FTSE 100 Live: Index Climbed 23.21 points to 10,815.75 as Brent Crude Fell 0.72%

The FTSE 100 opened 23.21 points higher at 10,815.75 supported by a technology-led rally on Wall Street and signs of improving confidence among UK businesses. Brent crude futures fell 0.72% to $89.05 per barrel. US West Texas Intermediate (WTI) declined 0.79% to $82.87 per barrel. 

Gainers & Losers 

On the upside, Melrose Industries climbed 2.71% to 522.80p. Endeavour Mining advanced 2.38% to 4,852p, while Fresnillo gained 2.08% to 3,236p. SSE rose 1.34% to 2,413p, Antofagasta added 1.19% to 4,087p, and Investec increased 1.16% to 652.50p.

On the downside, BAE Systems fell 1.43% to 2,062p. RELX declined 1.12% to 2,638p, while Next dropped 0.68% to 15,430p. London Stock Exchange Group slipped 0.49% to 8,936p, Diploma lost 0.48% to 7,255p, and Games Workshop Group edged 0.16% lower to 18,290p.

John Healey Shelves Defense Spending Target

Chancellor John Healey decided not to meet his own target on spending 3% of the UK”s GDP on defense at October’s Budget, and will instead focus on filling the nearly GBP 5 billion funding gap left by former Prime Minister Sir Keir Starmer, according to the Financial Times.

The Chancellor resigned as defense secretary in June in protest at Starmer’s plans for defense spending, which he saw as insufficient.

“At the spending review we’ll set out a clear path to meet our 3.5% Nato target in 2035 and set a target date for us to hit three per cent on that path,” a government insider told the Financial Times.

Goodwins Profit Doubled

Goodwin doubled its profit in the last year after surging demand for naval defense and nuclear components.

The firm recorded a 118% jump in profit to GBP 77.5 million as its mechanical engineering division outperformed on soaring demand.

Following the momentum, Goodwin’s board has appointed Rothschild & Co to manage a sale of parts of its division after the new demand drastically increased its valuation.

Goodwin said it expects a substantial portion of the cash from the sale to be paid directly to shareholders, which comes alongside a 18% dividend hike to 330p. The firm’s stock was up 13% on the news.

Also Read: Stock Market Update: Nifty 50 Opened 0.13% Higher, Sensex Jumped 195 points Amid Weak Global Cues

Global Market View 

In US, the Nasdaq Composite closed 1.6% higher, the S&P 500 gained 0.7% and the Dow Jones advanced 0.2%.

In Asia on Friday, Tokyo's Nikkei 225 gained 0.41% to 66,405.56, while China’s Shanghai Composite dipped 0.11%. Hong Kong’s Hang Seng advanced 0.08%, and South Korea’s Kospi fell 1.79%. In India, both the Nifty 50 and the Sensex rose by 0.02% and 0.16%, respectively.