16:16 — easyJet takeover firms up as Stelios backs Apollo, Castlelake exits
easyJet (LSE:EZJ)'s takeover situation suddenly looked closer to being resolved on Thursday afternoon, as Sir Stelios backed Apollo's £5.7bn offer and the proposal moved to a 'recommended' takeover.
Shortly before easyJet's fate appeared to be resolved, rival bidder Castlelake revealed it had withdrawn from the process.
London's FTSE 100 was down 20 points, at 10,867.
Recapping the day's big movers:
WPP (LSE:WPP) continues to lead the risers at 387.2p, up 26%, while Hikma holds 8.4% gain at 1,703p following its interim results.
Harworth Group (LSE:HWG) sits at 172.02p, up close to 20%, with the board still only "reviewing" Peel Pepper's 172.5p cash approach rather than issuing a formal recommendation.
Devolver Digital (AIM:DEVO) remains down 43.75% at 9.0p against its 16p tender offer.
And Serco (LSE:SRP) is still holding its session high of 254.8p, up 5%, with neither move carrying a fresh catalyst this afternoon.
14:46 — Wall Street open: Dow up, S&P and Nasdaq down
Wall Street's cash open has landed, with a clear split.
The Dow started 263 points, or 0.49%, higher to 54,349. But the S&P 500 slipped 13 points, or 0.17%, lower to 7,723, and the Nasdaq Composite slid down 221 points, or 0.83%, to 26,363.
None of the activity is crossing the Atlantic, as the FTSE 100 remains at 10,904, up 0.15% on the day, a level it has pretty much held all day.
13:26 — Wall Street indicated flat to lower as Nasdaq futures dip 0.6%
US futures point to a subdued open with early indication seeing the S&P 500 and Dow up only a fraction.
Meanwhile, the Nasdaq 100 futures were down 0.57%.
The dollar index is barely moved, up 0.07%, while gold has extended its advance to $4,320 per ounce, up 0.36%, as the rally tied to a reported US-Iran de-escalation over the Strait of Hormuz and softer ADP payrolls data continues to run.
Brent crude is up 1.3% near $80, a level that has held through the week despite mixed Middle East signals.
Fed officials remain split on the path from here, Minneapolis Fed's Kashkari and Governor Cook have both signalled openness to raising rates if inflation doesn't cool, while San Francisco's Daly backed last week's hold but flagged inflation risk.
Market pundits see real tension in the messaging from central bankers.
In London, the FTSE 100 is now at 10,901, up 0.13%.
Diageo's Capital Markets Day takes place this afternoon, where new chief executive Dave Lewis is expected to detail a $1bn cost-savings plan.
12:45 — FTSE 100 stay positive, gold rallies as traders eye Fed
The FTSE 100 is steady at 10,900, up 0.12%, with names like Admiral (LSE:ADM), Harworth Group (LSE:HWG) and Hikma continuing to sit at or near their session highs while Wizz Air (LSE:WIZZ), TP ICAP (LSE:TCAP) and Tritax Big Box anchor the fallers.
Away from London, gold has extended its rally, with the twin drivers being the prospect of a US-Iran deal reopening the Strait of Hormuz and Wednesday's weaker-than-expected US private payrolls reading.
Market pundits see it as a bit more complicated than a straight risk-off trade: lower oil and a potential Hormuz reopening are clear positives for margins and inflation expectations, but sticky US services prices and uneven cooling in labour demand leave the Federal Reserve's rate path unsettled.
Put more simply, the US interest rate debate is not an entirely binary 'number go up, number go down' type of analysis, and it likely becomes political at some point too.
11:26 — Diageo sales fall 2% in North America
Diageo has posted preliminary results showing organic net sales down 2% for the year to end-June, with volumes off 0.4% and price/mix knocking a further 1.6% off the top line.
The drinks conglomerate flagged growth in Europe, Latin America/Caribbean and Africa but said that was offset by weakness in North America and Asia Pacific, with the negative price/mix driven largely by its US Spirits performance and softer results in China.
Meanwhile, the FTSE 100 remains anchored at 10,920.84, up 0.3% on the session.
10:45 — FTSE holds gains as Admiral, WPP top leaders; Harworth responds to bid
The FTSE 100 is consolidating the morning's earlier gains, holding just above 10,920, up 0.3% on the session.
Admiral Group (LSE:ADM) was a driver as the insurance firm pushed to a fresh 52-week high of 3,858p, up 4.1%, extending its advance through the morning after its positive results.
WPP (LSE:WPP) is another standout, retaining this morning's gains, up 26% at 387.2p, after H1 results that came in line with expectations, and confirmed that the advertising agency's Elevate28 "Stabilise" phase is on track.
Harworth Group (LSE:HWG) has issued a formal response to the unsolicited £583m cash offer from Peel Pepper, the Peel Holdings vehicle proposing 172.5p a share, a 36% premium to the stock's three-month average - telling investors it will review the offer.
In the meantime, Harworth shares are holding the morning's near 20% gain at 172.02p.
Devolver Digital (AIM:DEVO), the small-cap indie games developer that this morning signalled its intent to leave the market, to go private, remains the session's most extreme mover, with the price collapsing 43.75% to 9.0p.
Alongside this morning's announced AIM cancellation plan, it proposed a $5m tender offer to buy shares back at 16p per share; but evidently some market participants were keen for a quicker exit.
