Stock prices in London were down at Friday midday, but staffing company Hays was one of the top risers as it noted that structural cost savings were progressing well.
The FTSE 100 index was down 10.96 points, 0.1%, at 9,498.44. The FTSE 250 was down 49.34 points, 0.2%, at 22,003.49, and the AIM All-Share was down 1.77 points, 0.2%, at 791.93.
The Cboe UK 100 was down 0.1% at 949.16, the Cboe UK 250 was down 0.2% at 19,260.60, and the Cboe Small Companies was down 0.2% at 17,878.72.
On the FTSE 250, Hays was the second-highest stock, rising 5.2%.
The London-based staffing firm said net fees were down 8% on-year in the first quarter ended September 30, on an actual and like-for-like basis, noting macroeconomic uncertainty and saying it expects near-term market conditions to remain challenging.
Hays added, however, that initiatives to deliver further structural cost savings of about £45 million per year by the end of financial 2029 are progressing well, and that pre-exceptional operating profit was ‘broadly stable’ and ‘in line with our expectations’.
‘When a share price is trading near 32-year lows it does not always take much to offer investors a pleasant surprise, because expectations are so low, and Hays’ first-quarter trading update seems to be a good example of this,’ commented AJ Bell’s Russ Mould.
‘A tenth straight quarter of year-on-year declines in net fee income might not sound like much to shout about, but there is no profit warning from chief executive Dirk Hahn and the rate of decline is easing. It is this improvement...which may be offering a crumb of comfort to shareholders.’
On AIM, WH Ireland fell 17%.
The stock had climbed on Thursday afternoon, after its proposed AIM delisting and £1 million sale of its wealth management business to Oberon Investments Ltd was vetoed by shareholders.
Dekel Agri-Vision fell 14%.
The West Africa-focused agricultural company’s crude palm oil production of 2,727 tonnes in the third quarter was down 49% on-year, with sales volume falling 58%. The CPO sales price increased 24%, while the price of palm kernel oil rose 47%.
In small caps, Vp rose 1.7%.
The Harrogate, England-based equipment rental company expects to deliver results for the financial year ending in late March in line with market expectations, citing analyst consensus of annual revenue of £386.1 million, which would be up 1.6% from £380.0 million in financial 2025.
Meanwhile, profit before tax, amortisation and impairment of goodwill, trade names and customer relationships and exceptional items of £37.3 million is expected, up 1.7% from £36.7 million in financial 2024.
Vp said it is being supported by the UK government’s initiatives to support infrastructure construction, despite noting subdued activity levels in rail.
Elsewhere, the UK Competition & Markets Authority on Friday confirmed Alphabet Inc subsidiary Google LLC’s strategic market status as it seeks to begin consulting on potential interventions.
Taking into account the evidence and feedback since then, the CMA confirmed that the company has been designated with strategic market status, noting it has ‘substantial and entrenched market power’ in general and search advertising.
The regulator noted that the designation does not indicate wrongdoing, but enables it to consider ‘proportionate, targeted interventions’ to make sure general search services are open to effective competition.
In European equities on Friday, the CAC 40 in Paris was up 0.50 points, while the DAX 40 in Frankfurt was down 0.3%.
The EU on Friday demanded large tech firms including Snap Inc and Alphabet Inc’s YouTube explain how they are protecting children from online harm, as member states explore restricting minors’ access to social media at a European level.
Inspired by Australia’s social media ban for under-16s, Brussels is analysing whether such a measure could work in the 27-country bloc after several states, including France and Spain, pushed for limits on minors’ access to platforms.
Meanwhile, industrial production in Italy declined in August, flash figures from national statistics office Istat showed.
Industrial production decreased by 2.4% in August from July, reversing a 0.4% increase in July from June. The August decline was worse than market expectations cited by FXStreet for a 0.4% decrease.
On an annual basis, industrial output decreased by 2.7%, following 0.9% growth in July and was worse than market expectations of a 0.4% decrease.
The pound was quoted lower at $1.3282 at midday on Friday in London, compared to $1.3305 at the equities close on Thursday. The euro stood higher at $1.1574, against $1.1563. Against the yen, the dollar was trading lower at JP¥152.73 compared to JP¥153.11.
Stocks in New York were called mixed. The Dow Jones Industrial Average was called up 0.1%, the S&P 500 index down 0.25 points, and the Nasdaq Composite down 2.75 points.
The yield on the US 10-year Treasury was quoted at 4.11%, narrowing from 4.15%. The yield on the US 30-year Treasury was quoted at 4.69%, narrowing from 4.73%.
In US political news, New York Attorney General Letitia James, who successfully prosecuted Donald Trump after he left office in 2021, was indicted on Thursday, one day after former FBI director James Comey, pleaded not guilty to his own charges.
The case against James concerns allegedly false statements she made to obtain favourable loan terms for a property she purchased in Norfolk, Virginia, in 2020.
In a statement, James rejected the charges as ‘baseless’ and said they are ‘nothing more than a continuation of the president’s desperate weaponisation of our justice system.’
Brent oil was quoted at $64.34 a barrel at midday in London on Friday, down from $65.95 late Thursday.
Gold was quoted lower at $3,999.52 an ounce against $4,020.10.
Silver traded at $50.68 an ounce, down from a high of $51.23 on Thursday, attaining levels not seen since 1980, according to Bloomberg.
Still to come on Friday’s economic calendar is Canada’s unemployment data, and the US releases mentioned above.
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