Close: That's it folks

The FTSE 100, after a stuttering start, made it over the gain line to close 23 points higher at 8,554.80. It capped a quiet week in which the blue-chip index eked out a 0.7% gain.

The FTSE 250, the Bellwether of the health of the UK economy, was up 2.6% on the back of the US-UK trade deal, which will benefit the manufacturing and export companies.

The cut to base rates, meanwhile, will allow them to borrow more freely and invest. The AIM All-Share, a perennial laggard, was the star performer of the week as it motored 4% as confidence returned to the lower echelons of the market.

Over the last month, it is up 15%, though it is still many light-years away from its 2021, post-pandemic peak.

4:25pm: FTSE to finish the week in green

The London index managed to mark a positive session on Friday, as Wall Street also traded up, though nobody was getting wildly excited as question marks remains, despite yesterday’s US-UK trade deal.

The FTSE 100 rose 18 points, 0.22%, to 8,550.

"European and US stock indices finished the week in positive territory as investors eyed this weekend's US-China trade talks in Geneva with cautious optimism,” IG Markets analysts said in a note.

“Following the FTSE 100's longest winning streak and sterling's climb to a 38-month high against the dollar - signalling a robust return of global capital to UK markets - gains on Friday were mild as scepticism remained about the limited scope of the UK deal and the retention of a 10% tariff on British-made cars."
 

3:00pm: Dow gains 100 points

Wall Street equities made a strong start to Friday, with the Dow Jones adding around 100 points.

At 41,466, the Dow was up 0.24%.

The S&P 500 was up 19 points or 0.34% to 5,683 whilst the Nasdaq Composite advanced 118 points or 0.66% to 18,046.

2:15pm: FTSE holds gains

London’s blue-chip benchmark marked a 28 point, or 0.34%, gain changing hands at 8,560.

As the shortened week draws near a close, attention is mostly on Wall Street and the anticipation of US trade talks with China this weekend.

1:00pm: Nasdaq set to lead gains at Friday open

The Nasdaq is expected to power ahead when the market opens on Friday on optimism that a US-UK trade deal announced on Thursday could lead to similar deals with other countries, easing global trade tensions. 

Futures for the tech-heavy index are up 0.4% in pre-market trading. Those for S&P 500 are up 0.3 %, while Dow Jones futures are 0.1% higher. 

Wall Street surged on Thursday as investors responded positively to President Donald Trump’s announcement of the trade agreement with the United Kingdom, as well as his suggestion that tariffs on Chinese imports—currently at 145%—could come down if negotiations progress favorably.

The Dow and the S&P 500 both rose 0.6%, while the Nasdaq jumped 1.1%.

11am: SIG's loss is Travis Perkins' gain

While SIG's shares are down sharply this morning, Travis Perkins (LSE:TPK) is on the rise.

Shares of the builders' merchant jumped over 7% as Gavin Slark was announced as the next CEO, bringing a steady hand after months of leadership churn. Slark’s a known name in the trade—ex-BSS Group, Grafton Group, and more recently SIG, where he’s led a solid turnaround since 2023.

10.20am: SIG sinks on CEO departure

Shares in SIG PLC (LSE:SHI) dropped 12% after CEO Gavin Slark announced he’s leaving at the end of the year to lead Travis Perkins. Slark, who joined SIG in 2023, will stay on during the handover while the search for his replacement begins.

Peel Hunt called the news disappointing but noted SIG’s strategy and country-based structure should stay on track. The broker still rates SIG a 'buy' with a 24p target.

The timing stings, though—SIG shares had surged 25% last week without any clear reason, and Peel Hunt expects a sharp pullback now the surprise departure’s out in the open.

The Footsie is now 43 points up, a gain of 0.5%, at 8,575.09.

9.15am: BP gets extra juice on takeover report

BP PLC (LSE:BP.) stock is up a solid 2.5% this morning, outpacing a 1.27% rise in the price of Shell PLC (LSE:SHEL, NYSE:SHEL). 

While the firmer oil price on the back of successful trade negotiations between the US and the UK is lending support, SAXO's Neil Wilson said BP got some extra juice from an FT report that said a number of rivals have "run the numbers" about a possible takeover.

"I talked about this last month," Wilson said. "We knew Shell had already run the numbers, as did Adnoc last year, but apparently Chevron and Exxon Mobil and Total have too."

"Whether or not it would come to anything is another matter – but there are clearly consolidation trends in the oil & gas space as it faces existential challenges."

Wilson said BP has opened itself up to be prey by making strategic errors and execution mistake. A takeover by a big US major could make sense given the US-UK valuation gap and the fact that BP already does a lot of business in the US.

"I'm not sure the government would like a US takeover - easing into Shell would be simpler from that point of view, but it would be hard for Starmer to tell Trump that he's blocking a CVX (Chevron) or XOM (Exxon Mobil) from doing business," Wilson added. 

9am: Urban Logistics jumps on LondonMetric deal

Urban Logistics REIT PLC (AIM:SHED, OTC:PCILF) jumped 3.7% this morning on news it's set to be acquired by LondonMetric Property PLC (LSE:LMP) in a cash and shares deal valued at £698.9 million, or 150.3p per Urban Logistics share.

