London midday: FTSE maintains gains as oil prices ease; telecoms buck trend

9th Oct 2026 10:57

(Sharecast News) - London stocks were still firmly in the black by midday on Friday as oil prices eased after Donald Trump said the US would not attack Iran before the midterm elections next month, and as investors shrugged off a disappointing revenue outlook from OpenAI.

The FTSE 100 was up 0.8% at 10,525.41, while Brent crude was down 1.2% at $103.00 a barrel, having topped $105 on Thursday, and West Texas Intermediate was 0.9% lower at $90.69.

In a post on Truth Social on Thursday, the US President said: "We are having productive discussions with the Islamic Republic of Iran. I want to make it clear to everybody that, while Iran is in very bad condition, both Economically and Militarily, and while the Blockade will remain in full force and effect, with Oil flowing in Record Numbers of Barrels through the Hormuz Strait (22 Million Barrels, last night alone, with not one barrel coming from, or going to, Iran!), we will not be attacking Iran at any time prior to the Midterm Elections to be held in the United States on November 3rd."

Susannah Streeter, chief investment strategist at Wealth Club, said: "The Footsie is flying higher at the end of a volatile week, with a slight easing in oil prices offering some respite. The blue-chip index has shrugged off a sell-off on Wall Street and a mixed performance in Asia to climb higher.

"Investors in big AI players were unnerved by a reassessment of OpenAI's revenue outlook. Although growth remains impressive, the report has prompted fresh questions about whether the artificial intelligence build-up may be overhyped. Given the tech-lite nature of the FTSE 100, the index has been less exposed to these worries, with the focus instead on global inflationary risks. The immediate pressure has eased a little, but the threat of higher energy costs has by no means disappeared."

On home shores, the British Retail Consortium called on the government to cut costs for retailers as it reported a drop in retail footfall for September.

The BRC-Sensormatic footfall monitor showed that total UK footfall fell 2.9% following a 1.7% decline in August.

Footfall on high streets declined 3% year-on-year, having dropped 3.1% in August, while retail parks saw a 1.7% fall in September, having risen 1% the month before. Footfall at shopping centres was down 3.5% last month following a 0.5% retreat in August.

Footfall fell 0.7% in Scotland, 3% in Wales and 3.4% in England. North Ireland bucked the trend with a 2.1% jump.

Helen Dickinson, chief executive of the BRC, said: "September was sluggish for footfall as the end of summer saw fewer shoppers heading out. While some seasonal slowdown is expected, this September saw a sharp decline compared to last year, with high streets and shopping centres suffering most. Retailers in Northern Ireland will be encouraged to see footfall holding up, but as the only part of the UK to buck the trend, the wider picture remains gloomy.

"As we enter the crucial final quarter, retailers will do all they can to attract shoppers with great value and choice. But until Government acts to reduce the cost of doing business, retailers are fighting with one hand tied behind their backs. By pulling back from another increase in business rates, the Chancellor can use his first Budget to unlock vital investment in our shops and high streets, help retailers keep prices down and provide jobs across the country."

In equity markets, software-related stocks were among the best performers, with Sage Group, Relx and Experian all up.

Morgan Advanced Materials surged after RBC Capital Markets upgraded the shares to 'outperform' from 'sector perform'.

On the downside, telecom stocks were under pressure after SpaceX agreed to buy a nationwide low-band spectrum portfolio that it said would "pave the way for Starlink Mobile to become a major mobile carrier in the US". Airtel Africa, Vodafone and BT Group all lost ground.

Russ Mould, investment director at AJ Bell, said: "Investors hung up on telecoms stocks after a SpaceX spectrum deal sent an electric shock down the line. SpaceX is to buy a nationwide spectrum portfolio in the US which would give its Starlink business greater capabilities in the US telecoms market.

"Shares in AT&T, Verizon and T-Mobile fell on the news that Starlink is to become more of a mainstream player. Naturally, the same sentiment was felt on the other side of the pond as it gave European telecoms operators a reason to view Elon Musk's outfit as a more serious longer-term competitive threat."

SSP slumped as it said 2026 operating profit would be "slightly lower" than planned at around £230m including an impact from subdued North American passenger numbers through the summer.

Market Movers

FTSE 100 (UKX) 10,525.41 0.80%

FTSE 250 (MCX) 24,233.86 1.21%

techMARK (TASX) 6,141.23 0.94%

FTSE 100 - Risers

The Sage Group (SGE) 1,070.50p 4.28%

Relx plc (REL) 2,703.00p 4.16%

Antofagasta (ANTO) 3,741.00p 3.86%

Experian (EXPN) 2,671.00p 3.77%

WPP (WPP) 384.90p 3.33%

Fresnillo (FRES) 2,768.00p 3.12%

Glencore (GLEN) 585.30p 3.04%

Spirax Group (SPX) 7,220.00p 2.92%

Weir (WEIR) 2,612.00p 2.92%

3i Group (III) 2,414.00p 2.89%

FTSE 100 - Fallers

Airtel Africa (AAF) 292.80p -5.36%

Vodafone Group (VOD) 119.20p -4.14%

BT Group (BT.A) 192.65p -2.30%

International Consolidated Airlines Group SA (CDI) (IAG) 417.10p -0.95%

BP (BP.) 580.70p -0.68%

Shell (SHEL) 3,755.00p -0.67%

Ithaca Energy (ITH) 278.50p -0.39%

Centrica (CNA) 146.50p -0.34%

DCC Energy (DCC) 6,435.00p -0.16%

National Grid (NG.) 1,151.50p -0.04%

FTSE 250 - Risers

Morgan Advanced Materials (MGAM) 288.00p 8.68%

Ocado Group (OCDO) 300.20p 6.55%

Trustpilot Group (TRST) 248.00p 6.07%

RHI Magnesita N.V. (DI) (RHIM) 2,865.00p 5.91%

RS Group (RS1) 793.00p 5.73%

Seraphim Space Investment Trust (SSIT) 202.00p 5.43%

Hays (HAS) 64.75p 4.52%

Oxford Nanopore Technologies (ONT) 209.60p 4.08%

Bridgepoint Group (Reg S) (BPT) 397.80p 3.97%

International Workplace Group (IWG) 185.00p 3.81%

FTSE 250 - Fallers

SSP Group (SSPG) 180.50p -3.99%

Rightmove (RMV) 486.60p -3.14%

Partners Group Private Equity Limited. (EUR) (PEY) 6.84p -2.01%

Pennon Group (PNN) 363.60p -1.99%

RTW Biotech Opportunities Ltd (RTW) 2.21p -1.34%

AEP Plantations (AEP) 193.80p -1.32%

Patria Private Equity Trust (PPET) 594.00p -1.00%

Close Brothers Group (CBG) 381.20p -0.78%

Diversified Energy Company (DI) (DEC) 1,056.00p -0.75%

Wetherspoon (J.D.) (JDW) 991.00p -0.65%