FX.co ★ FTSE 100 Eyes New Record, Set for 2% Weekly Gain

The FTSE 100 exhibited gains on Friday, poised to achieve a record close and a weekly rise of nearly 2%. This uptick was driven by robust performances from banks including Barclays, NatWest, and HSBC. Energy giants Shell and BP also saw modest increases, though gains were tempered by declines in Unilever, Diageo, and GSK. In corporate developments, Princes Group revealed its intentions to go public on London’s main market, providing a positive signal for the UK's IPO landscape. The food company, recognized for tinned fish and renowned brands such as Flora and Branston pickle, reported revenue of £2.1 billion for 2024, with adjusted earnings at £122.3 million. Concurrently, JD Wetherspoon reported a rise in profits and like-for-like sales growth of 5.1% for the year ending in July, though noted a slight deceleration, still outperforming the industry average. Chairman Tim Martin highlighted ongoing cost challenges, particularly in energy, potentially impacting future results. On a global scale, attention remained on the US government shutdown, now extending into its third day.