In a recommended offer, Urban Logistics shareholders will receive 0.5612 new LondonMetric shares and 42.8p in cash for each share they own. They will own around 11% of the combined group.

LondonMetric said the deal will result in a £7.3 billion portfolio focused on logistics, convenience, healthcare, entertainment, and leisure, with the combined group expected to benefit from operational synergies and scale efficiencies.

Its shares are down 0.1%

The FTSE 100 is holding onto its gains, currently 36 points up at 8,567.23.

8.45am: Oil prices simmer ahead of US-China talks

Oil prices rose again early on Friday as markets looked to upcoming US-China trade talks, following the UK trade deal that President Trump called “historic.”

Brent crude has moved above $63 and WTI closed in on $60, boosted by optimism despite China’s call for US tariff cuts.

Oil had slumped since January on fears that tariffs would slow growth and as OPEC+ raised output. Analysts warn the UK deal may not signal easier progress with China, and that supply-side shifts, especially OPEC’s output plans, remain key. 

"Concerns lingered that this limited agreement with London might not serve as a template for broader deals, tempering enthusiasm ahead of the Sino-US trade talks set for Saturday in Switzerland," commented Tickmill Group's Patrick Munnelly.

"Global markets appeared more optimistic about easing trade tensions than they were two weeks ago, when the U.S. administration first signalled a potential de-escalation with China. Still, sentiment surrounding Saturday's US-China discussions in Switzerland remains mixed." 

The FTSE 100 is now 46 points higher at 8,577.87.

8.15am: FTSE 100 gets off to a strong start 

The FTSE 100 jumped at the open, rising 34 points, or 0.4%, to 8,565.44 in opening trades, reversing Thursday's losses.

BP PLC (LSE:BP.) is leading the gainers on the blue-chip index as oil prices build on yesterday's gains as the US-UK trade deal sparked optimism for progress in tariff negotiations with other countries.

Airtel Africa PLC (LSE:AAF) and GSK PLC (LSE:GSK, NYSE:GSK) are also among the top movers, while Next PLC (LSE:NXT) is top of the loser board, down just over 1%.   

IAG is up just over 0.5% after it maintained its 2025 guidance in its Q1 results. Rightmove is up less than 0.1% on the back of its update. 

7.50am: IAG holds course

International Consolidated Airlines Group SA (LSE:IAG) has kept its full-year guidance steady after a strong Q1, brushing off global economic and geopolitical worries.

The owner of British Airways and Iberia posted a 9.6% rise in revenue to €7bn, with profit jumping to €198m. Demand stayed solid, especially on transatlantic routes and in premium cabins.

North Atlantic flying led revenue-per-seat growth, up 13%. Iberia delivered €137m profit, while BA saw best-ever punctuality. Vueling struggled due to holiday timing.

Net debt dropped to €6.1bn and €530m in buybacks have been completed.

With 80% of Q2 bookings already in, IAG says it’s confident heading into the summer travel season.

7.35am: Trade war hits Chinese exports

The UK may be cushioned by the 'breakthrough' US-UK trade deal, but China is starting to feel the impact of Donald Trump's global trade war. 

Export value growth from the world's second biggest economy eased to 8.1% year-on-year last month, down from 12.4% in March. While the trade war is starting to bite, the impact wasn't nearly as sharp as the market had expected, according to Pantheon Macroeconomics' Kelvin Lam.

Exports to the US fell sharply, though, down a "whopping" 21% compared to a pre-tariff rush spike of 9.1% in March due to front-loading by US importers, Lam wrote in a note. 

"Overall, tariffs are clearly having a material impact on China’s export performance in April, but the drop in US shipments was partly offset by a sharp rise in exports to ASEAN," said Lam. 

7.25am: Rightmove says guidance is just right

Rightmove PLC (LSE:RMV) has kicked off 2025 strong and is sticking to its 8–10% revenue growth target.

The property portal says Average Revenue per Advertiser (ARPA) is climbing, membership is up, and new AI-driven tools are live.

Strategic areas like Mortgages and Rentals are also on track, and Rightmove still commands over 80% of UK portal traffic.

CEO Johan Svanstrom said the business is “well insulated” from global headwinds and full of momentum. With innovation rolling out fast and the market picking up, Rightmove says it sees a clear path to hitting its targets. 

7.10am: FTSE 100 set to recover losses

The FTSE 100 is set for a strong start when the market opens on Friday. 

Futures for the blue-chip index point to a 34-point gain, reversing yesterday's losses.

The London index closed 28 points, or 0.32% down at 8,531.61 on Thursday despite news of a 'breakthrough' US-UK trade deal, which followed the Bank of England cutting interest rates to their lowest in two years.  

News of the trade deal and renewed risk appetite helped propel Wall Street higher on Thursday. The Dow and the S&P 500 both rose, while the Nasdaq jumped 1.1%

In Asia this morning, the Nikkei is up 1.6% and the Hang Seng has gained 0.33%, while Shanghai's SSE Composite is down 0.22%.