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LONDON MARKET CLOSE: Gains for Rolls-Royce, LSEG offset mining slump
- FTSE 100 Hits Record High: The FTSE 100 reached a new record close of 10,846.70, up 0.4%, driven by strong earnings from Howden Joinery, LSEG, and Rolls-Royce, despite declines in mining stocks.
- UK Market Outperforms US: The UK stock market has outperformed the US so far in 2026, with the FTSE 100 up 9.0% year-to-date, contrasting with a weaker performance on Wall Street.
- FTSE 250 and AIM Performance: The FTSE 250 rose 0.4% to 23,719.00, while the AIM All-Share fell 0.2% to 815.23.
- Tech Stocks Under Pressure: US tech stocks, including Nvidia, faced declines, with the Nasdaq Composite down 1.3%, amid growing skepticism around AI-related investments.
- European Markets Positive: The CAC 40 in Paris and the DAX 40 in Frankfurt closed up 0.7% and 0.5%, respectively.
- Currency and Bond Market Movements: The pound and euro weakened against the USD, while the yield on the US 10-year Treasury narrowed to 4.03%.
- Top Performers on FTSE 100: Howden Joinery (+11%), LSEG (+9.1%), and Rolls-Royce (+3.2%) led gains, driven by strong earnings and strategic initiatives.
- Hikma Pharmaceuticals Plummets: Hikma shares fell 17% after withdrawing mid-term guidance and delivering a softer outlook for FY26.
- Mining Stocks Decline: Fresnillo, Antofagasta, and Anglo American were among the biggest fallers, reversing previous gains.
- WPP Strategic Overhaul: WPP shares initially fell 9.6% but closed 4.2% higher after announcing a multi-year strategic plan, "Elevate28," to streamline operations.
- Commodity Prices: Brent oil rose to USD72.58 per barrel, while gold eased to USD5,180.61 per ounce.
- Upcoming Economic Data: Friday’s calendar includes French and German inflation readings, UK consumer confidence, and US PPI data.
- UK Corporate Results: Rightmove, Pearson, and Melrose are set to release full-year results on Friday.
LONDON MARKET MIDDAY: Europe moves higher after earnings deluge
- European Equities: Supported by well-received corporate earnings, with FTSE 100 up 0.1% at 10,818.05, FTSE 250 up 0.1% at 23,651.94, and CAC 40 up 0.9%.
- U.S. Markets: Set to open lower despite Nvidia's earnings beat, with Dow, S&P 500, and Nasdaq futures down 0.1%.
- Nvidia Earnings: Reported "outstanding" quarter with net income of $42.96 billion (up 94%) and revenue of $68.13 billion (up 73%). Predicted sequential revenue growth in 2026 due to booming AI demand.
- Rolls-Royce: Shares surged 5.5% on stronger annual results, dividend raise, buyback announcement, and improved outlook.
- Hikma Pharmaceuticals: Shares slumped 17% after withdrawing mid-term guidance and delivering a softer outlook for 2026, with revenue growth expected at 2-4%.
- Ocado: Shares fell 7.4% as the company cuts 1,000 jobs and scales back R&D investment.
- Mobico (National Express): Shares raced 34% higher on predictions of £100 million in savings for 2026 and adjusted operating profit of £195-210 million.
- Currency Markets: Pound steady at $1.3537, euro flat at $1.1802, and dollar down against yen at ¥156.03. Analysts note improved sentiment weighing on the dollar.
- Upcoming Data: U.S. jobless claims reading at 1330 GMT on Thursday.
LONDON BROKER RATINGS: Santander cuts BP; Berenberg likes Cairn Homes
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- 26th Feb 2026 09:59
- The following London-listed shares received analyst recommendations Thursday morning and on Wednesday:
-
FTSE 100
- Citigroup raises Hiscox price target to 1,611 (1,430) pence - 'neutral'
- Berenberg raises Hiscox price target to 1,760 (1,580) pence - 'buy'
- RBC raises Hiscox price target to 1,710 (1,600) pence - 'outperform'
- Citigroup raises HSBC price target to 1,540 (1,370) pence - 'buy'
- UBS raises Standard Chartered price target to 2,167 (2,100) pence - 'buy'
- Deutsche Bank Research raises St James's Place price target to 2,000 (1,950) pence - 'buy'
- Barclays raises St James's Place target to 1,680 (1,565) pence - 'overweight'
- RBC raises St James's Place price target to 1,425 (1,375) pence - sector perform
- UBS raises Haleon price target to 478 (460) pence - 'buy'
- Goldman Sachs raises Haleon price target to 460 (440) pence - 'buy'
- Citigroup cuts Diageo price target to 2,200 (2,425) pence - 'buy'
- Bernstein cuts Diageo price target to 2,340 (2,360) pence - 'outperform'
- Barclays cuts Diageo price target to 2,310 (2,550) pence - 'overweight'
- UBS cuts Diageo price target to 1,730 (1,780) pence - 'neutral'
- Berenberg cuts Diageo price target to 2,230 (2,372) pence - 'buy'
- Barclays raises Tesco price target to 515 (500) pence - 'overweight'
- Berenberg raises Croda International price target to 3,600 (3,300) pence - 'buy'
- Barclays raises Croda International target to 3,400 (3,150) pence - 'overweight'
- UBS raises AstraZeneca price target to 17,600 (16,300) pence - 'buy'
- Santander cuts BP to 'neutral' (outperform) - price target 520 pence
- RBC raises Howden Joinery target to 900 (890) pence - 'sector perform'
-
FTSE 250
- UBS cuts Mony Group price target to 166 (200) pence - 'neutral'
- Jefferies raises Hammerson price target to 340 (300) pence - 'hold'
- Kepler Cheuvreux cuts Aston Martin price target to 50 (60) pence - 'reduce'
- Deutsche Bank Research cuts Aston Martin price target to 65 (70) pence - 'hold'
- Panmure Liberum raises Genus price target to 3,700 (3,500) pence - 'buy'
- Berenberg raises Pan African price target to 190 (154) pence - 'buy'
-
SMALL CAP, AIM AND OTHER MAIN MARKET
- Investec starts Concurrent Technologies with 'buy' - price target 385 pence
- Berenberg starts Cairn Homes with 'buy' - price target 2.90 EUR
- Berenberg starts Glenveagh Properties with 'buy' - price target 2.70 EUR
- Deutsche Bank Research cuts Jet2 price target to 1,596 (1,857) pence - 'buy'
- Barclays cuts Jet2 price target to 1,900 (2,050) pence - 'overweight'
- Deutsche Bank Research raises Glanbia price target to 18.50 (17.50) EUR - 'buy'
- Related Shares:
LONDON MARKET OPEN: Mixed start in Europe; Rolls-Royce shares climb
- European Stocks Mixed: Markets awaited new catalysts after Nvidia's strong earnings report overnight.
