Saudi Press

Saudi Arabia and the world
Monday, Jun 30, 2025

UK equities head for best week since mid-March

UK equities head for best week since mid-March

UK's FTSE 100 inched higher on Friday, putting the blue-chip index on course for its best weekly showing since mid-March, although oil and gas stocks came under renewed pressure after the UK government's windfall tax plan this week.
The FTSE 100 (.FTSE) rose 0.1%, with most European markets looking set to end the week higher, taking heart from a Wall Street rally after the Federal Reserve minutes suggested it could pause its rapid rate hikes later this year.

UK-listed global miners such as Glencore (GLEN.L), Rio Tinto (RIO.L) and Antofagasta (ANTO.L) rose about 2% each as copper and iron ore prices were boosted by a weaker dollar.

However, oil majors such as BP (BP.L) and Shell (SHEL.L) slipped about 1% after Britain announced a 25% windfall tax on oil and gas producers' profits on Thursday.

Power generators such as SSE (SSE.L), Centrica (CNA.L) and Drax (DRX.L) dropped between 2.7% and 3.7%, while Harbour Energy (HBR.L), the biggest UK North Sea oil and gas producer, dropped 6.7% and EnQuest (ENQ.L) fell 8.6%.

"The big shakedown will be how investors in the UK's oil and gas majors like BP and Shell will feel about windfall taxes," said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown.

"While not a long-term problem for profits, the incentivisation to invest their profits could see dividends trimmed."

The domestically oriented FTSE 250 midcap index (.FTMC) gained 0.5%, with transport group FirstGroup Plc (FGP.L) extending gains for a second day after attracting buyout interest from an investment firm.

Both the FTSE 100 and FTSE 250 indexes were set to post their biggest weekly gains in over two months, with banks and retailers providing the biggest boost.

Retailers have gained this week after the government's new 15 billion pound ($19 billion) package of support for households spurred hopes of more spending.

Food delivery company Deliveroo (ROO.L) slipped 2.4% after JPMorgan downgraded the stock to "neutral".
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
×