London’s FTSE 100 recovered from afternoon weakness to close higher on Thursday, 12 November, as stronger-than-expected UK economic growth and upbeat corporate results from Burberry and 3i Group helped offset uncertainty surrounding Nvidia following the resignation of Chief Executive Jensen Huang.
The FTSE 100 gained 27.62 points, or 0.3%, to finish at 10,863.09, having briefly slipped into negative territory as investors reacted to renewed volatility in US technology stocks.
The FTSE 250 edged 8.20 points lower to 24,916.84, while the AIM All-Share declined 1.1% to 756.26.
Wall Street recovered from its opening losses, with the Dow Jones Industrial Average gaining 0.4%, while the S&P 500 and Nasdaq Composite were both approximately 0.3% higher around London’s close.
Nvidia shares remained under pressure, falling 4.8%, although they had recovered substantially from an earlier decline exceeding 13%.
The semiconductor giant confirmed that Jensen Huang had resigned as President, Chief Executive Officer and a board member, ending more than three decades of leadership at the company he co-founded in 1993.
Chief Financial Officer Colette Kress has been appointed interim CEO, retaining her finance responsibilities while Nvidia searches for a permanent successor. The departure follows reports concerning Huang’s personal conduct and allegations involving a Chinese businesswoman suspected by US intelligence officials of links to Beijing.
Nvidia previously said it had no reason to believe company secrets or US national security information had been compromised. The espionage allegations remain unproven. Huang’s resignation briefly pushed Nvidia’s market capitalisation below $4 trillion, reflecting concerns over leadership continuity at one of the world’s most influential artificial intelligence companies.
Back in Britain, investors welcomed the latest official economic figures, which showed UK GDP expanding by 0.7% during the third quarter of 2026, accelerating from 0.5% in the preceding three months.
Monthly GDP increased 0.2% in September, beating expectations for stagnation, while August’s previously reported 0.1% increase was revised to no growth.
Deutsche Bank economist Sanjay Raja described the figures as unusually strong by recent UK standards, highlighting support from household consumption, business investment and government expenditure.
Peel Hunt economist Kallum Pickering estimated that growth over the first three quarters of 2026 had averaged an annualised rate of approximately 2.4%, above the firm’s estimate of the UK’s potential growth rate.
The figures reinforced expectations that the Bank of England could maintain a restrictive monetary policy stance after raising Bank Rate to 4% earlier this month.
Burberry was the FTSE 100’s strongest performer, surging 8.1% to 1,180.50p, after the luxury fashion group returned to profitability and reported stronger-than-expected first-half results. The company recorded pre-tax profit of £19 million for the 26 weeks ended 26 September, compared with a £48 million loss a year earlier.
The results provided further evidence of progress in Burberry’s turnaround strategy, although management continues to operate in a competitive and unpredictable global luxury market.
3i Group climbed 5.7% to 2,710p after announcing a new share buyback, increasing its interim dividend and reporting growth in net asset value.
The private equity investor also increased its stake in Action, the Dutch discount retailer that remains its largest portfolio investment.
Elsewhere, Rolls-Royce gained to 1,369.60p, while United Utilities advanced to 1,570p.
However, Endeavour Mining plunged 8.5% to 3,778p after warning that gold production at its Mana operation in Burkina Faso would fall below the lower end of its previous guidance range of 155,000 to 180,000 ounces.
The company cited operational disruption associated with a previously disclosed partial ramp subsidence.
Gold prices fell sharply to $3,865.83 an ounce, compared with approximately $4,000.66 on Wednesday, adding pressure to precious metals producers.
Fresnillo declined 3% to 2,444p, reflecting the weaker gold market.
In the FTSE 250, B&M European Value Retail surged 21% after reporting an acceleration in UK like-for-like sales during its second quarter.
Metro Bank jumped 9.7% after announcing a strategic review that includes a formal sale process.
By contrast, Dr Martens shares slumped 15% after the footwear group reported a 9.8% decline in first-half revenue to £290.4 million.
Boot sales fell 11% to 4.2 million pairs, with management citing the impact of exceptionally hot summer weather on demand.
WH Smith declined 6.7% after issuing subdued guidance and reporting weaker like-for-like sales growth at the beginning of its new financial year.
In currency markets, sterling weakened to $1.3233 against the US dollar, compared with $1.3284 on Wednesday, while easing against the euro to €1.1968. The dollar strengthened to ¥159.97, while US Treasury yields rose as investors continued assessing expectations for further Federal Reserve interest rate increases.
The US 10-year Treasury yield reached 5.08%, while the 30-year yield climbed to 5.42%.
Brent crude traded at approximately $93.53 a barrel, slightly below Wednesday’s $94.03.
Thursday’s trading demonstrated the resilience of selected UK equities despite renewed turbulence in the technology sector, with strong corporate earnings and economic growth figures helping London’s blue-chip index finish higher.
Investors will now turn to Friday’s eurozone GDP figures and US producer price inflation, alongside a trading update from Aviva and half-year results from Land Securities.
The FTSE 100’s 28-point advance leaves the index above 10,860, with attention shifting towards inflation, interest rates and the potential wider implications of Nvidia’s leadership transition.
