Late market roundup: FTSE 100 rises but tech sell-off rolls on in NY

Utility stock helped keep the FTSE 100 in the green on Friday, while wider markets succumbed to a decline in technology sector shares, in a sell-off that saw Nvidia briefly unseated from its throne.

The FTSE 100 index closed up 28.13 points, 0.3%, at 10,600.37. The FTSE 250 fell 111.00 points, 0.5%, at 23,604.83, and the AIM All-Share gave back 6.87 points, 0.9% at 759.31.

The Cboe UK 100 ended up 0.3% at 1,051.91, the Cboe UK 250 fell 0.2% at 20,457.94, and the Cboe Small Companies edged down 0.1% to 18,400.94.

For the week, the FTSE 100 and FTSE 250 each added 1.0%, though the AIM All-Share lost 0.6%.

In European equities on Friday, the CAC 40 in Paris ended down 0.5%, while the DAX 40 in Frankfurt fell 0.3%.

In New York, the Dow Jones Industrial Average was down 0.1%, the S&P 500 0.7% lower and the Nasdaq Composite down 1.3%.

The yield on the US 10-year Treasury was quoted at 4.53% at the time of the London equities close, narrowing from 4.57%. The yield on the US 30-year Treasury was quoted at 5.06%, narrowing from 5.10%.

"It is a risk off end to the week, as the global chip selloff shows no sign of abating. For now, the selloff is not turning into a threat to financial markets, and the S&P 500 is only 1% below its all-time high. However, there could be further losses and price action in July suggests that the Q2 rally is now in the rear view mirror," XTB analyst Kathleen Brooks commented.

"Overall, the market thought that Iran/US tensions would stoke volatility. While the geopolitical backdrop is important, it's the chip stock sell off that is dominating markets this week, and it still shows no sign of letting up."

Apple briefly unseated Nvidia as the world's most valuable company, before shares in the latter regained some poise.

Nvidia had slipped below Apple due to the latest selloff in semiconductor shares.

Nvidia had a market value of around USD4.94 trillion at the time of the closing bell in London, slightly above Apple's USD4.92 trillion.

Nvidia was down 1.5%, but had been more than 4% lower earlier on Friday. Apple was up 0.5%.

Gold was quoted at USD4,014.29 an ounce a late on Friday afternoon, largely flat from USD4,014.58 on Thursday. Brent crude was quoted at USD86.53 a barrel on Friday, up from USD84.75 late Thursday.

The commander of the Aerospace Force in Iran's Revolutionary Guards vowed Friday that Tehran would not halt its attacks in the region until the US stopped striking Iran's southern coastline and the Strait of Hormuz.

In a social media post, Majid Mousavi said "Tehran and the south are one and indivisible as Iran", adding that "effective and targeted strikes from across Iran against the enemy will continue" until attacks on "the southern coastline and the Strait of Hormuz" cease.

Iran's top negotiator Mohammad Bagher Ghalibaf has warned that any deal to end the war "only has meaning when its clauses are valid and being implemented".

White House Press Secretary Karoline Leavitt told reporters on Thursday that Trump would hold Iran "accountable" for going back on its word, but said "he is always open to diplomacy at the very same time".

Trump previously threatened to hit Iranian power plants and bridges unless Tehran returned to the negotiating table, telling Fox News: "Next week it gets really bad for them."

The pound was quoted at USD1.3453 on Friday, higher than USD1.3431 at the London equities close on Thursday. Against the euro, sterling traded at EUR1.1753, down from EUR1.1791. The euro stood lower at USD1.1441, compared with USD1.1444, while the dollar eased fractionally to JPY162.37 from JPY162.39.

Andy Burnham has vowed to give people "hope back" and "the Labour they once knew" as he officially became the party's new leader.

He said he is "ready to lead" as he took the governing party's reins at a special conference at the Trades Union Congress headquarters in central London on Friday, the final step before replacing Keir Starmer as UK prime minister next week.

In his acceptance speech, Burnham said he would offer "hope".

He said the Labour movement which backed him "heard the call from the people of Makerfield on behalf of forgotten places everywhere up and down this country for a return of the Labour they once knew."

On the up in London, utility shares climbed. National Grid added 3.3%, Severn Trent rose 2.9% and SSE climbed 2.4%.

Burberry was the worst large-cap performer, sinking 6.4%.

"Burberry looked primed to strut its stuff based on one of its best quarters in years, but a cautious outlook and weak showing in certain markets saw the shares trip up," AJ Bell analyst Russ Mould commented.

Burberry said it is "mindful of the uncertain geopolitical and macro-economic environment".

The London-based luxury retailer said retail revenue rose 5.1% to £455 million in the 13 weeks to June 27 from £433 million a year earlier, or 4% at constant exchange rates.

Aston Martin Lagonda Global shares declined 2.4%. The firm said it regularly considers the company's capital structure.

The Gaydon, England-based luxury sports car maker said this includes strategic options, such as ongoing discussions with potential financing providers.

Aston Martin said: "The group's focus remains on executing its strategy, building on the positive momentum in Q1 2026 and delivering the material improvement in financial performance expected in FY 2026, whilst ensuring sufficient liquidity to enable this."

Bloomberg News on Friday reported that Aston Martin is in talks with lenders including BlackRock Inc-owned HPS Investment Partners, on raising additional funds.

Smiths News shares perked up 4.5%. It announced that it has secured new long-term contracts, which it said further reinforced its long-term partnership with publishers and distributors.

The Swindon, England-based newspaper wholesaler said the contracts are with Frontline Ltd, which it said is the UK's largest magazine distributor, and Seymour Distribution Ltd, part of the Frontline Group and the UK's largest independent magazine distributor.

The biggest risers on the FTSE 100 were National Grid up 40.50p at 1,257.00p, British American Tobacco, up 134.00p at 4,669.00p, Severn Trent, up 86.00p at 3,066.00p, BAE Systems, up 46.00p at 1,880.00p, and SSE, up 59.00p at 2,488.00p.

The biggest fallers on the FTSE 100 were Burberry, down 71.50p at 1,049.00p, Scottish Mortgage Investment Trust, down 50.50p at 1,359.00p, Autotrader, down 18.10p at 498.30p, Polar Capital Technology Trust, down 18.50p at 627.50p, and Antofagasta, down 97.00p at 3,491.00p.

Monday's economic events calendar has a German producer price index release at 0700 BST. The corporate calendar has first quarter results from Ryanair.

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