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The FTSE 100 advanced on Friday as oil prices declined following comments from US President Donald Trump ruling out military strikes against Iran before the November midterm elections, while gains in metals prices supported shares of major mining companies.

London’s benchmark index was up 0.80% at 07:18 GMT, while European markets also moved higher. Germany’s DAX gained 0.77% and France’s CAC 40 increased 0.76%.

Sterling strengthened 0.07% against the US dollar to trade at $1.3240.

Mining stocks were among the strongest performers on the FTSE 100, supported by increases in precious and industrial metals prices.

Antofagasta (LSE:ANTO) led the index’s gainers with an advance of 3.4%, while Fresnillo (LSE:FRES), Glencore (LSE:GLEN), Anglo American (LSE:AAL) and Endeavour Mining (LSE:EDV) recorded gains ranging from 1.6% to 3.3%.

US gold futures increased 1.45% to $4,217.26 an ounce, while spot gold rose 1.43% to $4,192.73.

Copper prices on the London Metal Exchange gained 1.22%, and silver advanced 2.1%, providing additional support to shares of companies involved in base and precious metals production.

Oil prices moved in the opposite direction as investors assessed the potential implications of the latest developments involving Washington and Tehran.

Brent crude futures declined 0.7% to $103.54 a barrel, while US West Texas Intermediate futures fell 0.55% to $91 a barrel.

In a social media statement late on Thursday, Trump said the United States would not launch attacks against Iran before the midterm elections, referring to ongoing discussions with Tehran.

The president also indicated that the existing blockade would remain in place and claimed that 22 million barrels of oil had passed through the Strait of Hormuz during the previous night. The reported volume was not independently verified in the supplied information.

Despite the president’s comments, reports indicated that US military planning for potential operations against Iran had continued.

The New York Times reported, citing unnamed officials, that the Pentagon had prepared plans for a three-day campaign targeting Iranian missile and drone capabilities, energy infrastructure and command facilities.

The reported planning does not establish that any military operation has been authorised, and Trump has repeatedly rejected a return to major combat operations.

Separately, Saudi central bank governor Ayman Al-Sayari said the country’s East-West Pipeline had helped maintain oil supplies despite disruptions affecting the Strait of Hormuz and the Red Sea.

Pakistan’s Prime Minister Shehbaz Sharif also condemned reported Houthi attacks on airports in Saudi Arabia.

Iranian officials provided further comments on maritime activity in the region.

Ali Mohammadi, political deputy of the Islamic Revolutionary Guard Corps Navy, told the Fars news agency that Iranian forces were conducting nightly operations in the Strait of Hormuz against vessels considered by Tehran to be in breach of its rules.

Mohammadi also disputed estimates suggesting that between 3 million and 8 million barrels of oil were passing through the waterway.

Iranian Foreign Minister Abbas Araghchi said Tehran expected to respond to US proposals within the next few days, indicating that diplomatic exchanges between the two countries were continuing.

The developments left investors assessing the prospects for further diplomatic engagement alongside the continuing restrictions on maritime activity and uncertainty surrounding regional security.

For UK equities, Friday’s early gains were led by mining companies benefiting from higher metals prices, while lower crude oil prices coincided with reduced immediate concerns about additional military action.

Further movements in energy prices and European equity markets are likely to remain sensitive to developments involving Iran, shipping through the Strait of Hormuz and the progress of discussions with the United States.

Trainline (LSE:TRN) shares rose 3.5% to 208.8 pence on Friday after the Office of Rail and Road (ORR) published a consultation on proposed regulations governing competition between Great British Railways (GBR) and independent rail ticket retailers.

The consultation introduces a draft Retail Code of Practice intended to establish requirements for fair access to rail ticketing services and industry systems as the UK progresses towards the introduction of Great British Railways.

Under the proposals, GBR would be required to provide independent online ticket retailers with fair, transparent and non-discriminatory access to fares, ticketing products and relevant industry infrastructure.

The draft code would also prohibit GBR from giving its own retail operations an undue competitive advantage over independent providers.

