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London stocks were higher by midday on Friday, supported by strength in mining shares on Rio Tinto-Glencore merger talk, while investors keep an eye on the US Supreme Court which could today rule on the legality of Trump’s tariffs. The FTSE 100 index was up 51.71 points, 0.5%, at 10,096.40. The FTSE 250 was up 48.77 points, 0.2%, at 22,941.07, and the AIM All-Share was up 3.26 points, 0.4%, at 788.11. The Cboe UK 100 was up 0.6% at 1,012.77, the Cboe UK 250 was up 0.1% at 20,027.08, and the Cboe Small Companies was down 0.1% at 17,907.67. In European equities on Friday, the CAC 40 in Paris was up 0.9%, while the DAX 40 in Frankfurt was 0.3% higher. Sterling was at $1.3412 at midday on Friday, down from $1.3431 at the London equities close on Thursday. The euro was lower at $1.1646 from $1.1657. Against the yen, the dollar was higher at JP¥157.57 versus JP¥156.93. ‘The FTSE 100 solidified its position above 10,000 on Friday after a mixed week which has seen the index attain fresh record levels,’ said AJ Bell analyst Russ Mould. ‘The mood music around UK stocks remains positive, even if Christmas updates from the retail sector have not inspired too much cheer a downbeat update from the British Retail Consortium on footfall only adding to the gloom.’ UK footfall was down in December as customers held out for post-Christmas sales, the British Retail Consortium reported. Total footfall decreased 2.9% on an annual basis in December, according to BRC-Sensormatic data covering the five weeks from November 30 to January 3. This represented an acceleration from November’s 0.8% decline. High Street footfall decreased by 0.9% year-on-year in December, having fallen 1.2% on-year in November. Retail Park footfall decreased by 2.5% in December, after a decline of 0.4% the prior month. Finally, Shopping Centre footfall dropped 5.1%, compared with a 1.3% fall in November. Footfall was down across all UK nations, decreasing by 3.1% in both England and Wales, by 1.5% in Scotland and by 1.7% in Northern Ireland. ‘It was a disappointing December for retailers as footfall declined across all shopping locations, as well as in the major cities,’ said BRC Chief Executive Helen Dickinson. ‘In the face of rising bills and food costs, many consumers held off for post-Christmas sales, with the week after Christmas the only one to see a significant uplift.’ AJ Bell analyst Russ Mould added: ‘The mining sector continues to be a plus point for the FTSE 100 with Glencore and Rio Tinto confirming talks about a merger which would create the world’s largest miner.’ The two mining companies have been engaging in ‘preliminary discussions’ about a possible combination of some or all of their businesses, which could include an all-share merger between the duo. ‘There can be no certainty that an offer will be made or as to the terms of any such offer, should one be made,’ Rio Tinto said in a statement on Friday. Rio Tinto has until February 5 to announce a firm intention to make an offer for Glencore, the Baar, Switzerland-based mining firm. Glencore shares jumped 9.8% and led the FTSE 100, while Rio Tinto shares fell 2.3%. Russ Mould added: ‘The divergent share price reaction would suggest the market thinks Glencore would be the bigger beneficiary of a deal. A key driver for the merger is the scramble for copper given its role in electrification and constrained supply.’ Mining peers also climbed, with Fresnillo up 4.1%, while Antofagasta climbed 3.6%. Stocks in New York were called to open higher on Friday. The Dow Jones Industrial Average was called to open marginally higher, the S&P 500 index up 0.1%, and the Nasdaq Composite up 0.3%. The yield on the 10-year US Treasury widened slightly to 4.19% on Friday from 4.18% at the close on Thursday. The yield on the 30-year widened was unchanged at 4.85%. In London, J Sainsbury shares were down 4.9%. The retailer reported mixed third-quarter sales, with food outperforming expectations, while the performance of clothing and general merchandise and of non-food division Argos fell short of consensus forecasts. Sainsbury’s said total retail sales excluding fuel rose 3.3% in the six weeks to January 3, which includes the key Christmas trading period, and climbed 3.9% in the third quarter in total, the 16 weeks to January 3. Like-for-like sales excluding fuel in the third quarter rose 3.4%, short of company-compiled consensus of 3.6%. Grocery sales in the Christmas period jumped 5.1%, but General Merchandise & Clothing sales fell 1.0% and Argos sales declined 2.2%. AJ Bell analyst Dan Coatsworth said: ‘Without the clothing and general merchandise contributions including Argos, investors would have been singing from the rooftop about Sainsbury’s Christmas performance. The fact it has sustained strong momentum in the food arm for so long shows it wasn’t just a stroke of luck. It has clearly hit upon the right recipe for success. ‘Chief executive Simon Roberts will be under increasing pressure to do something to remove the shackles on the group. A bid approach for Argos was rejected last year, with the implication that China’s JD didn’t offer enough. Formally putting Argos up for sale might flesh out more interested parties.’ On the FTSE 250 index, shares in Clarkson climbed 4.9%. The London-based provider of shipping services said it expects underlying pretax profit for 2025 ‘to be not less than’ £90 million. The firm said this reflects ‘stronger results in the second half of the year’. Previously, in March last year, Clarkson said that underlying pretax profit for 2024 increased 5.6% to a record high of £115.3 million, surpassing the £100 million mark for the third year in a row. On the AIM market, Eden Research shares jumped 11%. The Oxfordshire, England-based developer of biopesticides and formulation technologies said it has received regulatory authorisation in Chile for the fungicide Novellus. The approval applies to its use in wine and table grapes to control grey mould and powdery mildew. ‘The approval of Novellus in Chile is a milestone for Eden in our effort to deliver sustainable solutions to growers and to the food chain globally. The Chilean market is particularly attractive as well-recognised exporters of grapes and wine with a strong commitment to delivering the highest standards in their products,’ said Chief Executive Officer Sean Smith. Gold was up at $4,474.70 an ounce at midday on Friday from $4,457.01 late Thursday. Brent oil was trading higher at $62.53 a barrel from $61.12. Still to come on Friday’s economic calendar is US jobs data, including nonfarm payrolls and unemployment figures, and Canada unemployment numbers. Meanwhile, attention will also be on the US Supreme Court, as there could be a ruling as to the legality of US tariffs. The court never confirms which cases will be ruled on in advance. AJ Bell analyst Russ Mould said: ‘If the court strikes down the tariffs, there may be positives for investors, but it could also hit government revenue, potentially prompting an increase in Treasury yields which would have ripple effects in the wider financial markets.’ Copyright 2026 Alliance News Ltd. All Rights Reserved.
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