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LONDON MARKET CLOSE: Next impresses as FTSE 100 rockets to fresh high
- FTSE 100 Hits Record High: Closed up 118.16 points (1.2%) at 10,122.73, led by gains in Next, GSK, and AstraZeneca.
- Next's Strong Performance: Shares up 5.0% after reporting 11% full-price sales growth in Q4 2025, beating guidance; raised profit forecasts for 2026 and 2027.
- Retail Sector Highlights: Tesco (+2.8%) and Sainsbury's (+2.0%) rose on strong sales data; Ocado Retail (+15% sales growth) outperformed as the fastest-growing UK grocer.
- Retail Challenges: JD Sports (-4.4%) fell on Bank of America downgrade due to ongoing sports retail downturn; B&M European Value Retail (-2.5%) declined amid weak consumer spending.
- Pharmaceutical Gains: GSK (+4.3%) and AstraZeneca (+4.9%) rose on positive drug pipeline news, including approvals and trial successes.
- Consumer Spending Trends: UK consumer spending fell 1.1% YoY in December, with only pubs, fast food, and online grocery seeing growth, per Barclays data.
- Economic Indicators: UK service sector PMI edged up to 51.4 in December; pound dipped to USD1.3500, while Brent oil and gold prices saw minor changes.
- Global Markets: European equities (CAC 40 +0.3%, DAX 40 +0.1%); US stocks higher (Dow +0.4%, S&P 500 +0.2%, Nasdaq +0.1%).
- Corporate Movements: Ocado (+12%) boosted by positive data and JPMorgan's 'positive catalyst watch'; Saga (+6.4%) gained on Kelso Group's share purchase.
- Upcoming Events: Topps Tiles trading statement, Australia CPI, eurozone inflation, and US ISM services PMI on Wednesday's calendar.
LONDON MARKET MIDDAY: FTSE 100 hits record as new year rally continues
- FTSE 100 Rally: London stock prices rose at midday on January 6, 2026, with the FTSE 100 up 0.7% to 10,072.08, extending its rally after positive festive retail data. It reached a new intraday record of 10,077.94.
- European Markets: Mixed performance in Europe, with the CAC 40 down 0.4% and the DAX 40 up 0.2%.
- Currency Movements: Sterling rose to USD1.3523, while the euro dipped to USD1.1708. The dollar was slightly higher against the yen at JPY156.44.
- UK Service Sector Growth: The S&P Global UK services PMI edged up to 51.4 in December, indicating growth but underperforming flash estimates. The composite PMI also rose to 51.4, remaining in expansion territory.
- Festive Retail Sales: UK grocery sales hit a record GBP13.8 billion in December, up 3.8% year-on-year, with premium own-label products exceeding GBP1 billion for the first time.
- Retailer Performance:
- Ocado Retail: Fastest-growing UK grocer with 15% sales growth; shares up 7.4%.
- J Sainsbury: Market share rose to 16.3%; shares up 2.4%.
- Tesco: Sales up 4.3%; shares rose 2.4%.
- Next: UK sales surpassed expectations; shares climbed 3.2% after raising profit guidance.
- Marks & Spencer: Shares up 0.2% despite losing clothing business to Next.
- JD Sports Fashion: Shares down 6.0% after Bank of America downgraded its rating and cut price target.
- Commodities: Gold rose to USD4,460.70 per ounce, and Brent oil traded slightly higher at USD62.03 per barrel.
- Upcoming Data: US composite PMI reading due at 1445 GMT.
- AIM Market: Cadence Minerals jumped 17% after receiving a preliminary environmental license for its Amapa mine project in Brazil.