The proposals address concerns about potential conflicts of interest arising from GBR’s planned role as both a state-owned rail operator and a participant in the ticket retailing market.

Trainline, which operates an independent digital rail ticketing platform, has been exposed to uncertainty surrounding the future competitive framework since the introduction of the Railways Bill.

The ORR’s consultation outlines measures intended to maintain access to the rail retailing market for third-party operators under the proposed industry structure.

The draft Retail Code of Practice would be incorporated into GBR’s operating licence, making compliance subject to regulatory oversight.

This would allow the ORR to monitor adherence to the requirements and take enforcement action where breaches of the final rules are identified.

The proposals remain subject to consultation and have not yet been implemented as binding regulatory requirements.

Trainline disclosed the development through a regulatory announcement published at 7:00 a.m. BST on Friday.

The company’s shares advanced following the announcement, reaching an intraday high of 209.8 pence compared with the previous session’s closing price of 201.8 pence.

At 208.8 pence, the shares remained below their reported 52-week high of 283.8 pence.

Separately, Trainline continues to undertake its £100 million share buyback programme, which was announced in September alongside confirmation of its financial guidance for the year ending in 2027.

The company maintained its full-year forecast for group net ticket sales of between £6.2 billion and £6.45 billion.

Underlying revenue is expected to be between £440 million and £455 million, with no changes to these targets announced in connection with the regulatory consultation.

Trainline is scheduled to publish its first-half financial results on 4 November, providing a further update on its trading performance.

The wider equity market also showed a positive tone during the session, with US stock indices trading modestly higher and the FTSE 250 providing a supportive market backdrop.

However, the relative contribution of regulatory developments, the ongoing share buyback and broader market conditions to Trainline’s share price movement cannot be determined independently.

The ORR consultation represents a further stage in establishing the regulatory framework for rail ticket retailing under Great British Railways.

The final requirements will depend on the outcome of the consultation and subsequent regulatory decisions.

About Trainline

Trainline (LSE:TRN) is a digital rail and coach ticketing platform that enables customers to search for, compare and purchase travel tickets through its website and mobile applications.

The company operates as an independent ticket retailer, providing access to rail and coach services and associated travel information.

Its UK operations are subject to developments in rail industry regulation, including proposed changes to ticket retailing arrangements under Great British Railways.

Scancell Holdings plc (LSE:SCLP) has reported progress across its cancer immunotherapy development programmes and outlined financing arrangements expected to provide approximately $75 million in near-term proceeds, alongside existing cash held by Neuphoria Therapeutics, as it prepares for a proposed Nasdaq listing.

The biotechnology company is advancing its lead cancer vaccine candidate, iSCIB1+, towards a global Phase 3 clinical trial in patients with unresectable Stage IIIB or Stage IV melanoma.

Scancell said iSCIB1+ has received Fast Track designation from the US Food and Drug Administration and regulatory clearance in the UK for the planned Phase 3 study.

The trial is expected to enrol approximately 550 patients across clinical sites in the United States, European Union, United Kingdom, Canada and Australia.

The company is also evaluating a potential randomised Phase 2 study of iSCIB1+ in patients with earlier-stage, resectable melanoma, which would extend its clinical development programme into a different treatment setting.

Alongside its ImmunoBody platform, Scancell continues to develop its Moditope immunotherapy technology through the Modi-1 programme.

Early Phase 2 data from patients with head and neck cancer showed partial responses in three of seven patients evaluated.

The findings represent preliminary clinical observations from a small patient group, with further trial data required to assess the treatment’s efficacy and safety.

Scancell is also investigating Modi-1 in renal cell cancer as part of its broader oncology development activities.

In a separate corporate development, Scancell has agreed an all-share merger with Neuphoria Therapeutics, under which the combined business is expected to pursue a Nasdaq listing under the Scancell name and ticker SCLT.

The proposed transaction forms part of the company’s strategy to expand its presence in the United States and access additional funding for its clinical programmes.

The financing arrangements include a $39.1 million private investment in public equity (PIPE), a £15.7 million UK fundraising and a debt facility of up to $25 million from BlackRock.

