London stocks opened mixed on Friday, with the FTSE 100 down 0.3% at 9,703.24 as heavy losses in Rightmove and International Consolidated Airlines dragged on sentiment. The FTSE 250 slipped 0.1% to 21,928.62, while the AIM All-Share edged up 0.13 points to 753.26.
Overnight, Wall Street ended sharply lower as the recent sell-off in AI-linked tech stocks deepened. The Dow Jones fell 0.8%, the S&P 500 lost 1.1%, and the Nasdaq dropped 1.9%. Investors remain jittery following a week of cautious remarks from major US bank CEOs and warnings that valuations across AI stocks may have run too far, too fast.
In London, Hikma Pharmaceuticals led the risers, climbing 1.5% after Thursday’s 14% plunge on weaker guidance. Bargain hunters stepped in after the drugmaker trimmed its 2025 outlook but reaffirmed confidence in long-term growth.
Rightmove was the morning’s worst performer, tumbling more than 15% after reaffirming 2025 guidance and introducing a 2026 forecast that failed to excite investors. The property portal expects revenue growth of 8–10% next year, with underlying operating profit up 3–5%. CEO Johan Svanstrom said AI will be “absolutely central” to the group’s growth strategy, as the firm ramps up investment in data-driven capabilities to strengthen its digital edge.
International Consolidated Airlines Group, the owner of British Airways and Iberia, slumped 8.6% after maintaining its annual guidance but flagging “softness” in US travel and weaker European pricing. Third-quarter pretax profit fell 2.1% to €1.87 billion, with CEO Luis Gallego noting a “good performance” despite pressure in key markets.
On the FTSE 250, ITV soared 15% after confirming early talks to sell its Media & Entertainment division to Sky, potentially valuing the business at £1.6 billion. The move follows reports in the Financial Times suggesting Comcast, Sky’s US parent, is keen to merge ITV’s broadcasting and streaming assets with Sky to create a leading UK streaming platform. ITV said there is “no certainty” a deal will be agreed.
Elsewhere, ME Group International fell 6.2% after forecasting full-year revenue between £311 million and £318 million, alongside record pretax profit of up to £79 million. The company said its strategic review, which includes exploring potential offers, remains ongoing.
Among small-caps, RentGuarantor plunged 44% after raising £2.5 million through a share subscription at 12.5p to fund expansion and marketing tied to the upcoming Renters’ Rights Act.
Overall, sentiment remains fragile as investors digest fresh signs of fatigue in the global AI rally and brace for further volatility ahead of next week’s US inflation data.