London Stock Market Today, 20 November 2025: FTSE 100 Snaps Losing Streak as Halma and Games Workshop Hit Records

The London stock market staged a broad-based rebound on Thursday, 20 November 2025, as the FTSE 100 finally broke a five‑session losing streak, powered by blockbuster results from Halma and Games Workshop and a global relief rally after Nvidia’s earnings.

By late trade, London’s blue‑chip FTSE 100 index was up a little over 0.5%, trading just below the 9,600 mark and recouping part of this week’s losses. ^[1] The mid‑cap FTSE 250 also moved higher, gaining around 0.4% to the low‑21,000s as investors rotated back into UK domestically focused names. ^[2]

Sterling hovered around $1.30, adding a modest currency tailwind for overseas investors in UK assets. ^[3]

Relief Rally: FTSE 100 and FTSE 250 Rebound After Five Down Days

After a bruising run of five consecutive declines, the FTSE 100 opened roughly 0.6% higher, adding about 60 points in early dealing as traders responded to upbeat global risk sentiment. ^[4]

By mid‑session:

FTSE 100 was up around 0.6% at roughly 9,56x–9,58x. ^[5]
FTSE 250 gained about 0.4%, trading in the 21,400–21,500 region. ^[6]

Defensive and energy names helped power the rebound, with Rolls‑Royce, BAE Systems, BP and Shell all trading firmly higher, contributing to more than a 0.5% rise in the benchmark index. ^[7]

The move comes after days of volatility linked to concerns about an “AI bubble” in U.S. tech stocks and uncertainty over delayed U.S. jobs data. Thursday’s bounce suggests investors are willing to re‑enter risk assets, at least selectively, now that some of those fears have been cooled. ^[8]

Global Tailwind: Nvidia Earnings Calm AI Bubble Fears

The positive tone in London was part of a broader global rally.

Overnight, Nvidia posted stronger‑than‑expected quarterly results and projected revenue well above Wall Street forecasts, with its CEO emphasising still‑surging demand for AI chips from cloud and data‑centre customers. ^[9]

Key global takeaways influencing London trading:

Asian markets, particularly Japan, South Korea and Taiwan, advanced as semiconductor and tech shares rallied. ^[10]
U.S. stock futures and major indices were higher, extending a Wall Street rebound led by big‑tech names. ^[11]
Investors are now watching a delayed U.S. employment report, which could influence expectations for further Federal Reserve rate cuts. ^[12]

For the FTSE 100, whose heaviest weights are in energy, financials, industrials and consumer staples rather than pure‑play tech, the main effect of Nvidia’s numbers was psychological: a general easing of risk aversion that allowed UK stocks to participate in the global relief rally.

Halma Steals the Show With Record Half‑Year and Upgraded Guidance

The standout winner in London today was Halma, the safety and life‑saving technology group.

The company reported record first‑half results for the six months to 30 September 2025, with:

Revenue up 15.2% to around £1.24 billion, driven by broad‑based organic growth and strong demand from photonics and environmental monitoring businesses. ^[13]
Organic constant‑currency growth of roughly 16–17%, highlighting strong underlying momentum. ^[14]
Margins remaining robust, with management pointing to an adjusted margin close to 22%. ^[15]

On the back of this performance, Halma raised its full‑year revenue and profit guidance, signalling expectations for mid‑teens organic growth and continued strong margins. ^[16]

Investors rewarded the upgrade:

Halma’s shares jumped around 10–11%, hitting a new all‑time high above 3,650–3,680p and topping the FTSE 100 risers board. ^[17]

For the wider London market, Halma’s update reinforced a key theme of 2025: companies with structural exposure to safety, AI‑driven sensing and infrastructure investment continue to attract premium valuations despite macro headwinds.

Games Workshop Marches to a Record High

Another star performer was Games Workshop, the maker of Warhammer tabletop games, which surged to a record share price as it flagged stronger‑than‑expected trading.