Together, the arrangements are expected to provide approximately $75 million in near-term proceeds, in addition to Neuphoria’s existing cash resources.

The company intends to direct the additional funding towards late-stage clinical development, including the planned Phase 3 melanoma study, and the expansion of its US operations.

Scancell also reported an operating loss of £17.4 million for the financial period, representing an increase from the previous reporting period.

The higher operating loss was recorded despite a reduction in research and development expenditure, with administrative expenses increasing partly because of costs associated with the proposed merger.

The company also reported higher finance expenses related to interest and derivative instruments.

Scancell’s near-term development priorities include progressing iSCIB1+ into Phase 3 testing, evaluating additional clinical applications for the treatment and continuing the Modi-1 programme.

The proposed merger, Nasdaq listing and associated financing arrangements are intended to provide additional resources for these activities, subject to completion of the relevant transactions.

About Scancell Holdings

Scancell Holdings plc (LSE:SCLP) is a UK biotechnology company developing active immunotherapies for cancer treatment through its ImmunoBody and Moditope technology platforms.

Its clinical pipeline includes iSCIB1+, a cancer vaccine candidate being developed for advanced melanoma, and Modi-1, which is undergoing clinical evaluation in head and neck cancer and renal cell cancer.

The company is pursuing a proposed merger with Neuphoria Therapeutics and a Nasdaq listing under the ticker SCLT as part of its plans to expand its US presence and fund further clinical development.

ECR Minerals PLC (LSE:ECR) has reported the recovery of multiple coarse gold nuggets from prospecting activities at its Brothers Project in North Queensland, including a specimen weighing 12.3 grams, as the company prepares to undertake further testing of the area’s alluvial gold potential.

The discoveries were made across 26 prospecting sites within the Brothers Mining Licence area and surrounding creek systems, providing additional information about the distribution of gold in the project’s near-surface deposits.

ECR said the results indicate the presence of coarse gold within alluvial systems associated with the Brothers Project and support further investigation of shallow gravel deposits.

The company is focusing its near-term activities on surface gravels that it considers potentially suitable for gravity-based gold recovery methods.

Following the prospecting results, ECR intends to redeploy heavy earth-moving and processing equipment obtained through its Raglan transaction to the Maddens Flat area.

The equipment will be used to support a programme of systematic bulk sampling and trial wash runs, allowing the company to assess the characteristics of the gold-bearing material.

ECR said the use of existing equipment will enable it to undertake the planned testing without establishing an entirely new machinery fleet.

The next phase of work is intended to provide information on gold recovery rates, grade distribution and the potential scale of the alluvial deposits.

Bulk sampling will also help the company evaluate whether the shallow gravel systems could support further mining and processing activities.

In addition to assessing near-surface gold, ECR expects the prospecting and sampling results to provide geological information that may assist in identifying potential hard-rock sources of the recovered gold.

The exploration programme will also be extended westwards towards Elliot Creek and the Elliot Anomalous Area.

According to ECR, drone-based LiDAR surveys have identified evidence of extensive historical workings in these areas, although they have received limited investigation using modern exploration techniques.

The company intends to use the additional prospecting work to assess the distribution of gold across these western extensions and identify locations for further sampling.

At Brothers, ECR is also evaluating the potential significance of historical underground mine workings as part of its longer-term development strategy.

The company considers these workings a possible future development opportunity that could complement any surface operations established within the wider Maddens Flat project.

ECR holds a 50% interest in the Maddens Flat Group of Mines, which includes alluvial and hard-rock gold exploration opportunities.

While the latest prospecting has confirmed the presence of coarse gold at multiple locations, further bulk sampling and processing tests will be required to establish recoverable grades, deposit continuity and the economic viability of potential operations.

The company has not announced a mineral resource estimate or commercial production forecast for the Brothers alluvial deposits in the supplied update.

About ECR Minerals

ECR Minerals PLC (LSE:ECR) is an AIM-listed gold exploration and development company with projects in Australia, including operations and exploration interests in North Queensland.

