The FTSE 100 ended Friday’s session in positive territory, lifted by a double-digit rally in Vodafone shares following a major shareholder announcement.
The FTSE 100 closed up 24.84 points, or 0.2%, at 10,497.29, while the FTSE 250 gained 130.85 points, or 0.6%, to finish at 23,371.41.
Despite the positive Friday close, the FTSE 100 still posted a weekly decline of 1.7%, with the FTSE 250 and AIM All-Share also finishing the week lower.
Vodafone (VOD.L) was the standout performer of the session, with shares closing up 13% after investment vehicle Vega agreed to acquire a significant stake in the telecoms group.
Vega, owned by the Xavier Niel family, agreed to purchase Emirates Telecommunications’ 16.2% stake in Vodafone Group for £4.4 billion, making it the firm’s largest shareholder subject to regulatory approval.
Vega stated it has no intention of making a takeover offer for Vodafone and plans to engage with the UK Government over the transaction.
JPMorgan analyst Akhil Dattani noted that Niel is “not known to be a passive investor”, adding that “we can’t help but wonder whether he has acquisition interest in Vodafone’s operations.”
Vodafone confirmed its relationship agreement with Emirates Telecommunications has ended, and e& nominee director Hatem Dowidar stepped down from the board with immediate effect.
BT Group shares rose 1.6% in a positive read-across from the Vodafone news, reflecting broader optimism across the UK telecommunications sector.
Kathleen Brooks, research director at XTB, noted that “volatility has retreated and fears about an escalation in tensions between the US and Iran appear overdone” as markets settled heading into the weekend.
US President Donald Trump said on Friday that the US has agreed to continue negotiations with Iran but stated clearly that “the ceasefire is over”, posting the message on his Truth Social platform.
Brent crude for September delivery fell to 75.86 US dollars per barrel on Friday, down from 77.03 dollars on Thursday, as oil markets steadied despite the geopolitical backdrop.
David Morrison, senior market analyst at Trade Nation, said investors appear to be taking the latest breakdown between the US and Iran “in their stride.”
Also on the FTSE 250, easyJet shares soared 14% after the airline agreed in principle to a £5.7 billion takeover proposal from Apollo Management, a Delaware-based asset manager.
Apollo’s cash bid of 715p per share trumps a rival proposal from Minneapolis-based private equity firm Castlelake LP, which was worth 690p per share.
EasyJet said it was “no longer minded” to accept Castlelake’s offer, calling Apollo’s proposal a “superior outcome” for shareholders, though Castlelake said it is considering its options.
JPMorgan analyst Harry Gowers suggested this is unlikely to be the end of interest in easyJet, saying “we may see further offers from other financial or potentially strategic bidders.”
Heading in the opposite direction, shares in wealth management firm St James’s Place slumped 8.6% after Financial News reported that large partner firm Sovereign Wealth has decided to exit the group.
Analysts at RBC Capital Markets called the development “worrying” and the most tangible evidence yet that the “pulling power of the STJ platform may be creaking post the charge changes that were enacted in summer 2025.”
Recruiter Hays jumped 20% on the FTSE 250 after forecasting annual profit at the top end of market expectations, despite describing current market conditions as “challenging.”
In New York, SK Hynix raised 26.5 billion dollars as it debuted on the Nasdaq, with Susannah Streeter, chief investment strategist at Wealth Club, saying the South Korean chipmaker “won’t be disappointed” by US investor appetite for AI.
Looking ahead, next week’s global economic calendar includes US inflation figures, UK GDP data, and an interest rate decision in Canada.