FTSE 100 rises as oil prices fall; Airtel Money set for LSE debut

Summarised from 3 outlets · Updated 9 Oct, 17:55 · Archive

The FTSE 100 gained 1.1% on Friday as oil prices fell, though telecommunications stocks declined on satellite competition concerns.

The FTSE 100 ended the week up 110.45 points at 10,552.05, representing a gain of 1.1%, as European equities rallied on Friday. The FTSE 250 climbed 269.90 points, or 1.1%, to 24,213.78, while the AIM all-share added 6.86 points, or 0.9%, at 777.53. For the full week, the FTSE 100 was up 0.9%, the FTSE 250 up 0.1%, and the AIM all-share down 0.8%.

The recovery followed a modest decline in oil prices. Brent oil was quoted at 104.86 dollars a barrel on Friday, down from 105.57 dollars on Thursday. This followed US President Donald Trump ruling out a strike on Iran before next month's US midterm elections, with Mr Trump stating that Washington was holding 'productive discussions' with Tehran.

Telecommunications stocks fell sharply despite the broader market rally, as worries of competition from satellite-based mobile services prompted investor caution. In continental Europe, the CAC 40 in Paris ended up 1.0% and the DAX 40 in Frankfurt rose 1.1%.

AJ Bell's investment director Russ Mould noted that 'markets continue to move like a yo-yo as investors with a short-term view flip-flop between inflation and interest rate concerns to corporate earnings strength'. He added that whilst the trading week's finish on a positive note was 'welcome', the 'past few weeks and months have taught us that sentiment can switch on the smallest thing'.

Airtel Money was set to begin trading on the London Stock Exchange on Friday, priced at £1.96 per share with a valuation of around £5.3bn. The mobile payments firm's flotation was expected to mark the largest London IPO in five years, with existing shareholders including the Qatar Investment Authority and Mastercard offering 270 million shares expected to raise around £529m. The company said it expects to have a 'free float that would make it eligible for inclusion' in the FTSE indices.

FTSE 100 rises as oil prices fall; Airtel Money set for LSE debut — Image: Evening Standard

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How it is being reported

Stocks rebound but SpaceX fears spark telecommunications fallsIn London, the FTSE 100 index ended up 110.45 points, or 1.1%, at 10,552.05.Evening Standard · 9 Oct, 17:31
Stocks rebound but SpaceX fears spark telecommunications fallsIn London, the FTSE 100 index ended up 110.45 points, or 1.1%, at 10,552.05.Independent Business · 9 Oct, 17:31
FTSE 100 Live: Stocks jittery after bound rout hits global marketsWelcome back to City AM‘s FTSE 100 liveblog. Markets have been left on edge after the price of oil spiked this week leading to a global bond sell-off. The UK’s 10-year gilt yield rose ten basis point yesterday before giving up some gains to settle seven basis points higher at 5.45 per cent in a blow to [...]City AM · 8 Oct, 06:49

In this story: Airtel Money · Qatar Investment Authority · Mastercard · London Stock Exchange · Donald Trump · Russ Mould · AJ Bell

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