FTSE 100 Live: Index slips into red; US markets tipped for profit taking

US markets were tipped for some profit-taking on Friday after a strong run that had seen Dow Jones rise for six days straight after falling for the previous ten.

Yesterday, the Dow rose 29 points or 0.1% to 43,326 while the S&P 500 was flat, dipping 2.4 points to 6,038.

Futures some two hours ahead of the open suggested the Dow would open more than 130 points lower, Nasdaq 85 down and the S&P 500 off by around 21 points

Talking to Bloomberg, one trader said the most important thing to watch currently is the Treasury ten-year bond yield, currently at a seven-month high, which is an indicator of fears about the impact on inflation of the Trump administration.

Other than that, he said activity currently was largely technical position shifting.

In Asia, the benchmark MSCI index climbed for the fifth straight day, its best run since July.

FTSE 100 down 3 at 8,133.

10:51: Raspberry Pi (LON:RPI) charge continues

Raspberry PI’s end-of-year charge continues with shares in the computer firm up a further 10% today a new all-time high.

Listed at 280p in July, the success of the DIY-PC maker’s short life on the London stock exchange is fast becoming a counter to accusations that tech can’t work in London.

Recent buying by US investment group SW Investment Management is seemingly the reason behind the recent run, which has seen the share price double from 327p at the end of November.

A tightly held shareholder base is another reason, with well over 50% of the shares held by just two shareholders.

Shares jumped 60p to 658p, valuing the group at just under £1.3 billion.

FTSE 100 down 3 at 8,133.

9.37am: SRT gains on new $9mln contract

SRT Marine Systems PLC (LON:SORA) (LSE:SRT) moved higher on Friday on news of a new US$9 million (£7.2 million) contract in the Middle East.

SRT, which provides maritime domain awareness, security and environmental systems, noted on Friday that the contract, unveiled in November, had been signed and was now being implemented.

This would run for ten years and was with an existing Middle East coast guard customer, the AIM-listed company added.

“We are delighted to have commenced this system upgrade with this long-standing and highly valued coast guard customer,” chief executive Simon Tucker said.

“[We] look forward to many more years of business with them as they grow and enhance their national maritime surveillance and intelligence capabilities.”

Shares gained 2.1% on Friday, having surged by 43.0% to 42.9p over the past six months.

8.48am: Centrica (LON:CNA) kicks off additional £300mln buyback

Centrica PLC (LSE:CNA) has started buying back an additional £300 million worth of shares to take repurchases to £1.5 billion since November 2022.

British Gas owner Centrica on Friday noted the buyback extension would be completed by September 2025 and see approximately 4.6% of its issued shares repurchased.

Some 20% of Centrica’s issued capital would have been bought back between November 2022 and September 2025 as a result, Centrica said in a previous update.

Goldman Sachs (NYSE:GS) and Merrill Lynch would carry out the latest buyback on its behalf, Centrica added.

British Gas had been among firms to see profits spike as prices skyrocketed for consumers during the energy crisis.

Centrica guided for mean net cash of £2.56 billion for 2024 previously, though profits have scaled back since the crisis after the likes of allowances for firms to recoup consumer debt in Ofgem’s energy price cap ran their course.

8.21am: FTSE 100 drops early on

London’s blue chips failed to build on gains over the shortened Christmas week as the FTSE 100 dropped eight points to 8,128 early on Friday.

Stocks had gained slightly earlier in the week following a sharp drop in the wake of the Federal Reserve’s December meeting and hawkish commentary on rate cuts ahead.

Anglo American PLC (LSE:AAL) led Friday’s fallers with a 1.4% drop, ahead of the likes of Haleon PLC (LSE:LON:HLN, NYSE:HLN) and National Grid PLC (LSE:LON:NG.).

DS Smith PLC (LSE:LON:SMDS) topped the risers in the meantime in the absence of any major movers, gaining 1.3%.

Elsewhere, AIM-listed Gelion PLC (AIM:GELN) was among the few to report on Friday, with shares dropping 8.0% after the battery firm’s update… Read more

8.10am: Tech firms face £70mln annual bill from Online Safety Act

Technology giants are facing a £70 million annual bill to foot the cost of new internet safety laws in the UK.

A new levy, under consideration by regulator Ofcom, would see companies' global revenue pay for the extra costs of enforcing the Online Safety Act.

Consultation documents, cited by The Telegraph, said around 20 firms which met a revenue threshold would contribute to the cost.

Facebook (NASDAQ:META) owner Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB), Alphabet (NASDAQ:GOOGL) Inc (NASDAQ:GOOG)’s Google, Microsoft Corp (NASDAQ:MSFT), Apple Inc (NASDAQ:AAPL, ETR:APC) and TikTok would likely cover around 91% of the cost, according to the document.

Such costs would be covered through a 0.02% tax on “qualifying worldwide revenue”, meaning the five largest firms could pay in excess of £10 million each.

The Online Safety Act is set to be implemented in January in a bid to keep children safe on the internet, including through the use of age checks on some sites.

Further rules in March will then stretch to the likes of social networks and search engines.

7.39am: High Streets lose out on Boxing Day boost

Boxing Day failed to bring a festive boost for brick-and-mortar retailers, preliminary figures showed on Thursday.

According to MRI Software (ETR:SOWGn), footfall across Britain’s high streets had dropped by 9.6% year on year come Thursday evening, while shopping centres faced a 5.1% drop.

Online shopping channels were likely to have dominated once again as retailers looked to draw consumers in with the traditional post-Christmas sales.

However, overall activity fell by 7.6% across all UK retail destinations, dampening hopes for an uptick after wider economic pressures have hit shops recently.

Physical shops looked to have faced a sharp drop in footfall against historic levels too, with the figures showing in-store visits down 20.5% against pre-pandemic levels.