Tesco Shares Jump After Lifting Annual Forecast

Shares of Tesco popped over 5% after the supermarket chain raised guidance and reported growing market share. The S&P 500 and gold both struck record highs, with bullion touching $3,896 per ounce before easing slightly on Friday morning. Oil prices briefly rose after a fire at Chevron’s El Segundo refinery, though remains sharply lower on the week.

Equities

The FTSE 100 closed 0.2% lower on Thursday, slipping back after touching a fresh record high earlier in the day. Losses in healthcare and energy stocks outweighed gains elsewhere, with BP and Shell each down nearly 1% as oil prices fell for a fourth consecutive session on concerns of oversupply.

Tesco was the strongest performer on the blue-chip index, closing 5.2% higher after lifting its annual profit forecast. The supermarket pointed to strong customer demand, investment returns and continued market share gains. Experian fell 4.2%, the worst performer on the index, after FICO launched a direct-to-reseller licensing model for its credit score algorithm, raising concerns over reduced reliance on traditional credit bureaus.

Morgan Sindall surged 11.4% to record highs after the construction group said its 2025 results would be “significantly” ahead of expectations. Private equity firm 3i Group rose 4.1% following reports it is exploring potential divestments, including its French IT maintenance provider Evernex.

In the US, Wall Street’s three major indices closed at record highs on Thursday with modest gains. The Dow rose 0.17% to 46,519.72, the S&P 500 edged up 0.06% to 6,715.35 and the Nasdaq gained 0.39% to 22,844.05. Technology shares provided the most support, with the semiconductor index rising 1.9% to a record close. Nvidia, Apple and Broadcom helped drive the advance.

Tesla closed 5% lower, its sharpest fall since late July, giving back early gains that followed a strong quarterly deliveries report. Analysts flagged risks to future sales as the $7,500 US federal tax credit is withdrawn.

Equifax and TransUnion dropped 8.5% and 10.6% respectively after FICO unveiled its new licensing programme allowing lenders access to credit scores without the traditional bureaus. FICO shares surged almost 18% on the news.

Occidental Petroleum slipped 7.3% after confirming the $9.7 billion sale of its petrochemical division to Warren Buffett’s Berkshire Hathaway.

Forex & Commodities

The US dollar strengthened on Thursday after four days of losses, rebounding against the Japanese yen as traders reassessed positions amid the ongoing US government shutdown.

The dollar index rose to 97.86, while the euro slipped to $1.1719. Against the yen, the greenback traded at 147.2. Sterling also edged lower to $1.344, with investors focusing on the UK’s upcoming November budget and its fiscal implications.

Gold extended gains into Friday morning, trading at $3,859 per ounce after reaching a record $3,896 yesterday. The metal is on track for a seventh straight weekly rise, supported by expectations of lower US rates and safe-haven demand during the shutdown. Silver rose to $47.24, while platinum slipped to $1,567 and palladium firmed to $1,248.

Oil prices moved higher early Friday after a fire at Chevron’s El Segundo refinery in California, lifting Brent to $64.73 and WTI to $61.10. Despite the bounce, both benchmarks remain sharply lower on the week as markets brace for a potential OPEC+ decision this weekend to increase supply, with some members pushing for output to rise by as much as 500,000 barrels per day in November.