10:06 — WPP jumps 26%, Harworth surges on takeover bid
WPP (LSE:WPP) is the FTSE 100's biggest riser, up 26% to 387.2p after confirming its 2026 interim results showed H1 performance in line with expectations, with the group's Elevate28 "Stabilise" phase on track and management continuing to expect an improving like-for-like trajectory into the second half.
Takeover news saw Harworth Group (LSE:HWG) shares surge 19.79% to 172.02p as the market digests the detail of Peel Pepper's cash offer, confirmed at 172.5p a share, a 36% premium to the three-month volume-weighted average price and part of the wider Peel Group's move on the AIM-listed real estate and regeneration specialist.
Devolver Digital (AIM:DEVO) shares are dropping as investors look to liquidate holdings promptle whilst the indie game developer is still publicly traded, as it detailed a proposal to cancel its AIM listing, alongside a tender offer to return up to $5 million to qualifying shareholders.
Corero Network Security (AIM:CNS) has climbed to 18.79% and Tekcapital (LSE:TEK) to 16.46%, both extending earlier gains on their half-year updates, while Solvonis Therapeutics (LSE:SVNS) has pulled back to 7.86% from a larger early spike, still supported by news that its SVN-015 stimulant-use-disorder candidate is advancing into further NIDA-funded studies after encouraging initial screening.
Admiral (LSE:ADM) has pushed to a fresh 52-week high of 3,858p, up 4.1%, and Serco (LSE:SRP) has touched a session high at 254.8p, up 5.03%.
The FTSE 100 holds at 10,920, up 0.3% for the session so far.
09:01 — Admiral hits 52-week high at 3,832p as FTSE tops 10,920
FTSE 100 constituent and UK insurer Admiral Group (LSE:ADM) leads the blue-chip gainers, up 3.4% to 3,832p, touching a fresh 52-week high in the session.
The move follows the insurer's half-year results, which reported continued growth in group turnover and insurance revenue alongside a higher interim dividend.
Elsewhere, Hikma Pharmaceuticals (LSE:HIK) holds its earlier gain, up at 3.1% trading at 1,619.7p, after chief executive Said Darwazah reported 9% growth in core operating profit and reiterated full-year guidance.
Housebuilder Persimmon (LSE:PSN) extended its advance to 2.72%, at 1,153.5p, building on results that showed new home completions were up 13% for the half.
On the downside, European airline Wizz Air (LSE:WIZZ) was the session's sharpest faller among the big-caps, down 4.26% to 1,098p after swinging to a €198.2m loss in the June quarter against a €38.4m profit a year earlier. Panmure Liberum's Gerald Khoo, meanwhile, cut the stock to Sell with a 700p target, flagging deteriorating unit revenue guidance and what he called evidence of "balance sheet stress and poor earnings quality."
The FTSE 100 index itself at 10,920.84, was up 0.3% on the session.
08:21 — FTSE 100 starts Thursday firmer, to 10,909
The FTSE 100 started Thursday slightly firmer at 10,909, up 21 points or 0.19%.
Thursday morning's announcements were a mixed bag, producing a number of early movers.
Corero Network Security leads the pack, up 14.79% to 9.47p after swinging to profit on a jump in first-half revenue.
Tekcapital (LSE:TEK) is close behind, up 13.92% to 4.5p following its unaudited half-year report.
Solvonis Therapeutics (LSE:SVNS) is the outright top mover, up 19.29% to 0.167p after saying its SVN-015 stimulant-use-disorder candidate is advancing into further NIDA-funded studies on encouraging initial screening data.
Harbour Energy, up 3.37% to 240.03p, raised its 2026 outlook and launched a $250m buyback, while Hikma Pharmaceuticals (LSE:HIK) added 3.1% to 1619.66p after reporting 9% growth in core operating profit and reiterating full-year guidance.
Pensana (LSE:PRE) gained 5.04% in early deals, to 70.8p, as it revealed that Qatar investors are interested in backing an expanded funding, but, int the meantime some $150m of existing project financing commitment is still outstanding.
On the losing side, Wizz Air is down 4.26% to 1098.12p after swinging to a first-quarter loss on surging fuel costs. Tritax Big Box REIT (LSE:BBOX) is off 2.8% to 166.9p following the results of its equity issue, and Devolver Digital (AIM:DEVO) is down 6.25% to 15p after proposing to cancel its AIM listing and return up to $5m to shareholders via tender offer.
06:46 — FTSE 100 seen firmer at open, Wall St mixed close last night
The FTSE 100 is seen firmer ahead of Thursday's open, with IG Market's early pre-market quote marked at 10,880.6, up 9.8 points..
It follows a mixed finish on Wall Street, as the Dow closed Wednesday at 54,456.11, up 370 points or 0.68%, while the S&P 500 was essentially flat at 7,737.9.
The Nasdaq Composite lagged, down 153 points or 0.58% to 26,431.936.
Asia had a cautious session overnight, with the Nikkei 225 down 582 points, or 0.88%, to 65,717.59.
Gold ticked up 0.3% to $4,318 an ounce, bitcoin firmed 0.37% to $64,842.91, and Ether added 0.21% to $1,911, a broadly steady tone across risk assets.
Brent crude was just 0.36% softer at $78.68, and the dollar index was little changed at 99.737.
