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(Alliance News) - The FTSE 100 edged higher on Thursday, extending its best winning run since 2017, supported by tech-inspired gains on Wall Street.
The FTSE 100 index closed up just 1.95 points at 8,496.80. The FTSE 250 advanced 250.38 points, 1.3%, at 20,134.97, and and the AIM All-Share gained 9.26 points, 1.3%, at 699.98.
The Cboe UK 100 ended up 0.5% at 847.87, the Cboe UK 250 rose 1.6% at 17,657.54, while the Cboe Small Companies gained 0.6% at 15,366.66.
Holding the blue-chip FTSE 100 back, falls in index heavyweight defensive drugs firms AstraZeneca and GSK, down 2.3% and 2.0%.
Marks & Spencer Group's woes continued, falling 2.1%, as its online operations remained closed as the impact of last week's cyber attack rumbled on.
Lloyds Banking Group also weighed, down 1.9%, after first quarter underlying profit missed expectations.
The Edinburgh-based bank said pretax profit totalled GBP1.52 billion in the first quarter of 2025, down 6.7% from GBP1.63 billion the previous year.
Underlying profit declined 13% to GBP1.53 billion from GBP1.76 billion, missing GBP1.59 billion market consensus.
Higher net income and reduced volatility were more than offset by higher operating costs and a higher impairment charge, the bank said in a statement.
In Paris, the CAC 40 was closed for Labour Day, as was Frankfurt's DAX 40.
On Wall Street, at the time of the London close, the Dow Jones Industrial Average traded 0.9% higher, the S&P 500 jumped 1.4%, while the Nasdaq Composite surged 2.5%.
Gains in two of the 'Magnificent Seven' underpinned the latest gains across the pond with Microsoft, up 9.2%, and Meta Platforms, up 5.2%, after well-received results.
JPMorgan analyst Mark Murphy said Microsoft results confirmed his view that investors had become "too pessimistic" in the near-term.
The Richmond, Washington-based software and technology firm reported diluted earnings per share climbed 18% to USD3.46 in the third quarter from USD2.94, ahead of USD3.22 LSEG consensus.
Revenue jumped 13% to USD70.07 billion from USD61.86 billion a year prior, beating LSEG consensus of USD68.42 billion.
Microsoft called for revenue in the range of USD73.15 billion to USD74.25 billion for its financial fourth quarter. At the mid-point, the outlook is higher than LSEG's USD72.26 billion consensus.
Elsewhere, analysts queued up to increase share price targets for Meta Platforms following its first quarter results.
The results released by the Menlo Park, California-based owner of Facebook, Instagram and WhatsApp after the New York close on Wednesday were better-than-expected, while guidance also impressed.
Jefferies raised its target to USD700 from USD600 and kept a 'buy' rating.
"We see evidence that AI investments are paying off", the broker said, noting strong results and "better-than-feared" guidance.
After Thursday's close, results from iPhone maker Apple and online retailer Amazon.com will be released.
Thursday's economic data saw a drop in US manufacturing activity, although the fall was not as bad as feared.
The ISM's manufacturing PMI hit 48.7 in April, down from 49.0 in March but higher than an FXStreet-cited consensus for 48.0.
Against the yen, the dollar was trading higher at JPY145.50 on Thursday at the London equities close compared to JPY142.66 on Wednesday.
The yen's slide came after the Bank of Japan left its key interest rate unchanged at around 0.5% but revised down its growth forecasts for the world's fourth-largest economy.
The bank said it now expects Japan's gross domestic product to rise 0.5% in fiscal 2025, down from its previous estimate of 1.1%, and to expand 0.7% in fiscal 2026, down from 1.0%.
"A less hawkish, more uncertain Bank of Japan helped lift the dollar," remarked Bannockburn Global Forex analyst Marc Chandler.
The pound traded lower at USD1.3283 compared to USD1.3357 on Wednesday.
The euro stood lower at USD1.1274 on Thursday against USD1.1365 on Wednesday.
Supporting the FTSE 100, gains in Premier Inn owner Whitbread, which closed 3.4% to the good, after first quarter results.
AJ Bell's Russ Mould said "there were encouraging signs for shareholders in the company's first-quarter update. Notably it is outperforming the wider market and sees forward bookings ahead of the levels seen at this time last year."
"To signal its confidence in the outlook the company has served up another healthy share buyback," he noted.
Whitbread said the GBP250 million share buyback programme will be completed by April 30 next year.
Informa climbed 4.2% after noting a "strong" start to 2025, reporting revenue growth and reaffirming its annual guidance.
The London-based business information and events company said growth was broad-based, with 7.6% underlying revenue growth in the first quarter and more than GBP2.5 billion of full-year revenue already traded, booked or committed.
Housebuilder Persimmon was also in the green, up 2.9% after it said it is on track to hit its completions target in 2025 after a strong first quarter.
Chief Executive Dean Finch said: "Persimmon has started the year well, building on our strong performance in 2024 with an improved private sales rate, an increase in average selling prices and further growth in our network of outlets."
The CEO of the York, England-based housebuilder added that Persimmon has seen "no immediate impact on the business or on customer confidence from the recent geopolitical uncertainty."
Ferrexpo leapt 20% after the US and Ukraine struck a natural resources deal, boosting hopes of progress in peace talks.
But shipping broker Clarkson plunged 9.9% after it warned the recent changes in US government policy will impact results for 2025.
The firm expects underlying pretax profit between GBP85 million and GBP95 million in 2025, down at least 18% from the GBP115.3 million Clarkson had reported for 2024.
Brent oil was quoted lower late on Thursday in London at USD61.38 a barrel, against USD62.60 late on Wednesday.
Gold traded slightly higher at USD3,311.72 an ounce on Thursday against USD3,308.91 on Wednesday.
The global economic diary on Friday has US nonfarm payrolls.
The domestic corporate calendar on Friday has first quarter results from NatWest, Standard Chartered, Shell, Rotork and Pearson.
By Jeremy Cutler, Alliance News reporter
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