FTSE 100 Live: Index Climbed 84.20 points to 10,981.47, Brent at $87.88

The FTSE 100 opened 84.20 points higher at 10,981.47 amid a global rally sparked by strong Amazon earnings and a broad Wall Street and Asian rebound in technology shares. Meanwhile, Brent crude futures fell 1.29% to $87.88 per barrel. US West Texas Intermediate (WTI) declined 1.71% to $82.16 ‌per barrel.

Sterling remained steady at $1.3440 from $1.3439 in the previous session. Against the euro, it rose to €1.1678 from €1.1671. 

Gainers & Losers 

On the upside, Polar Capital Technology Trust surged 4.42% to 638.50p. NatWest Group gained 3.86% to 710.20p, while IMI advanced 3.53% to 3,050p. Anglo American climbed 3.36% to 3,851p, Antofagasta rose 3.21% to 3,823p, and Sainsbury (J) added 3.01% to 366.40p.

On the downside, IG Group Holdings declined 6.80% to 1,590p. Pearson declined 3.17% to 1,251.50p, while RELX slipped 1.65% to 2,631p. Unilever eased 1.43% to 4,780.50p, Reckitt Benckiser dropped 0.87% to 5,254p, and London Stock Exchange Group edged 0.74% lower to 8,542p.

Interest Rates Hit Housing Market 

The UK housing market’s summer slowdown extended into July after geopolitical uncertainty piled pressure on interest rates and energy prices. 

Annual house price growth slowed to 1.8% in July, down from 2.2% the previous month. The average price fell by £551.1 during the month to £277,542, according to the latest Nationwide house price index. 

IAG Shares Decline

British Airways owner IAG declined more than 4% to 419p. The airline group posted a 16% drop in profit to €1.4 billion after fuel prices soared following the disruption to the oil market from the Iran war. 

Mark Crouch, market analyst at eToro, said that the airline owner is demonstrating resilience despite these external shocks: “Higher fuel prices, disruption linked to the Middle East conflict and lower-than-planned capacity all weighed on second-quarter profits, but strong demand for travel and disciplined cost control helped the group preserve one of the strongest margins in the sector. 

“Clear skies are far from guaranteed, particularly if fuel prices remain elevated or geopolitical tensions intensify. However, with bookings holding up and shareholder returns continuing, IAG appears well positioned to keep flying above much of the industry’s turbulence.”

Intertek Revenue Jumps 

Intertek’s revenue climbed in the first half of the year after new acquisitions and the performance of its corporate assurance business boosted the group’s bottom line. 

The group recorded a 6% jump in revenue to £1.8 billion. Pre-tax profit climbed 14% to £145.5 million. 

This growth was driven by a 10% rise in revenue at Intertek’s corporate assurance arm, alongside its health and safety arm, which reported a 6% increase. Last month, the firm agreed to a £11bn takeover by Swedish buyout firm EQT.

Also Read: Stock Market Update: Nifty 50 Opened 0.18% Higher, Sensex Climbed 70 points

Global Market View

In the US, the Nasdaq surged 2.8% as tech stocks powered a comeback, while the S&P 500 climbed 1.7% and the Dow added 1.2%. 

In Asia on Friday, Tokyo's Nikkei 225 rose 4.03% to 64,362.02, while China’s Shanghai Composite gained 0.72%. Hong Kong’s Hang Seng advanced 0.12%, and South Korea’s Kospi edged higher by 19.91%. In India, both the Nifty 50 and the Sensex rose by 0.43% and 0.35%, respectively.