The company holds a 50% interest in the Maddens Flat Group of Mines, where it is investigating alluvial gold deposits and potential hard-rock mineralisation.

Its Brothers Project includes historical underground workings and shallow gold-bearing gravel systems. ECR is undertaking prospecting, bulk sampling and processing trials to assess the area’s potential for future gold production.

Georgina Energy PLC (LSE:GEX) has outlined plans to accelerate exploration and development activities at its Mt Winter subsalt prospect in Australia’s Northern Territory, with seismic acquisition scheduled for early 2027 and re-entry drilling targeted for mid-2027.

The company said the project contains independently assessed 2U prospective recoverable resources of 234 billion cubic feet (BCF) of helium, 214 BCF of hydrogen and 1.7 trillion cubic feet (TCF) of natural gas.

These figures represent prospective resources rather than confirmed recoverable reserves, with further exploration and drilling required to establish the presence and commercial recoverability of the estimated volumes.

Georgina intends to begin the next phase of work with an abbreviated seismic survey covering approximately 190 line kilometres.

The survey will use modern seismic acquisition techniques to improve the company’s understanding of subsurface stratigraphy, formation boundaries and potential drilling targets within the Mt Winter structure.

The resulting data is expected to support the selection and refinement of target zones ahead of the planned well re-entry programme.

Seismic acquisition is scheduled to commence in early 2027, with the company targeting re-entry drilling by the middle of the year, subject to the necessary operational arrangements.

Georgina said it is progressing tender processes and holding discussions with drilling contractors, including Ensign Energy, concerning the proposed programme.

The company is also in discussions with Harlequin Energy regarding potential funding for the seismic work required before drilling.

No completed funding agreement or final drilling contract was confirmed in the information provided.

Mt Winter is located in the Amadeus Basin, a geological region containing several established oil and gas discoveries.

These include the Palm Valley, Mereenie, Dingo and Surprise fields, alongside the Mt Kitty and Magee discoveries, which have demonstrated the presence of helium within the basin.

Georgina considers the geological characteristics of Mt Winter, including its interpreted reservoir thickness, relevant to the prospect’s estimated resource potential.

The company has identified Mt Winter as a significant exploration opportunity within its Australian portfolio, although the scale and commercial viability of any future development will depend on further technical assessment and drilling results.

The planned seismic programme is intended to reduce geological uncertainty before the company proceeds with its next drilling activities.

Georgina’s wider exploration portfolio also includes the Hussar prospect in Western Australia, where it is pursuing opportunities associated with helium, hydrogen and natural gas.

The company has not provided a revised capital expenditure estimate or confirmed production timetable for Mt Winter in the supplied update.

About Georgina Energy

Georgina Energy PLC (LSE:GEX) is an AIM-listed exploration and development company focused on helium, hydrogen and natural gas resources in Australia.

Through its subsidiary Westmarket O&G, the company holds interests in onshore exploration permits, including the Hussar prospect in Western Australia and the Mt Winter prospect in the Northern Territory.

Its activities include geological evaluation, seismic exploration and drilling programmes intended to assess the potential commercial development of gaseous resources.

SSP Group plc (LSE:SSPG) has reported full-year revenue of approximately £3.8 billion, representing a 5% increase year-on-year, and announced a new share buyback programme of up to £50 million as the travel food and beverage operator expects higher earnings and improved cash flow.

The company reported like-for-like sales growth of 4% for the financial year, with fourth-quarter like-for-like revenue also increasing by 4%.

Trading was affected by lower passenger volumes in parts of Asia Pacific (APAC) and Eastern Europe and the Middle East (EEME), which the company attributed partly to disruption associated with the Middle East conflict.

SSP also reported subdued passenger volumes in North America, which affected operating profit during the period.

Group operating profit is expected to reach approximately £230 million, while earnings per share are forecast to increase by around 18% to approximately 14.0 pence.

According to the company, the anticipated increase in earnings per share reflects lower minority interest and tax charges.

