The FTSE 100 lost ground on Friday, giving up its earlier gains as hot US jobs numbers complicated hopes for a deeper Federal Reserve rate cut. It ended the day down 0.2%, at 8,280.63, as investors weighed up what the strong data might mean for monetary policy. In contrast, the FTSE 250 closed 0.8% higher at 20,900.08, with the FTSE AIM All-Share finishing 0.6% up at 738.36.
In the US, September’s nonfarm payrolls shot up by 254,000, well above the expected 140,000, with August figures also revised higher. While this signalled resilience in the labour market, it also dimmed the chances of a 50 basis point rate cut at the Fed’s next meeting, sparking some market caution. The unemployment rate edged lower to 4.1%.
JD Wetherspoon saw its stock rise 0.8% following its annual results. Despite having fewer pubs than before the pandemic, the chain posted a 74% jump in adjusted pretax profit, reaching £73.9 million. Revenue was also up 5.7%, hitting £2.04 billion. The company has proposed a full-year dividend of 12.0 pence per share, a welcome return after not declaring dividends last year.
Meanwhile, Watches of Switzerland rose by 5.5% after announcing the acquisition of Hodinkee, a renowned digital platform for luxury watch enthusiasts. AIM-listed Good Energy also enjoyed an 8.9% boost after acquiring solar installation firm Amelio Enterprises, aiming to expand its reach in the renewable energy sector.
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