London stocks ended up but off highs on Thursday as gold and silver prices erased earlier gains, although stronger oil prices continued to prop up energy giants BP and Shell.
The FTSE 100 closed up 0.2% at 10,171.76, having hit a fresh intraday high of 10,277.72 earlier in the session thanks to a rally in the mining sector.

Investors were mulling earnings from three of the 'Magnificent Seven' - Tesla, Meta and Microsoft - and the latest policy announcement from the Federal Reverse, which kept its benchmark rate steady at 3.5% to 3.75% on Wednesday as expected.

However, metals markets were the main focus as gold and silver hit new highs, only to fall back later in the session.

Neil Wilson, UK investor strategist at Saxo Markets, said "gold and silver prices cratered seemingly under the weight of their own excess after ballooning to record highs".

"Copper too took a nosedive," he said. "We are seeing extreme volatility in metals and FX markets which is leading to serious dislocations and may well gnaw away at equity market sentiment."

Gold had been within touching distance of $5,600 early on Thursday, while silver hit $121. Prices of the precious metals have been on a tear recently as a weaker US dollar and geopolitical tensions boosted demand for safe-haven assets.

In equity markets, 3i Group surged as the private equity firm reported a further rise in net asset value over the nine months to December, supported by another strong year from Dutch retailer Action, which continued to drive the group's overall performance.

Antofagasta rose as it posted a spike in fourth-quarter copper production and forecast further growth for the in-demand base metal.

Shell and BP gushed higher as oil prices shot up amid growing tensions between the US and Iran. Chris Beauchamp, chief market analyst at IG, said investors are expecting a weekend strike on Iran.

"Evidence suggests the US will go for a major and extended campaign, which inevitably raises fears that Tehran will retaliate by closing the Hormuz straits and causing major dislocation in oil markets," he said.

Crest Nicholson posted full-year profit below guidance amid a "subdued" housing market, as it warned of a "material uncertainty" related to its position as a going concern, but shares in the housebuilder surged after it highlighted early signs of demand recovery.

Wizz Air flew higher as it said operating losses widened in the third quarter but struck a more optimistic tone about keeping revenue steady. Traders also said a huge short interest in Wizz was exaggerating the share price move.

On the downside, equipment rental firm Ashtead slid following disappointing quarterly results from US peer United Rentals.

Precious metals miner Fresnillo tumbled as gold and silver prices retreated.

Lloyds Banking Group fell despite reporting a better-than-expected 12% jump in annual profit driven by higher income which offset £800m set aside to compensate customers who were mis-sold motor finance. The bank also lifted its performance estimates for 2026 and announced a share buyback programme of up to £1.75bn.

EasyJet lost ground even as it reiterated full-year guidance on the back of robust first-quarter sales and growing demand for summer holidays.

Hilton Foods tanked as it struck a cautious tone on the outlook, warning that US stock write-offs would be "significantly" higher than indicated and that inflationary pressures in beef and white fish were set to continue.

Victrex fell sharply as it traded without entitlement to the dividend, while Ocado tumbled after it said Canadian supermarket Sobeys, one of its partners, had decided to close its customer fulfilment centre in Calgary.

Market Movers

FTSE 100 (UKX) 10,171.76 0.17%
FTSE 250 (MCX) 23,268.44 -0.52%
techMARK (TASX) 5,908.32 -0.15%

FTSE 100 - Risers

3i Group (III) 3,423.00p 8.77%
Metlen Energy & Metals (MTLN) 47.60p 2.70%
Shell (SHEL) 2,797.50p 2.38%
Antofagasta (ANTO) 3,786.00p 2.10%
GSK (GSK) 1,852.00p 1.90%
Admiral Group (ADM) 2,734.00p 1.48%
Rio Tinto (RIO) 6,849.00p 1.45%
BP (BP.) 462.65p 1.45%
IMI (IMI) 2,752.00p 1.33%
Unilever (ULVR) 4,867.50p 1.08%

FTSE 100 - Fallers

Ashtead Group (AHT) 4,725.00p -7.57%
Fresnillo (FRES) 3,900.00p -5.25%
Autotrader Group (AUTO) 534.20p -4.06%
The Sage Group (SGE) 955.00p -4.06%
Relx plc (REL) 2,594.00p -3.64%
Entain (ENT) 619.00p -2.89%
Airtel Africa (AAF) 341.80p -2.79%
Next (NXT) 13,235.00p -2.61%
Smurfit Westrock (DI) (SWR) 3,036.00p -2.47%
Rightmove (RMV) 495.30p -2.35%

FTSE 250 - Risers

Wizz Air Holdings (WIZZ) 1,436.00p 10.97%
Carnival (CCL) 2,190.00p 5.85%
Ithaca Energy (ITH) 185.20p 4.87%
Harbour Energy (HBR) 235.20p 4.26%
Dr. Martens (DOCS) 67.60p 2.89%
Sirius Real Estate Ltd. (SRE) 101.40p 2.63%
Shawbrook Group (SHAW) 471.00p 2.28%
Grainger (GRI) 194.00p 2.11%
Lion Finance Group (BGEO) 10,080.00p 2.02%
Applied Nutrition (APN) 237.25p 1.82%

FTSE 250 - Fallers

Hilton Food Group (HFG) 456.00p -11.28%
Victrex plc (VCT) 655.00p -10.88%
Ocado Group (OCDO) 224.70p -8.55%
Ceres Power Holdings (CWR) 297.00p -4.19%
Future (FUTR) 531.50p -3.89%
Watches of Switzerland Group (WOSG) 507.00p -3.89%
Trustpilot Group (TRST) 188.70p -3.77%
Raspberry PI Holdings (RPI) 267.60p -3.53%
WPP (WPP) 296.50p -3.45%
Oxford Nanopore Technologies (ONT) 158.00p -2.95%