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LONDON MARKET CLOSE: FTSE 100 flat as AB Foods and Tesco disappoint
- FTSE 100 Performance: Closed down 3.52 points at 10,044.69, with gains in defence stocks and banks offset by weak updates from Shell, Tesco, and Associated British Foods.
- FTSE 250 & AIM All-Share: FTSE 250 up 11.49 points (0.1%) at 22,892.30; AIM All-Share up 3.27 points (0.4%) at 784.85.
- Cboe Indices: Cboe UK 100 down 0.1% at 1,006.79; Cboe UK 250 up 0.3% at 20,000.12; Cboe Small Companies down 0.1% at 17,917.27.
- Market Outlook: Fidelity International's Tom Stevenson remains "optimistic but cautiously so," expecting decent returns but not another 20% year.
- Corporate Earnings: Robust earnings growth expected, with double-digit growth for 2026 and 2027, despite a dip in April due to tariff announcements.
- Retail Sector:
- Tesco fell 6.7% after Q3 sales missed expectations (3.1% growth vs. 3.6% consensus).
- Associated British Foods plunged 14% after a profit warning due to weak Primark sales and higher markdowns.
- Marks & Spencer rose 5.0% despite a mixed festive update, with strong Food sales offset by a cyber attack impact on Fashion, Home & Beauty.
- Greggs slid 6.5% on 2026 guidance below market consensus.
- Defence Stocks: Rallied after US President Trump proposed a $1.5 trillion defence budget for 2027; BAE Systems led FTSE 100 risers, up 5.0%.
- Banking Sector: NatWest up 1.9%, Lloyds up 1.2%, Barclays up 1.1%; Bank of America raised price targets, citing a supportive operating environment.
- Commodities: Brent oil up to $61.12/barrel; gold little changed at $4,457.01/ounce.
- Currency: Pound down to $1.3431; euro lower at $1.1657; dollar up against yen at ¥156.93.
- Global Markets: CAC 40 up 0.1%; DAX 40 little changed; US stocks mixed (Dow +0.5%, S&P 500 -0.1%, Nasdaq -0.7%).
- Upcoming Events: J Sainsbury trading statement on Friday; global economic data includes China inflation, US jobs report, and eurozone retail sales.
LONDON MARKET MIDDAY: FTSE 100 down despite jump for defence stocks
Market Summary - 8th January 2026, 12:04
- London Stock Market:
- FTSE 100 down 0.2% at 10,029.06, weighed by Tesco and AB Foods.
- FTSE 250 down 0.4% at 22,784.75; AIM All-Share up 0.1% at 782.35.
- Cboe UK indices also lower, with Cboe UK 100 down 0.3%.
- European Markets:
- CAC 40 (Paris) down 0.2%; DAX 40 (Frankfurt) down 0.1%.
- Currency Movements:
- Sterling down to USD1.3447; Euro lower at USD1.1678; Dollar marginally higher against Yen at JPY156.75.
- Defence Stocks Rally:
- BAE Systems up 5.8% after Trump announces plans to increase US defence budget to USD1.5 trillion.
- Corporate Updates:
- Associated British Foods down 11% on profit warning due to weaker Primark sales and higher markdowns.
- Tesco down 5.9% on quarterly sales miss, including a drop at Booker.
- Softcat up 4.4% on GBP45 million share buyback announcement.
- Computacenter up 3.8% after acquiring AgreeYa Solutions for up to USD120 million.
- Greggs down 8.7% on challenging market conditions and below-consensus 2026 guidance.
- Surgical Innovations down 7.8% on CFO Brent Greetham's resignation.
- Economic Data:
- Euro area industrial producer prices up 0.5% MoM in November; unemployment rate down to 6.3%.
- US Treasury yields widened, with 10-year at 4.16% and 30-year at 4.85%.
- Commodities:
- Gold down to USD4,424.10/ounce; Brent oil slightly higher at USD60.75/barrel.
- Upcoming:
- US weekly jobless claims data expected later on Thursday.
