The FTSE Finish Line: July 31 - 2025
Patrick Munnelly, Partner: Market Strategy, Tickmill Group.
London's leading stock indexes recorded modest gains on Thursday, bolstered early on by upbeat corporate updates from major players like Rolls-Royce. However, a wave of tariff announcements tempered investor enthusiasm, leaving the benchmark index hovering near flat into the close. The aerospace and defence index was the top gainer, increasing by 5.7%, largely due to Rolls-Royce's reaching a record high and rising 9.2% after improving its outlook for full-year operating profit and free cash flow. As the August 1 deadline approaches, U.S. President Donald Trump has announced new tariffs affecting copper imports and goods from Brazil, South Korea, and India, while also terminating exemptions for small-value international shipments. On the other hand, industrial miners experienced the most significant decline, decreasing by 4.3% in response to falling copper prices. MET/L Glencore dropped 4.3%, Anglo American fell 4.8%, Antofagasta saw a 5.7% drop, and Rio Tinto decreased by 4.1%.
Single Stock Stories & Broker Updates:
Rentokil shares rose 3.5% to 358.9p, making it one of the top gainers on the FTSE 100 index. The British pest control firm maintained its full-year outlook and reported a 3.1% growth in half-year revenue. It anticipates that annual results will meet market expectations. However, shares have decreased by approximately 14% year-to-date up to the last close.
Rolls-Royce shares rose 10.7% to 1,094p, hitting a record high as the FTSE 100 gained 0.51%. The company raised its FY operating profit and free cash flow forecasts, with H1 operating profit up 67% to £1.7 billion ($2.25 billion). Year-to-date, RR is up ~90%, while the FTSE is ~12% higher.
Drax shares rose 5% to 712p, with the company supplying 5% of Britain's electricity and extending its share buyback by £450 million. Pellet production reached record levels, up 5% in the first half, while HY adjusted core profit fell 11% to £460 million. DRX is up ~10% YTD.
Shares of St James's Place rose 5.6% to 1,234p, the highest since April 2023. The wealth manager reported a doubling of half-yearly net inflows, launched a £63.4 million share buyback, and posted a 17% YoY increase in HY post-tax underlying cash results. Year-to-date, SJP has increased by about 42%.
Shares of Robert Walters fall 6.9% to 151.4 pence, a low since November 2009. The company reports a 14% drop in H1 fee income, declares no interim dividend, and sees no near-term improvement in hiring markets. Including current changes, RWA is down about 52% YTD.
Just Group's shares surge 68.7% to 213 pence, marking a potential record one-day increase. The company will be acquired by Canada's Brookfield Wealth Solutions for £2.4 billion, with shareholders receiving 220 pence per share. Year-to-date, shares are up 31.16%.
Technical & Trade View
FTSE Bias: Bullish Above Bearish below 9000
Primary support 8600
Below 8500 opens 8400
Primary objective 9200
Daily VWAP Bullish
Weekly VWAP Bullish
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Patrick has been involved in the financial markets for well over a decade as a self-educated professional trader and money manager. Flitting between the roles of market commentator, analyst and mentor, Patrick has improved the technical skills and psychological stance of literally hundreds of traders – coaching them to become savvy market operators!