Early market roundup: Brent, gold, miners up; Goodwin shares jump

Stock prices in London were a notch higher on Friday morning with mining stocks performing well amid higher commodity prices, while investors continued to monitor developments in the Middle East.

The FTSE 100 index opened up 13.23 points, 0.1%, at 10,881.17. The FTSE 250 was up 16.05 points, 0.1%, at 24,711.47, and the AIM all-share was up 3.29 points, 0.4%, at 790.42.

The Cboe UK 100 was up 0.1% at 1,080.87, the Cboe UK 250 was up 0.1% at 21,549.37, and the Cboe small companies was up 0.2% at 18,855.14.

In European equities on Friday, the CAC 40 in Paris was up 0.3%, while the DAX 40 in Frankfurt was up 0.5%.

Oil prices rose as tensions in the Middle East remained elevated despite tentative diplomatic progress over the Strait of Hormuz.

Brent crude traded at USD83.20 a barrel early Friday, up from USD81.74 late Thursday.

Iran's deputy foreign minister said Tehran and Oman were close to finalising a proposed framework for commercial shipping through the Strait of Hormuz, though he stressed that any agreement would not automatically reopen the strategic waterway. Iran also reiterated that it is not engaged in direct negotiations with the US.

Elsewhere in the region, Yemen's Houthis late Thursday wounded 11 people in an attack on southern Saudi Arabia, a Riyadh-led coalition said, the highest toll in the kingdom from an attack by the rebels in years.

The attacks come as Yemen is increasingly drawn into the US-Israeli war with Iran, with the rebels stepping up attacks against both Yemen government forces and neighbouring Saudi Arabia, a key US ally and supporter of the internationally recognised Yemeni government.

Meanwhile, reports from Washington suggested President Donald Trump has privately expressed frustration that reports of dwindling Pentagon munitions stockpiles undermine the US negotiating position, despite publicly insisting the country has "massive amounts" of weapons.

The pound was quoted at USD1.3450 early Friday, lower than USD1.3454 at the London equities close on Thursday. Against the euro, sterling fell marginally to EUR1.1673 from EUR1.1675 a day prior.

The euro traded at USD1.1522 early Friday, marginally lower than USD1.1524 late Thursday. Against the yen, the dollar was quoted at JPY158.45, up slightly versus JPY158.41.

Back in London, stronger industrial metals prices supported mining stocks, with copper on track to finish at a record high in London.

Fresnillo rose 2.8%, while gold traded at USD4,289.35 an ounce early Friday, up from USD4,250.01 on Thursday.

JD Sports Fashion rose 0.7% after appointing former IKEA chief executive Peter Agnefjall as chair with effect from September 1.

He succeeds Darren Shapland, who has served as interim chair since the company's annual general meeting in July and will remain on the board as an independent director. Agnefjall previously chaired Ahold Delhaize and currently serves as a non-executive director at WPP.

On the FTSE 250, Goodwin surged 17% after confirming it has launched a strategic review following recent media speculation, including considering the potential sale of a substantial part of its Mechanical Engineering division.

The engineering and refractories company said the review aims to maximise shareholder value while ensuring continuity for customers and the long-term prosperity of its businesses.

Assets under review include GSC, GI, Noreva, Easat and Pumps. Goodwin said discussions remain ongoing and there is no certainty a transaction will be completed. Rothschild & Co is advising on the review.

Pan African Resources climbed 5.0% after RBC initiated coverage with an 'outperform' rating and a 155 pence price target.

Oxford BioMedica tumbled 20%, the worst performer in the FTSE 250, after cutting its 2026 revenue guidance.

The cell and gene therapy manufacturer now expects 2026 revenue of £180 million to £200 million following client programme deferrals, delayed project timelines, changes to a major customer's procurement strategy and a slower-than-expected operational ramp-up at its Durham, North Carolina facility.

Oxford BioMedica still expects a mid-single-digit Ebitda margin in 2026, excluding one-off costs, and maintained guidance for revenue growth of 25% to 30% in 2027. First-half revenue increased around 9% year-on-year to approximately £80 million. The company said roughly £165 million of expected 2026 revenue is already covered by contracted client orders, with a total revenue backlog of around £193 million.

Chief Executive Frank Mathias said the updated guidance reflected short-term changes in client ordering behaviour and the phased expansion of the Durham site, but added the company remained confident in its long-term prospects in the growing cell and gene therapy market.

Fresh UK housing data showed prices were unchanged in July.

According to the Lloyds House Price Index, annual house price growth slowed to 0.1% from 0.7% in June, the weakest annual increase since November 2023. The average UK property price was steady at £299,253, following a 0.2% increase in June.

Lloyds said affordability pressures and higher mortgage rates continue to weigh on demand, although recent mortgage approvals and housing transactions suggest activity has stabilised. Northern Ireland remained the strongest-performing UK region with annual growth of 7.4%, while the South East and Greater London recorded declines of 2.0% and 1.3%, respectively.

In Asia on Friday, the Nikkei 225 index in Tokyo closed down 0.1%. In China, the Shanghai Composite ended 1.0% higher, while the Hang Seng index in Hong Kong ended up 0.4%. The S&P/ASX 200 in Sydney closed down 0.1%.

In the US on Thursday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.9%, the S&P 500 down 0.2% and the Nasdaq Composite down 0.1%.

The yield on the US 10-year Treasury was quoted at 4.67%, widening from 4.66%. The yield on the US 30-year Treasury was quoted at 5.22%, widening from 5.20%.

Still to come on Friday's economic calendar are US nonfarm payrolls, the unemployment rate and consumer inflation expectations.

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