London stocks suffered a sharp sell-off on Friday, with the FTSE 100 recording its worst session since the outbreak of the Iran conflict. The FTSE 100 closed down 1.9%, with major utilities among the biggest fallers.
Severn Trent dropped 7.9%, while United Utilities fell 7.6%. The more domestically focused FTSE 250 also ended lower, falling 1.3% amid broader weakness across UK equities.
Elsewhere on AIM, the junior market ended its recent winning streak amid broader political instability in the UK. The AIM market closed the week around 0.6% lower, underperforming the FTSE 100 amid volatility in gilt markets and growing uncertainty surrounding Prime Minister Keir Starmer’s leadership.
Risers
Among takeover stories, Cordel Group PLC almost doubled in value after Germany’s Vossloh agreed to acquire the business in a £29 million deal.
Bradda Head Lithium Ltd jumped 74% after signing a memorandum of understanding with Tyfast Energy to explore a domestic US lithium supply chain for advanced battery anodes.
Metals One PLC gained 50% after expanding its agreement with DISA Technologies relating to uranium mine waste evaluation at the Uravan Belt project in Colorado.
Meanwhile, Rome Resources Plc rose after Allenby Capital increased its valuation estimate for the Bisie North tin project in the Democratic Republic of Congo.
Investors responded positively to the update, with Blackbird shares rising 12.1% to 1.85p as markets welcomed progress in the commercialisation of elevate.io and the company’s positioning within the growing cloud video editing and content creation sector.
Biggest fallers
On the downside, Engage XR Holdings PLC was among the week’s weakest performers, falling 30% after reporting lower revenues and weaker demand from corporate customers.
Microlise Group PLC also dropped 30% following a mixed trading update that included weaker profit performance and softer revenue guidance.
ValiRx lost 25% after announcing a fundraising expected to raise approximately £1.2 million to support research and development activities.
Zanaga Iron Ore Company Limited has raised £5.7 million through a placing priced at 4 pence per share, with the fundraising exceeding the company’s original target. Despite the oversubscribed placing, shares in Zanaga Iron Ore fell 5.81% to 4.05p