In an update covering the six months to 30 November 2025, the company said it now expects:

Core revenue of at least £310 million, up from £269.4 million a year earlier.
Pre‑tax profit of no less than £135 million, compared with £126.8 million in the prior period. ^[18]

The stock jumped about 10–11% to an intraday record above 17,700p, making it one of the top gainers not just in the FTSE 100 but across the London market. ^[19]

Games Workshop also continues to reward shareholders with generous cash returns: separate announcements highlighted a step‑up in dividend payouts this year, adding to the attraction for income‑focused investors. ^[20]

Other Blue‑Chip Movers: Defensives, Industrials and Miners

Big Gainers

Hargreaves Lansdown’s risers board and intraday index data showed gains spread across multiple sectors: ^[21]

Rolls‑Royce and Melrose advanced roughly 3%, continuing a strong run for UK industrial and aerospace names.
BAE Systems gained more than 2%, extending its defence‑sector outperformance in a world still marked by geopolitical tension.
SSE, Tesco, Scottish Mortgage Investment Trust, 3i Group, Diploma, Informa and AstraZeneca all traded solidly higher, reflecting renewed appetite for a mix of growth, infrastructure and quality income stocks.

Oil majors BP and Shell also added around 1%, supported by slightly firmer crude prices and the broader risk‑on environment. ^[22]

Laggards

Gains were curbed by weakness in several high‑profile names:

Precious‑metals miners Fresnillo and Endeavour Mining slipped around 1–2% as safe‑haven gold prices stabilised after recent spikes. ^[23]
Vodafone and Diageo traded lower, continuing a period of mixed sentiment towards telecoms and big beverages stocks. ^[24]
Engineering group Johnson Matthey fell more than 3% after detailing a reshuffled leadership team and reporting weaker interim earnings, even as it maintained full‑year guidance. ^[25]

Mid‑Caps and Small Caps: Buybacks, Upgrades and Profit Warnings

Below the FTSE 100, stock‑specific news drove sharp moves across the FTSE 250, Small Cap and AIM indices.

PZ Cussons Rallies on Upgraded Outlook

Consumer goods group PZ Cussons saw its London‑listed shares jump roughly 9% after the company raised guidance for the 2026 financial year.

The firm now expects adjusted operating profit of £50–55 million, up from a previous range of £48–53 million.
It also guided to about 9% like‑for‑like revenue growth in the first half. ^[26]

The move makes PZ Cussons one of the day’s strongest performers across UK consumer names, helped by confidence that its brand‑reset and portfolio simplification strategy is gaining traction.

McBride Soars on Share Buyback

Cleaning products specialist McBride rocketed more than 13% to around 125p after unveiling a £20 million share buyback programme, making it the top performer on London’s small‑cap index. ^[27]

Management said it still expects adjusted operating profit for FY26 to be in line with market expectations, suggesting the buyback is driven primarily by balance‑sheet strength and perceived undervaluation rather than a change in trading conditions. ^[28]

JD Sports, Mitie, Senior and Grainger in Focus

An early‑session round‑up from Investing.com highlighted several other notable mid‑cap and sector moves: ^[29]

JD Sports Fashion nudged lower after warning that full‑year profit before tax is now likely to land at the bottom of its current forecast range (around £853–£888 million), citing tougher consumer conditions and a drop in like‑for‑like sales in the third quarter.
Engineering group Senior raised its full‑year profit outlook after a strong trading update, reporting 5.9%constant‑currency sales growth over the ten months to October, led by its Flexonics and Aerospace divisions.
Outsourcing and facilities‑management firm Mitie posted a 10.4% rise in first‑half revenue to £2.68 billion, with operating profit before exceptional items up 8% to £109 million, supported by contract wins and project work.
Residential landlord Grainger reported 12% growth in net rental income to £123.6 million for FY25, alongside a 10% dividend increase to 8.31p – its 20th consecutive period of dividend growth.

These updates underline a key message for UK mid‑caps: while the macro environment remains fragile, well‑positioned companies are still managing to grow earnings and return cash to shareholders.

PayPoint Slides on Profit Hit

On the downside, PayPoint was one of the day’s sharpest fallers.

The payments and parcel‑locker operator reported lower interim profit, blaming two operational challenges in its parcels business even as revenue rose. Its shares slumped by about 17% to the mid‑530p area, making it a standout loser on London South East’s fallers list. ^[30]

Macro Backdrop: Inflation Cools to 3.6% and Rate‑Cut Bets Grow

Today’s trading in London is also being shaped by fresh UK inflation data and rising hopes of a near‑term Bank of England (BoE) rate cut.

