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London stocks closed in the green on Friday, as markets remained calm despite the recent escalation of tensions between the US and Iran, with earlier fears now seeming ‘overdone’. The FTSE 100 closed up 24.84 points, 0.2%, at 10,497.29. The FTSE 250 ended up 130.85 points, 0.6%, at 23,371.41, and the AIM All-Share rose 1.57 points, 0.2%, to 763.82. The Cboe UK 100 ended up 0.2% at 1,041.34, the Cboe UK 250 was up 0.4% at 20,058.61, and the Cboe Small Companies ended up 0.7% at 18,449.91. For the week, the FTSE 100 was down 1.7%, the FTSE 250 fell 0.7%, and the AIM All-Share shed 1.7%. In European equity markets on Friday, the CAC 40 in Paris ended up 0.2%, while the DAX 40 in Frankfurt fell 0.2%. In New York, the Dow Jones Industrial Average was up 0.2%, the S&P 500 was up slightly, and the Nasdaq Composite fell 0.2%. ‘As we move to the end of the week, volatility has retreated and fears about an escalation in tensions between the US and Iran appear overdone,’ said Kathleen Brooks, research director at XTB. US President Donald Trump said on Friday that the US has agreed to continue negotiations with Iran but reiterated that the ceasefire between the two countries is finished. ‘Iran has asked us to continue ’talks.’ We have agreed to do so, but the US has stated to them, in no uncertain terms, that the Cease Fire is over!’ Trump posted on his Truth Social platform. Brent crude for September delivery traded lower at $75.86 a barrel on Friday, down from $77.03 on Thursday. David Morrison, senior market analyst at Trade Nation, said it appears that investors are taking this latest breakdown between the US and Iran ‘in their stride’. In New York, SK Hynix, the supplier of advanced memory chips used for AI technology, raised $26.5 billion as it made its debut on Nasdaq. The chipmaker set a price of $149 for each American depositary share slightly more than its Seoul closing price on Thursday ahead of the first day of trading on Wall Street. ‘The South Korean company wanted to benefit from the appetite for AI among US investors, and it seems it won’t be disappointed,’ said Susannah Streeter, chief investment strategist at Wealth Club. The euro traded higher against the greenback, at $1.1434 on Friday against $1.1432 on Thursday. Against the yen, the dollar was trading at JP¥161.49, down from JP¥162.37 on Thursday. The pound traded at $1.3419 on Friday afternoon, up from $1.3397 on Thursday. Against the euro, sterling firmed to €1.1737 from €1.1717 on Thursday. The US 10-year Treasury yield traded at 4.56% on Friday, widened from 4.55% on Thursday, and the US 30-year Treasury yield was flat at 5.06%. Gold traded at $4,101.39 an ounce on Friday, down from $4,126.64 on Thursday. Back in London, shares in Vodafone ended up 13%. Investment vehicle Vega, owned by the Xavier Niel family, agreed to acquire Emirates Telecommunications’ 16.2% stake in Vodafone Group for £4.4 billion. This makes it the telecom firm’s largest shareholder, subject to regulatory approval. Vega said it has no intention of making a takeover offer for Vodafone and plans to engage with the UK government over the transaction. Vodafone said its relationship agreement with Emirates Telecommunications has ended, and e& nominee director Hatem Dowidar has stepped down from the board with immediate effect. BT Group shares were up 1.6%, in a positive read-across from Vodafone. JPMorgan analyst Akhil Dattani said Niel is ‘not known to be a passive investor’. ‘Hence we can’t help but wonder whether he has acquisition interest in Vodafone’s operations. Germany and UK screen most likely, considering their scale, and the opportunity for change.’ Heading lower, shares in wealth management company St James’s Place slumped 8.6% after Financial News reported that Sovereign Wealth, a large partner firm, ‘has decided to exit the group’. Financial News said that Sovereign Wealth will join advice consolidator Soderberg and Partners, where former St James’s Place chief executive David Bellamy is a board member. Analysts at RBC Capital Markets called it a ‘worrying development,’ and the most tangible evidence to date that the ‘pulling power of the STJ platform may be creaking post the charge changes that were enacted in summer 2025.’ In August 2025, STJ implemented a major overhaul to its charging structure to provide greater transparency. RBC thinks the charge changes created ‘extra friction’ for advisers at the point of sale, which ‘in our view [has] taken away one of the key ingredients of the ’secret sauce’ that helped to propel the firm to its market-leading position.’ On the FTSE 250, Hays leapt 20% as the recruiter forecast annual profit at the top end of market expectations, despite ‘challenging’ market conditions. The London-based firm said net fees fell 4% on-year in the final quarter of its financial year, or 5% on a like-for-like basis. The LFL drop was better than the 6% decline market consensus feared, and an improvement on the 8% LFL fall in the prior three months. Also on the FTSE 250, easyJet flew 14% higher after agreeing in principle to a £5.7 billion takeover proposal from asset manager Apollo Management X that beats one it had agreed to from a rival US private equity firm. The cash bid from Delaware-based Apollo is worth 715 pence per easyJet share and trumps a plan from Minneapolis-based private equity firm Castlelake LP worth 690p per share. easyJet said it was now ‘no longer minded’ to accept Castlelake’s offer and called Apollo’s proposal a ‘superior outcome’ for shareholders. JPMorgan analyst Harry Gowers said this is unlikely to be the end of interest in easyJet, and ‘we may see further offers from other financial or potentially strategic bidders.’ Castlelake, for its part, said it is considering its options. The biggest risers on the FTSE 100 were Vodafone, up 12.34p at 110.10p, Entain, up 20.80p at 550.80p, JD Sports Fashion, up 2.38p at 83.82p, Spirax, up 160.00p at 6,555.00p and Pershing Square Holdings, up 74.00p at 3,890.00p. The biggest fallers on the FTSE 100 were St James’s Place, down 108.00p at 1,155.50p, AstraZeneca, down 520.00p at 12,834.00p, Hiscox, down 43.00p at 1,856.00p, Rentokil Initial, down 9.20p at 440.00p and Babcock International, down 16.50p at 1,009.50p. Next week’s global economic calendar has US inflation figures, UK GDP data and an interest rate decision in Canada. Monday’s local corporate calendar has a trading statement from recruiter PageGroup. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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