LONDON BROKER RATINGS: Deutsche Bank Research says 'sell' Antofagasta
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- 8th Jan 2026 09:30
- The following London-listed shares received analyst recommendations Thursday morning and on Wednesday:
- FTSE 100
- Berenberg raises BT Group price target to 250 (240) pence - 'buy'
- Jefferies raises Shell price target to 3,400 (3,200) pence - 'buy'
- Jefferies raises BP price target to 440 (420) pence - 'hold'
- Deutsche Bank Research raises Glencore price target to 500 (400) pence - 'buy'
- RBC raises Glencore price target to 480 (430) pence - 'outperform'
- Deutsche Bank Research cuts Antofagasta to 'sell' (hold) - price target 2,800 (2,400) pence
- JPMorgan raises Antofagasta price target to 4,000 (3,500) pence - 'overweight'
- Deutsche Bank Research raises Anglo American price target to 3,500 (3,000) pence - 'buy'
- Deutsche Bank Research raises Rio Tinto price target to 6,200 (5,300) pence - 'hold'
- Deutsche Bank Research raises Coca-Cola Europacific Partners price target to 8,480 (8,340) pence - 'buy'
- FTSE 250
- Jefferies raises Safestore to 'buy' (hold) - price target 875 (682) pence
- SMALL CAP
- RBC raises Ryanair price target to 32 (30) EUR - 'outperform'
- Citigroup raises Greatland Resources price target to 675 (595) pence - 'buy'
- Deutsche Bank Research raises BHP price target to 2,350 (1,950) pence - 'hold'
- UBS raises CRH price target to 10,900 (10,350) pence - 'buy'
- Related Shares:
LONDON MARKET OPEN: FTSE 100 falls as Shell, AB Foods and Tesco sink
- London Stock Market:
- FTSE 100 opened down 0.3% at 10,021.83.
- FTSE 250 down 0.3% at 22,805.38.
- AIM All-Share down 0.1% at 781.00.
- Cboe UK indices also declined, with Cboe UK 100 down 0.3%.
- European Equities:
- CAC 40 in Paris down 0.2%.
- DAX 40 in Frankfurt up 0.4%.
- Currency Movements:
- Sterling down to USD1.3436 from USD1.3472.
- Euro lower at USD1.1669 from USD1.1685.
- Dollar down against yen at JPY156.69.
- UK House Prices:
- Unexpected 0.6% fall in December, average price at GBP297,755.
- Annual growth slowed to 0.3% from 0.6% in November.
- Halifax analyst noted resilient activity levels in 2025, with optimism for 2026 due to reducing mortgage rates and increased lending options.
- Geopolitical Developments:
- US to control Venezuelan oil sales indefinitely, as announced by US Energy Secretary Chris Wright.
- US Markets:
- Dow Jones down 0.9%, S&P 500 down 0.3%, Nasdaq up 0.2%.
- 10-year US Treasury yield unchanged at 4.15%, 30-year yield widened to 4.84%.
- Asian Markets:
- Nikkei 225 down 1.6%, Shanghai Composite down 0.1%, Hang Seng down 1.2%, S&P/ASX 200 up 0.3%.
- Company Updates:
- Associated British Foods (AB Foods):
- Down 11%, issued profit warning due to challenging start at Primark and mixed trading in food business.
- Primark sales growth below expectations, expects low single-digit growth in H1 2026.
- Tesco:
- Shares down 5.4%, quarterly sales fell short due to drop in Booker sales.
- Expects profit at upper end of GBP2.9-3.1 billion guidance for 2026.
- Marks and Spencer (M&S):
- Shares up 3.0%, Food sales rose 6.6%, Fashion, Home & Beauty sales fell 2.5%.
- Shell:
- Shares down 2.3%, expects stable or increasing production in Q4 2025.
- Marketing adjusted earnings expected to be down due to deferred tax adjustment.
- Greggs:
- Down 6.7%, expects to meet full-year guidance, total sales up 6.8% in 2025.
- Cerillion:
- Shares up 11%, won GBP42.5 million contract with Oman Telecommunications.
- Associated British Foods (AB Foods):
- Commodities:
- Gold down to USD4,427.10 per ounce.
- Brent oil slightly lower at USD60.07 per barrel.
- Upcoming Economic Data:
- Eurozone unemployment and PPI figures.
- US weekly jobless claims data.
LONDON MARKET EARLY CALL: FTSE 100 to fall before Tesco, M&S updates
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- London Stocks: Set to open lower on Thursday, with FTSE 100 futures down 0.4% at 10,003.91, ahead of trading statements from Tesco and Marks & Spencer.
- Currency Movements: Sterling slightly down at USD1.3459, euro lower at USD1.1681, and dollar weaker against the yen at JPY156.57.
- Venezuela Oil: US to control sales of Venezuelan oil "indefinitely," lifting some sanctions to allow global transport and sale of 30-50 million barrels of crude.
- Oil Prices: Brent crude trading lower at USD60.18 per barrel.
- US Markets: Wall Street ended mixed on Wednesday: Dow down 0.9%, S&P 500 down 0.3%, Nasdaq up 0.2%. 10-year Treasury yield slightly narrowed to 4.14%.
- Asian Markets: Nikkei 225 down 1.6%, Shanghai Composite down 0.1%, Hang Seng down 1.6%, S&P/ASX 200 up 0.3%.
- Gold Prices: Down to USD4,433.20 per ounce from USD4,458.54.
- Corporate Calendar: Trading statements expected from Greggs, Marks & Spencer, and Tesco.
- Economic Calendar: Eurozone unemployment and PPI figures, US weekly jobless claims, and UK Halifax house price report due Thursday.
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