Source: Sharecast
At 0830 GMT, the FTSE 100 was up 0.6% at 8,721.03.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said that Nvidia’s results - due after the US close - are set to be a key driver of sentiment.
"Given the AI euphoria, which has swamped markets and led to the chip giant’s heady valuation, there is a keen interest in whether the seemingly insatiable demand for its products is going to continue," she said.
"The arrival of low-cost Chinese model DeepSeek rattled investors but, given Nvidia’s first mover advantage and the huge infrastructure investment plans from tech giants like Meta, it’s an indication that Nvidia’s high-end chips will remain in demand. However, investors have come to expect a lot from Nvidia given its previous record beating results so it could still be a volatile ride ahead especially if Nvidia’s misses forecasts of 72% revenue growth."
Investors were also mulling reports that Ukraine and the US have struck a minerals deal to enable Kyiv to pay back billions in military aid supplied by Washington to fight the Russian invasion.
President Volodymyr Zelenskyy was planning to travel to Washington on Friday to see his US counterpart Donald Trump to sign the agreement.
The Financial Times reported that Kyiv was ready to sign the agreement on jointly developing its mineral resources, including oil and gas, after the US dropped demands for a right to $500bn in potential revenue from the deal.
In equity markets, miners were on the front foot as copper prices rose, with Antofagasta, Glencore and Anglo American among the top performers on the FTSE 100.
Susannah Streeter said: "The threat of more potential tariffs from Trump is moving markets as investors assess the knock-on effect on goods across the global economy. Not only has the President re-committed to introducing 25% tariffs on imports from Canda and Mexico but he’s been scouting for other targets.
"Copper prices have shot up, as the metal is caught in the President’s sights. Mining stocks have helped drive the FTSE 100 higher in early trade after copper futures jumped around 4%, sparked by the President ordering an investigation into extra duties on imports. The plan would be to spark higher US production and put a dent in China’s huge share of the global market. Copper is sought after as a key component in renewable energy systems, for wind, solar power and electric vehicles for example, and prices have been steadily rising this year, after dipping back at the end of 2024."
Medical products company Convatec was the standout gainer on the top-flight index, however, as it posted a jump in full-year profit and revenue and said it expects FY25 "to be another year of strong strategic progress".
Construction and regeneration group Morgan Sindall rose as it reported a record full-year performance, hailing a "significant" contribution from the Fit Out division.
Aston Martin was also in the black as it announced plans to axe around 5% of its global workforce in a bid to cut costs, and reported a widening of its annual losses.
On the downside, Hikma Pharmaceuticals tumbled even as it posted a rise in full-year profits and revenue.
Market Movers
FTSE 100 (UKX) 8,721.03 0.60%
FTSE 250 (MCX) 20,574.94 0.62%
techMARK (TASX) 4,759.45 0.54%
FTSE 100 - Risers
Convatec Group (CTEC) 260.40p 5.43%
Antofagasta (ANTO) 1,788.50p 3.38%
Glencore (GLEN) 324.85p 2.93%
Croda International (CRDA) 3,291.00p 2.68%
Anglo American (AAL) 2,391.00p 2.44%
Prudential (PRU) 724.60p 2.37%
Barclays (BARC) 302.55p 1.92%
Associated British Foods (ABF) 1,885.00p 1.78%
Hiscox Limited (DI) (HSX) 1,084.00p 1.69%
Lloyds Banking Group (LLOY) 69.76p 1.66%
FTSE 100 - Fallers
Hikma Pharmaceuticals (HIK) 2,096.00p -8.71%
Relx plc (REL) 3,871.00p -0.87%
BT Group (BT.A) 153.60p -0.45%
Reckitt Benckiser Group (RKT) 5,276.00p -0.45%
Vodafone Group (VOD) 68.94p -0.43%
Berkeley Group Holdings (The) (BKG) 3,716.00p -0.38%
Persimmon (PSN) 1,202.00p -0.29%
Pearson (PSON) 1,329.50p -0.23%
Unilever (ULVR) 4,421.00p -0.11%
Haleon (HLN) 395.30p -0.05%
FTSE 250 - Risers
Ferrexpo (FXPO) 80.80p 8.17%
Dr. Martens (DOCS) 69.00p 4.94%
Baltic Classifieds Group (BCG) 355.50p 4.87%
Indivior (INDV) 643.00p 4.21%
Premier Foods (PFD) 191.00p 4.14%
Fidelity China Special Situations (FCSS) 266.50p 3.09%
Pets at Home Group (PETS) 236.40p 2.60%
4Imprint Group (FOUR) 5,420.00p 2.26%
Chemring Group (CHG) 381.50p 2.14%
Lancashire Holdings Limited (LRE) 594.00p 2.06%
FTSE 250 - Fallers
Moonpig Group (MOON) 212.50p -3.41%
Ithaca Energy (ITH) 137.40p -2.83%
Discoverie Group (DSCV) 560.00p -2.44%
TP Icap Group (TCAP) 256.50p -1.91%
Derwent London (DLN) 1,890.00p -1.82%
Urban Logistics Reit (SHED) 113.00p -0.88%
Raspberry PI Holdings (RPI) 586.75p -0.72%
Victrex plc (VCT) 926.00p -0.64%
Scottish American Inv Company (SAIN) 517.00p -0.58%
Vietnam Enterprise Investments (DI) (VEIL) 587.00p -0.51%