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FTSE 100 adds 36 points to 10,438
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Natwest jumps 1.9% on 2025 earnings
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Asian markets fall on AI-jitters
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Nasdaq leads losses on Wall Street, down 2%
The FTSE 100 started Friday the 13th on the front foot, brushing off AI concerns that sent Wall Street and Asian markets lower overnight.
London’s blue-chip index gained 36 points to 10,438.01 in opening trades, recovering some of Thursday’s losses. It closed at a record high on Wednesday.
Top of the Friday leaderboard is RELX PLC (LSE:REL), up 2.9% and building on yesterday’s gains after full-year results met expectations and management unveiled a larger than forecast £2.25 billion share buyback.
NatWest Group PLC (LSE:NWG) is up 1.9% after it reported a strong rise in 2025 earnings and pledged more returns to shareholders. More on that shortly.
Private equity firm 3i Group PLC (LSE:III) is up 1.7% and Lloyds Banking Group PLC (LSE:LLOY) has gained 1.5%.
On the downside, sports betting group Entain PLC (LSE:ENT) is down 3.1%, British Land Company PLC (LSE:BLND) has shed 1.6% and Burberry Group PLC (LSE:BRBY) is down 1.5%.
While the FTSE 100 seems poised to shrug off any “Friday the 13th” superstitions, the real bad luck hit risk assets yesterday, and the ripple effects are still being felt across Asia this morning.
The catalyst? An improbable disruption from the micro-cap world. Deutsche Bank’s Jim Reid highlighted the irony of the situation:
“It’s perhaps indicative of the state of markets at the moment that a $6 million market cap company that until recently specialised in Karaoke helped wipe tens of billions off logistics stocks to add to the weakness.”
The company in question is Algorhythm Holdings. Formerly a karaoke business, the firm recently pivoted to AI, unveiling a tool designed to aggressively optimise freight efficiencies. Ironically, by promising to eliminate industry waste, the tool signalled a potential drop in overall demand for shipping services, triggering a massive sell-off in major trucking and logistics shares on Thursday.
Reid didn’t miss the chance to lean into the comedy of the pivot:
“I’ve seen some shocking Karaoke performances in my time, but this perhaps tops them all.”
The FTSE 100 is set to open higher as the week draws to a close, after pulling back from a record high in Thursday’s session.
London’s blue-chip index has been called 12 points higher on the futures market. Yesterday, it closed 69 points down at 10,402 as Wall Street also retraced gains due to ongoing worries about AI-driven disruption and ahead of a key inflation reading today.