On Thursday, London’s primary stock indexes experienced an uptick, positioning themselves to end their recent decline. This recovery was primarily driven by gains in defence and financial shares, coinciding with a global rally initiated by Nvidia’s positive outlook. The blue-chip FTSE 100 climbed 0.5% as of 11:45, on track to halt a five-day decline. The domestically focused FTSE 250 rose 0.2% and was poised to end a six-day losing streak. The aerospace and defence sector rebounded 2.7% after a setback in the previous session. Industry heavyweights Rolls-Royce and BAE Systems both gained over 2.5%.

A relief rally surged across global equity markets following the performance of a key player in the semiconductor sector. Nvidia’s positive outlook alleviated certain worries regarding high valuations, especially after analysts had recently expressed caution that the AI surge might be exceeding fundamental metrics. The European technology index climbed 0.8%, while technology stocks in London also added 0.4%. Moreover, UK’s investment banking stocks gained 1%, while life insurers increased by 0.8%, respectively. Pharmaceutical giant AstraZeneca opens new tab advanced about 1% after its drug to control growth of non-cancerous tumours was approved in the U.S., pushing the pharma sector up 0.5%.

Halma opens new tab jumped 12.4% to an all-time high after the health and safety technology provider lifted annual revenue forecast on strong U.S. data centre demand. Miniature war-games maker Games Workshop opened a new tab, soaring 11.2% and reaching a record high due to a strong half-year forecast. The focus of the market is now directed towards the postponed U.S. jobs report, which is expected to offer new perspectives on the state of the U.S. economy after the recent government shutdown has been resolved. Furthermore, Friday’s UK retail sales figures will be closely monitored by investors to assess the nation’s economic health, following this week’s data indicating that inflation has eased for the first time in five months.

Among other movers, shares of Johnson Matthey fell 5% after the chemicals company announced that finance chief Richard Pike will assume a new role as chief operating officer. Sportswear retailer JD Sports opens new tab fell 3% after forecasting annual profit at the lower end of market expectations.