London midday: Stocks edge higher as oil majors, M&S rally
By Michele Maatouk
Date: Monday 08 Sep 2025
(Sharecast News) - London stocks had edged up by midday on Monday, helped along by a strong showing from oil majors BP and Shell, with Japanese and French politics in focus.
The FTSE 100 was up 0.2% at 9,223.73.
Russ Mould, investment director at AJ Bell, said: "The FTSE 100 ticked higher on Monday as investors shrugged off the weak US jobs numbers which affected sentiment at the end of last week.
"Investors were hoping for a Goldilocks number - which was not hot enough to prevent the Federal Reserve from cutting rates when it meets next week but not so tepid that it reignited fears of recession in the world's largest economy.
"In the end, the reading came in significantly below expectations and led to concern about a downturn in the US.
"Asia was front of mind for investors at the start of the new week. If Japanese Prime Minister Shigeru Ishiba was looking for a pick-me-up after announcing his resignation, he won't have got one from looking at the market reaction to the news.
"The Nikkei 225 moved higher with investors excited both by the resolution to an issue which had been bubbling away since his governing party suffered election defeats and by the possible candidates to replace him.
"One candidate is significant. Sanae Takaichi is an acolyte of the late Shinzo Abe whose Abenomics helped boost Japanese growth in the 2010s and would be expected to lean towards deregulation and a loose monetary policy if chosen.
"Such a stance would be favourable for equities and potentially push down the value of the yen, which in turn would be supportive to Japan's export-driven economy."
French politics were also being watched as Prime Minister Francois Bayrou looked set to lose a confidence vote.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: "He called the snap poll given the supreme difficulties he's faced pushing through spending cuts. France is grappling with a highly disillusioned electorate, resistant to austerity moves, which makes reducing the country's large deficit highly tricky.
"His ejection will mean President Macron will be forced to name the fifth prime minister in the France in less than two years. France is being seen as the most 'troublesome child' in Europe when it comes to fiscal position. But it's the Prime Ministers who keep being expelled for being unable to tame unruly lawmakers and impose spending restraint."
In equity markets, Marks & Spencer was the standout gainer on the FTSE 100 after Citi upgraded the stock to 'buy' from 'neutral' and lifted the price target to 440p from 380p as it said structural tailwinds are underappreciated.
BP and Shell gushed higher as oil prices rose after OPEC+ agreed on Sunday to gradually lift output next month.
PRS REIT shot to the top of the FTSE 250 as it confirmed it is in talks with private equity firm KKR about a possible offer for the company.
Responding to press speculation, PRS REIT said KKR "is participating in the company's strategic review and formal sale process" but that it has not made an offer.
Construction firm Vistry advanced after saying it has formed a long-term investment joint venture with Homes England, Westminster's housing and regeneration agency, to accelerate the development of large-scale residential sites across England.
On the downside, retirement savings and income business Phoenix Group fell despite saying it was "firmly on track" to hit its medium-term targets after a strong first half, during which profits surged by a quarter.
The company also announced that it is to change its group name to Standard Life in March 2026, "helping with our objective to simplify our business".
Market Movers
FTSE 100 (UKX) 9,223.73 0.17%
FTSE 250 (MCX) 21,716.79 0.65%
techMARK (TASX) 5,451.76 0.04%
FTSE 100 - Risers
Marks & Spencer Group (MKS) 352.70p 2.89%
Fresnillo (FRES) 2,156.00p 1.79%
Entain (ENT) 879.80p 1.78%
Smurfit Westrock (DI) (SWR) 3,487.00p 1.63%
JD Sports Fashion (JD.) 95.88p 1.57%
BP (BP.) 421.10p 1.42%
ICG (ICG) 2,180.00p 1.40%
Standard Chartered (STAN) 1,385.50p 1.39%
Weir Group (WEIR) 2,566.00p 1.34%
Shell (SHEL) 2,661.50p 1.33%
FTSE 100 - Fallers
Phoenix Group Holdings (PHNX) 623.00p -6.64%
Diageo (DGE) 1,994.00p -2.06%
M&G (MNG) 256.00p -1.65%
Bunzl (BNZL) 2,554.00p -1.31%
Unilever (ULVR) 4,707.00p -1.30%
Admiral Group (ADM) 3,304.00p -1.14%
Haleon (HLN) 362.00p -1.07%
Games Workshop Group (GAW) 15,180.00p -1.04%
Airtel Africa (AAF) 218.60p -0.99%
AstraZeneca (AZN) 11,996.00p -0.78%
FTSE 250 - Risers
PRS Reit (The) (PRSR) 105.60p 7.76%
Investec (INVP) 573.50p 5.32%
Vistry Group (VTY) 646.40p 3.82%
Hochschild Mining (HOC) 337.60p 3.50%
Raspberry PI Holdings (RPI) 431.10p 3.14%
Burberry Group (BRBY) 1,264.50p 3.06%
Currys (CURY) 132.20p 2.72%
B&M European Value Retail S.A. (DI) (BME) 246.30p 2.71%
Hammerson (HMSO) 281.00p 2.48%
NCC Group (NCC) 149.20p 2.48%
FTSE 250 - Fallers
Vietnam Enterprise Investments (DI) (VEIL) 734.00p -1.87%
W.A.G Payment Solutions (EWG) 104.50p -1.42%
Domino's Pizza Group (DOM) 207.40p -1.24%
SDCL Efficiency Income Trust (SEIT) 58.50p -1.02%
Ocean Wilsons Holdings Ltd. (OCN) 1,205.00p -0.82%
Trustpilot Group (TRST) 204.00p -0.78%
Morgan Advanced Materials (MGAM) 215.50p -0.69%
WH Smith (SMWH) 664.00p -0.67%
Pollen Street Group Limited (POLN) 890.00p -0.67%
Zigup (ZIG) 311.00p -0.64%
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