LONDON BROKER RATINGS: RBC raises Diageo; BofA cuts JD Sports Fashion
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- 6th Jan 2026 09:40
- The following London-listed shares received analyst recommendations Tuesday morning and on Monday:
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FTSE 100
- RBC raises Diageo to 'outperform' (sector perform) - price target 2,000 pence
- Bernstein cuts BAE Systems to 'market-perform' (outperform) - price target 1,950 (2,250) pence
- Bernstein raises IAG price target to 490 (475) pence - 'outperform'
- Jefferies cuts Auto Trader Group to 'hold' (buy) - price target 650 (895) pence
- BofA cuts JD Sports Fashion to 'neutral' (buy) - price target 96 (112) pence
- UBS cuts Burberry price target to 1,570 (1,575) pence - 'buy'
- Jefferies cuts Mondi price target to 1,235 (1,400) pence - 'buy'
- Jefferies raises Barclays price target to 560 (470) pence - 'buy'
- Jefferies raises Lloyds Banking price target to 119 (105) pence - 'buy'
- Jefferies raises NatWest price target to 720 (630) pence - 'buy'
- Deutsche Bank Research raises Schroders price target to 450 (440) pence - 'hold'
-
FTSE 250
- BofA raises Morgan Sindall price target to 5,500p (5,200p) - 'buy'
- Barclays cuts SSP to 'equal weight' (overweight) - price target 220 pence
- Jefferies cuts Baltic Classifieds price target to 200 (333) pence - 'hold'
- Jefferies raises Paragon Banking to 'buy' (hold) - price target 1,060 (1,015) pence
- Deutsche Bank Research raises Oxford BioMedica to 'buy' (hold) - price target 735 (380) pence
- Deutsche Bank Research cuts Ibstock to 'hold' (buy) - price target 144 (190) pence
- UBS raises Man Group price target to 280 (220) pence - 'buy'
- Deutsche Bank Research raises Man Group price target to 270 (260) pence - 'buy'
- Deutsche Bank Research raises Serco price target to 245 (215) pence - 'hold'
- Deutsche Bank Research raises Jupiter Fund Management price target to 165 (160) pence - 'hold'
- Deutsche Bank Research cuts Gamma Communications price target to 1,460 (1,850) pence - 'buy'
- Deutsche Bank Research cuts WH Smith price target to 600 (650) pence - 'hold'
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SMALL CAP
- BofA raises Canal+ price target to 400p (370p) - 'buy'
- Bernstein raises Ryanair price target to 28.25 (28) EUR - 'market-perform'
- Deutsche Bank Research cuts Liontrust Asset Management to 'sell' (hold) - price target 175 (250) pence
- Deutsche Bank Research cuts Iomart price target to 20 (24) pence - 'hold'
- Related Shares:
LONDON MARKET OPEN: FTSE 100 extends gains after Next lifts forecast
- London Stock Market: FTSE 100 opened higher by 0.6% at 10,062.80, extending gains after Next reported strong Christmas sales. FTSE 250 was down slightly, while AIM All-Share was up 0.2%.
- European Equities: Mixed performance with CAC 40 down 0.2% and DAX 40 slightly higher.
- Currency Movements: Sterling rose to USD1.3553, euro increased to USD1.1730, and the dollar slightly weakened against the yen.
- UK Shop Price Inflation: Increased by 0.7% in December, driven by higher food prices, according to the British Retail Consortium.
- Retail Performance: Next shares climbed 3.2% after surpassing sales expectations, raising full-year profit guidance to GBP1.15 billion. Tesco and Sainsbury's also gained, while Ocado led the FTSE 250 with a 6.9% jump.
- Global Markets: Wall Street ended higher on Monday, with Asian markets (Nikkei, Shanghai Composite, Hang Seng) up on Tuesday, except for the S&P/ASX 200, which lost 0.5%.
- Corporate News: Prudential rose 1.5% after launching a USD1.2 billion share buyback program. JD Sports fell 6.0% on a rating downgrade, and Auto Trader dropped 2.0% on a price target cut.
- Commodities: Gold rose to USD4,467.30 per ounce, and Brent oil traded slightly higher at USD61.74 per barrel.
- Economic Calendar: UK and US composite PMI readings expected later on Tuesday.
LONDON MARKET EARLY CALL: FTSE 100 set to rise from record close
- FTSE 100 Outlook: Set to open higher on Tuesday, up 41.0 points (0.4%) at 10,045.57, following a record closing high of 10,004.57 on Monday.
- Currency Movements: Sterling rose to USD1.3557, euro to USD1.1736, and the dollar slightly weakened to JPY156.37 against the yen.
- UK Shop Price Inflation: Expected to "remain sticky" in 2026, with December inflation up 0.7% (from 0.6% in November), driven by faster food price increases.
- Retail Insights: Shoppers prioritized affordability during Christmas, with retailers minimizing price increases and some reducing prices to boost demand.
- US Politics: President Donald Trump ruled out a new election in Venezuela within 30 days, citing the need to stabilize the country first.
- US Markets: Wall Street closed higher on Monday, with the Dow up 1.2%, S&P 500 up 0.6%, and Nasdaq up 0.7%. US Treasury yields slightly widened.
- Asian Markets: Nikkei 225 (+1.3%), Shanghai Composite (+1.4%), and Hang Seng (+1.6%) gained, while the S&P/ASX 200 lost 0.5%.
- Commodities: Gold rose to USD4,464.00/ounce, while Brent oil dipped slightly to USD61.56/barrel.
- Corporate Calendar: Next (clothing and homeware retailer) to release a trading statement on Tuesday.
- Global Economic Calendar: Includes composite PMI readings, CPI data from Germany and France, and UK grocery market share figures.
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