Official figures from the Office for National Statistics show that:

The Consumer Prices Index (CPI) rose 3.6% year‑on‑year in October, down from 3.8% in September, marking the first easing in headline inflation for five months. ^[31]
The broader CPIH measure, which includes housing costs, also slowed, with the biggest downward contribution coming from housing and household services as energy bills eased. ^[32]

Newswires and economists noted that the drop, while modest, reinforces expectations that the BoE could cut interest rates again at its December meeting, taking the policy rate below the current 4%. Market pricing now implies a strong probability of a 25‑basis‑point cut next month. ^[33]

For equity investors, lower inflation and the prospect of cheaper borrowing generally support:

Higher valuations for income‑rich sectors like utilities and REITs.
Improved sentiment towards domestically exposed banks, retailers and housebuilders, though consumer data remain mixed. ^[34]

Leadership and Governance: Severn Trent and FTSE 100 Boardroom Shifts

Beyond share prices, one of the most significant corporate stories touching the FTSE 100 is at Severn Trent.

The Independent reported that CEO Liv Garfield, currently the longest‑serving female chief executive in the FTSE 100, will step down after 11 years in charge. She is set to leave the top job at the end of December, remaining with the company until March to oversee the transition. ^[35]

Key points from Severn Trent’s announcement: ^[36]

Garfield will be succeeded by internal candidate James Jesic, currently capital and commercial services director and managing director of the group’s Welsh unit.
The decision came alongside half‑year results showing pre‑tax profits up around 60% to £307.8 million and an upgraded full‑year outlook.
The company is continuing a multi‑year, multi‑billion‑pound investment programme in its water and wastewater infrastructure, partly funded by higher customer bills.

Her departure, alongside the previously announced exit of GSK chief executive Emma Walmsley, will reduce the already small number of women leading FTSE 100 companies and has sparked renewed debate over gender representation at the top of UK plc. ^[37]

Elsewhere, Johnson Matthey announced a reshuffle of its top team, appointing Alastair Judge as chief financial officer and moving current CFO Richard Pike into a chief operating officer role. The company kept its full‑year outlook intact but flagged weaker second‑half earnings in certain units; the stock traded lower in response. ^[38]

Listings and Capital Markets: Busy Day for the LSE’s Plumbing

While headline indices grabbed attention, the London Stock Exchange’s primary markets were also active on 20 November:

An AIM notice confirmed new share admissions for CAP‑XX, Guardian Metal Resources and Manx Financial Group, underscoring the junior market’s continued role in funding smaller growth companies. ^[39]
A separate admission‑to‑trading notice listed a wave of new instruments, including:
- Crypto‑linked exchange‑traded products (ETPs) from 21Shares and CoinShares.
- Precious‑metal ETCs from Amundi, Invesco and iShares.
- Structured notes from Barclays, Royal Bank of Canada and Westpac.
- A new UK government gilt, the 4¾% Treasury Gilt 22/10/2035, admitted to trading. ^[40]

These flows highlight London’s ongoing importance as a hub for ETFs, structured products and global debt issuance, even as it faces stiff competition from EU and U.S. venues.

What Comes Next for the London Stock Market?

With today’s rebound, the FTSE 100 remains not far below its recent record highs, but investors are still navigating a complex mix of tailwinds and risks:

Key catalysts to watch in the coming days and weeks include:

U.S. jobs data and global rate expectations – delayed U.S. employment figures and Federal Reserve commentary will influence risk appetite across all major markets, including London. ^[41]
Bank of England December meeting – markets now see a rate cut as highly likely; any surprise could jolt rate‑sensitive sectors such as banks, housebuilders and utilities. ^[42]
UK budget from Chancellor Rachel Reeves next week, where tax and spending decisions could have material implications for consumer stocks, infrastructure plays and business investment. ^[43]
Upcoming UK corporate results, including detailed presentations from Halma and XPS Pensions Group, which will offer further insight into demand trends across safety technology and financial services. ^[44]

For now, 20 November 2025 will likely be remembered as the day London’s market shook off a mini‑slump, with Halma and Games Workshop symbolising the strength of UK‑listed niche champions in safety tech and gaming, even as macro uncertainties and inflation debates rumble on.

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