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Stock prices recovered at midday Friday, with Aptamer on the AIM market rising 11%, while investors await a crucial speech from Federal Reserve Chair Jerome Powell at the Jackson Hole event. The FTSE 100 index was up 11.86 points, 0.1%, at 9,321.06. The FTSE 250 was up 89.05 points, 0.4%, at 21,906.89, and the AIM All-Share was up 2.21 points, 0.3%, at 761.07. The Cboe UK 100 was up 0.1% at 933.82, the Cboe UK 250 was 0.5% higher at 19,250.86, and the Cboe Small Companies was up 0.3% at 17,195.24. In European equities on Friday, the CAC 40 in Paris climbed 0.3%, while the DAX 40 in Frankfurt was up 0.1%. ‘The FTSE 100 saw a subdued start on Friday after achieving a record close above 9,300 yesterday,’ said AJ Bell investment analyst Dan Coatsworth. ‘This followed more selling on Wall Street overnight, albeit of moderate persuasion, as investors fret about the message Federal Reserve chair Jerome Powell might deliver at the Jackson Hole summit. ‘Investors had been expecting a rate cut from the Fed next month so if Powell were to say anything suggesting rates might be kept on hold, it could see stocks come under greater pressure.’ The Jackson Hole symposium, an annual gathering of central bankers, finance ministers, academics, and financial market participants, is taking place from Thursday to Saturday. Federal Reserve Chair Jerome Powell will be the focus of attention with a key speech this afternoon. Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.3%, while the S&P 500 index and Nasdaq Composite were called 0.2% higher. The yield on the US 10-year Treasury was quoted at 4.33%, narrowing slightly from 4.34%. The yield on the US 30-year Treasury was quoted at 4.92%, slimming from 4.94%. The pound was quoted at $1.3418 at midday on Friday in London, down from $1.3426 at the equities close on Thursday. The euro fell to $1.1601, against $1.1619. Against the yen, the dollar was trading at JP¥148.60, higher compared to JP¥148.21. In London, WH Smith was the best performer on the FTSE 250 index as it bounced back 7.0% from a major fall on Thursday. Shares plunged 42% on Thursday after an accounting error forced the travel retail firm to slash profit guidance for its North American business. The Swindon, England-based company now expects headline trading profit from the North America division to be around £25 million for the financial year ending August 31, down from previous expectations of around £55 million. In financial 2024, headline trading profit in the North American business was £54 million. AJ Bell’s Dan Coatsworth said the update was ‘nothing short of a disaster’. Morgan Advanced Materials climbed 4.4%. Vesuvius said it has agreed to acquire Morgan Advanced’s Molten Metal Systems business for a total enterprise value of £92.7 million. Vesuvius is a London-based molten metal flow engineering and technology company, and Morgan is a Windsor, England-based manufacturer of carbon and ceramic materials. The MMS business is part of Morgan’s Thermal Products segment, and provides crucibles products and melting solutions used in the production of non-ferrous metals such as zinc, aluminium, copper, brass, bronze and precious metals. It comprises Morganite Crucible (India) Ltd, in which Morgan owns a 75% stake, and the remaining worldwide MMS business wholly-owned by Morgan. Vesuvius shares were up 1.9%. On the AIM market, Aptamer shares jumped 11%. The developer of synthetic binders to the life science industry said commercial sales for enzyme-modulating Optimer are expected to begin before the end of 2025 with its first partner. It said it has continued to advance licensing discussions with a second partner and has signed a material transfer agreement with a third partner. Aptamer said its second enzyme inhibitor project has reached the final development stage. ‘The progress across our enzyme modulation projects, including the advancement to the final development stage on our second inhibitor, is a really exciting milestone. The sales forecasts for our first commercial enzyme highlight the tangible value our Optimer platform can deliver, potentially covering a meaningful portion of the group’s overhead through royalty income,’ said Chief Executive Officer Arron Tolley. Revolution Beauty advanced 15%. The firm said it has terminated its formal sales process, having not received a proposal that would lead to an offer the board would recommend. The news came as the firm pledged to slash costs amid declining sales and profitability, and raised £15 million via a placing and subscription at 3.00 pence per share. This includes cornerstone investment from the make-up brands co-founders, Tom Allsworth and Adam Minto, and from its largest shareholder, boohoo Group, now trading as Debenhams. Allsworth will step in as chief executive over the ‘coming days’, the firm said, with Colin Henry stepping down as interim CEO at that point, while Minto, will also return to the business in a consulting capacity. Allsworth and Minto will lead a ‘strategic reset’ at Revolution Beauty aimed at restoring growth and setting a ‘clear path to long-term value creation’. Sports Direct owner Frasers Group was one possible bidder for the London-based cosmetics retailer, but it ruled out a move in June. In a separate release, boohoo, which has a long-running dispute with Frasers, said it was in talks with Revolution Beauty about a more formal licence agreement. Boohoo shares were down 9.2%. Manchester-based online retailer boohoo said that under the potential licence deal, the make-up manufacturer will supply certain Debenhams brands with branded cosmetics on an exclusive basis, subject to a royalty payment. Brent oil was higher at $67.76 a barrel at midday in London on Friday from $67.13 late Thursday. Gold fell to $3,330.30 an ounce from $3,343.46. The remainder of Friday’s economic calendar is clear, as investors dial in to Powell’s speech this afternoon before the bank holiday weekend. 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