- Corporate Earnings in Focus: Rolls-Royce impressed in London, Engie rose in Paris, while Allianz fell in Frankfurt.
- UK Indices Performance:
- FTSE 100: +0.1% at 10,818.54
- FTSE 250: -0.02% at 23,631.17
- AIM All-Share: -0.001% at 816.78
- European Indices:
- CAC 40 (Paris): +0.4%
- DAX 40 (Frankfurt): -0.2%
- Sector Movements: Mining sector and HSBC weighed on the FTSE 100, with Rio Tinto down 1.5% and HSBC down 1.8%.
- Engie (Paris): +7.3% after raising 2026 guidance and announcing the acquisition of UK Power Networks for GBP10.5 billion.
- Allianz (Frankfurt): -1.3% despite beating Q4 operating profit consensus, though Property-Casualty profit missed expectations.
- Rolls-Royce (London): +5.3% after bullish mid-term targets, a share buyback program, and strong 2025 results.
- Hikma Pharmaceutical (London): -17% due to a softer 2026 outlook despite a USD250 million buyback and dividend increase.
- Mobico (London): +32% after predicting GBP100 million in savings for 2026 and strong adjusted operating profit guidance.
- Currency Movements:
- GBP/USD: Down to USD1.3524
- EUR/USD: Down to USD1.1801
- USD/JPY: Down to JPY155.98
- US Markets (Wednesday):
- Dow Jones: +0.6%
- S&P 500: +0.8%
- Nasdaq Composite: +1.3%
- Nvidia: +0.2% after hours, reported Q4 revenue of USD68.13 billion (up 73%) and guided Q1 revenue to USD78.0 billion.
- Asian Markets:
- Nikkei 225: +0.3%
- Shanghai Composite: Slightly lower
- Hang Seng Index: -1.4%
- S&P/ASX 200: +0.5%
- Commodities:
- Brent Crude: Down to USD70.47 per barrel
- Gold: Down to USD5,178.21 per ounce
- Economic Calendar: US initial jobless claims at 1330 GMT and eurozone consumer confidence at 1000 GMT.
LONDON MARKET EARLY CALL: FTSE 100 to tread water after Nvidia beat
- FTSE 100 Outlook: Subdued open expected on Thursday after a sharp rise on Wednesday, with futures indicating a 0.7-point increase to 10,807.11.
- Wednesday's Performance: FTSE 100 closed up 125.82 points (1.2%) at 10,806.41, its best one-day rise in a week and second-best of the month.
- Currency Movements:
- Pound: USD1.3555 (up from USD1.3537)
- Euro: USD1.1818 (up from USD1.1804)
- Dollar/Yen: JPY155.99 (down from JPY156.39)
- Bond Yields:
- US 10-year Treasury: 4.04% (down from 4.05%)
- US 30-year Treasury: Steady at 4.69%
- Market Sentiment: Cautious trading ahead of Nvidia earnings, with thin data and news flow, according to Pepperstone analyst Michael Brown.
- US Market Performance (Wednesday):
- Dow Jones: +0.6%
- S&P 500: +0.8%
- Nasdaq Composite: +1.3%
- Nvidia Earnings:
- Fourth-quarter revenue: USD68.13 billion (up 73%, beating USD66.21 billion consensus)
- Net income: USD42.96 billion (up 94%)
- Diluted EPS: USD1.76 (up 98%)
- Data Center business: 75% growth
- Q1 revenue guidance: USD78.0 billion (±2%), excluding China Data Center compute revenue
- Asian Market Performance (Thursday):
- Nikkei 225: +0.2%
- Shanghai Composite: -0.1%
- Hang Seng Index: -1.0%
- S&P/ASX 200: +0.5%
- Commodities:
- Brent Crude: USD70.72 (down from USD70.76)
- Gold: USD5,195.62 (down from USD5,204.64)
- Thursday's Economic Calendar:
- 1000 GMT: Eurozone consumer confidence
- 1330 GMT: US initial jobless claims
- UK Corporate Results (Thursday):
- Rolls-Royce (full-year)
- WPP (full-year)
- London Stock Exchange (full-year)
- Howden Joinery (full-year)
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