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FTSE 100 at the close: WPP, Rolls Royce, BAE Systems, Frasers


By Patrick Munnelly, Strategist, Tickmill

The FTSE 100 experienced a modest decline following the long weekend, as investors exercised caution amidst concerns surrounding the U.S. debt deal. The index fell 105 points to sit at 7522.07 by the close.

FTSE 100 biggest movers

Advertising firm WPP LON:WPP had a positive day, marking its best performance in over three weeks, thanks to its newly announced partnership with US based chipmaker Nvidia. WPP Plc, the world’s largest advertising group, saw its shares rise by 2.0% after unveiling the collaboration with Nvidia Corp. The partnership aims to develop AI-enabled content for digital advertising, generating optimism among investors and contributing to WPP’s strong performance, Shares have, however, given back over 50% of their earlier gains to post an increase of 0.53% at the close, as US markets also pulled back from earlier highs.

Shares of British engine maker Rolls-Royce LON:RR. have declined by more than 3% today, making it the second biggest loser on London’s blue chip index. The decline in Rolls-Royce’s shares follows the news that India has filed a graft case against the company and BAE Systems LON:BA. for alleged “criminal conspiracy” related to the procurement and licensed manufacturing of 123 advanced jet trainers. According to a federal police document, the case is based on an investigation launched by India’s Central Bureau of Investigation (CBI) in 2016. Rolls-Royce has stated that the allegations being investigated were already disclosed in 2017 when the company paid a fine of £497 million ($627.26 million) to Britain’s Serious Fraud Office (SFO) to settle a case involving transactions with several countries, including China, India, and Thailand. BAE Systems, on the other hand, has deemed it inappropriate to comment on an ongoing probe. Consequently, shares in BAE have also declined by 0.8%. Rolls-Royce’s stock has experienced a significant downturn, down approximately 58% over the year-to-date, likely reflecting investor concerns regarding the graft case and its potential impact on the company’s future prospects.

On the positive side of the ledger is UK retail conglomerate Frasers Group LON:FRAS whose shares closed the day with gains of 2.6%+, placing it at the top spot for the day. The retail heavyweight confirmed a partnership with Google cloud consultancy Sada, The partnership is aimed at delivering a doubling in value of cloud investment for Fraser Group retailers. The CIO of Frasers Group confirmed “In order to fulfil our mission of becoming a global player, we needed a provider familiar with the ecosystem and capabilities to help us scale quickly and efficiently. We knew that SADA would fit the bill.”

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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