SSP also provided an update on its Focus26 operational improvement programme, which includes measures intended to improve profitability and operating efficiency across its regional businesses.

In Continental Europe, the group expects its operating profit margin to increase from 2.2% to approximately 3%, reflecting progress under the programme.

The UK and Ireland business also reported higher trading activity during the summer period, contributing to the group’s overall performance.

SSP expects underlying free cash flow after interest to reach approximately £70 million for the full year. This would represent a year-on-year improvement of between £140 million and £150 million.

The company also expects an improvement in group return on capital employed (ROCE), alongside a reduction in leverage towards the lower end of its target range of 1.5 to 2.0 times.

Following the improvement in its expected cash flow and leverage position, SSP announced the launch of a share buyback programme of up to £50 million.

The company said the programme is consistent with its capital allocation priorities, which include managing leverage and returning capital to shareholders.

The buyback announcement follows a financial year in which SSP increased revenue despite variations in passenger traffic across its regional markets.

The group continues to operate food and beverage outlets in airports, railway stations and other travel locations, with its financial performance influenced by passenger volumes, regional trading conditions and operating costs.

SSP’s full-year figures remain subject to final reporting, with the company currently expecting revenue of approximately £3.8 billion, operating profit of around £230 million and earnings per share of approximately 14.0 pence.

About SSP Group

SSP Group plc (LSE:SSPG) is an international operator of food and beverage outlets in travel locations, including airports, railway stations and other transport hubs.

The company operates approximately 3,000 outlets across 38 countries, employing around 49,000 people. Its portfolio includes restaurants, cafés, bars, lounges and food-led convenience stores operating under international, national and local brands.

SSP’s activities are focused on providing food and beverage services to travellers through a combination of company-operated and branded retail concepts.

Oxford Metrics (LSE:OMG) has announced that its Vicon division has acquired the assets of London-based Move AI for £525,000 in cash, adding artificial intelligence and computer vision technology to its motion capture operations.

The acquisition includes Move AI’s technology, patents, employees and customer relationships, expanding Vicon’s capabilities in markerless motion capture, which enables three-dimensional movement data to be generated from video without requiring physical markers or specialised suits.

Move AI develops software that converts video footage into detailed 3D motion data using artificial intelligence and computer vision. Its technology supports motion capture using a single camera, as well as larger-scale environments.

The acquired assets include the Genesis platform, which is designed to support markerless motion capture across a range of settings, from controlled studio environments to larger outdoor spaces such as sports fields.

Oxford Metrics said the transaction will allow Vicon to incorporate Move AI’s software and technical expertise into its existing motion capture product portfolio.

The acquisition follows Vicon’s recent purchase of Captive Devices, with the two transactions extending the division’s markerless capture capabilities across facial tracking, body movement and larger-scale environments.

Vicon currently provides optical motion capture systems used in entertainment, sport, biomechanics and other applications requiring detailed movement analysis.

According to Oxford Metrics, combining Move AI’s software with Vicon’s existing optical systems and international customer network is intended to support the development of additional motion capture products and workflows.

The company expects the acquired technology to complement its existing systems by providing customers with alternative methods of capturing movement data, including applications where conventional marker-based equipment may not be required.

The transaction also brings Move AI’s existing customers and technical team into Vicon, providing additional software development capabilities within the division.

Oxford Metrics intends to use the expanded technology portfolio to address motion capture requirements across entertainment production, sports analysis and biomechanics.

The acquisition consideration totals £525,000 in cash. No additional financial terms or earnings contribution estimates were provided in the supplied announcement.

The purchase forms part of Oxford Metrics’ ongoing development of its motion capture business, with Vicon incorporating additional markerless technology alongside its established optical measurement systems.

About Oxford Metrics

Oxford Metrics (LSE:OMG) is a UK-based smart sensing and measurement technology group listed on AIM. The company provides motion analysis and automated measurement systems for customers in life sciences, entertainment, engineering and manufacturing.

Its Vicon division specialises in motion capture technology, while its vision metrology operations provide automated measurement and quality control solutions. The group serves customers across more than 70 countries.