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LONDON MARKET CLOSE: FTSE 100 drifts lower amid new tariff uncertainty
- FTSE 100 Performance: Closed slightly lower by 2.15 points at 10,684.74, with mining stocks like Fresnillo (+3.2%) and Endeavour Mining (+6.4%) offsetting concerns over US trade policy.
- FTSE 250 and AIM: FTSE 250 down 0.9% at 23,546.65, while AIM All-Share rose 0.1% to 816.26.
- Cboe Indices: Cboe UK 100 down 0.1%, Cboe UK 250 down 0.9%, and Cboe Small Companies Index down 0.5%.
- Commodities: Gold rose to $5,216.70/ounce, lifted by Iran events and tariff uncertainty; silver gained 3.3%.
- US Trade Policy: Trump raised global tariff to 15% after Supreme Court struck down previous duties, causing uncertainty.
- Currency Movements: Pound climbed to $1.3505, euro to $1.1801, and dollar weakened against the yen to ¥154.33.
- European Equities: CAC 40 down 0.2%, DAX 40 down 1.1%, despite improved German business climate data.
- Novo Nordisk: Stock slumped 16% after obesity drug candidate CagriSema failed primary endpoint against Eli Lilly’s tirzepatide.
- US Markets: Dow Jones down 1.4%, S&P 500 down 1.0%, Nasdaq down 1.1%; Treasury yields narrowed.
- UK Corporate News:
- JD Sports (+3.4%) announced £200 million share buyback for 2027.
- Sage (-4.4%), London Stock Exchange (-2.5%), and Experian (-2.6%) fell on AI disruption worries.
- Mony Group (+2.8%) announced £25 million share buyback and improved annual results.
- Johnson Matthey (-17%) plunged after Honeywell cut acquisition price for Catalyst Technologies.
- Oil Prices: Brent oil traded higher at $71.96/barrel.
- Top FTSE 100 Risers: Endeavour Mining, JD Sports, Fresnillo, Marks & Spencer, Centrica.
- Top FTSE 100 Fallers: ICG, Pershing Square Holdings, Sage Group, Mondi, Whitbread.
- Upcoming Economic Data: Consumer confidence, Richmond Fed manufacturing index, S&P/Case-Shiller home price index on Tuesday.
- Corporate Results: Croda, Standard Chartered, and Unite to release full-year results on Tuesday.
LONDON MARKET MIDDAY: Europe mixed as miners support FTSE 100
- European Stock Markets Mixed: FTSE 100 up 0.2% at 10,705.06, FTSE 250 down 0.1% at 23,719.04, AIM all-share up 0.3% at 817.30.
- Cboe Indices Performance: Cboe UK 100 up 0.2%, Cboe UK 250 down 0.2%, Cboe small companies down 0.1%.
- Continental Indices: CAC 40 (Paris) up 0.1%, DAX 40 (Frankfurt) down 0.5%.
- Sector Strength: Miners led FTSE 100 gains with Fresnillo (+4.5%), Endeavour Mining (+3.6%), Antofagasta (+1.9%), and Glencore (+1.7%) rising on gold hitting a three-week high (USD5,152.29/ounce).
- Tariff Impact: New tariff rates post-Supreme Court ruling negatively affect the UK, with Brazil, China, India, and Canada benefiting instead.
- Frankfurt Declines: SAP (-2.1%) and Rheinmetall (-2.7%) weighed on DAX 40; luxury retail (Kering +4.2%, LVMH +2.3%) supported CAC 40.
- Currency Movements: Sterling flat at USD1.3492, Euro up to USD1.1785, Dollar slightly down against Yen (JPY154.92).
- US Treasury Yields: 10-year yield narrowed to 4.08%, 30-year yield to 4.72%.
- Commodities: Brent crude rose to USD71.57/barrel.
- Corporate Highlights:
- JD Sports (+5.8%) announced GBP200 million share buyback for 2027 FY, starting with GBP100 million immediately.
- Johnson Matthey (-17%) reduced sale price of Catalyst Technologies to Honeywell to GBP1.33 billion from GBP1.80 billion, cutting shareholder returns to GBP1.00 billion.
- TheWorks.co.uk (+10%) saw Kelso Group increase stake to 7.0%, citing undervaluation and proposing valuation gap closure.
- Analyst Insights:
- Scope Markets: Tariff uncertainty and Iran tensions boosted gold; UK suffers highest tariff increase globally.
- Lloyds Banking Group: Dollar weakness due to tariffs, Iran strike probability, and private credit focus as key market drivers.
- AJ Bell: Johnson Matthey’s sale delay and price cut reflect weak Catalyst Technologies performance amid EV transition challenges.
- US Customs Update: Halted collection of certain tariffs based on emergency powers from 0500 GMT Tuesday post-Supreme Court ruling.
LONDON BROKER RATINGS: Barclays raises Vistry; Rio Tinto cut
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- 23rd Feb 2026 09:25
- The following London-listed shares received analyst recommendations Monday morning and on Friday:
- FTSE 100
- DZ Bank cuts Rio Tinto to 'hold' (buy) - fair value 7,500 (7,600) pence
- Goldman Sachs cuts Rio Tinto to 'neutral' - price target 7,400 pence
- Deutsche Bank Research raises Anglo American price target to 3,600 (3,500) pence - 'buy'
- JPMorgan raises Centrica price target to 224 (203) pence - 'overweight'
- Barclays raises Howden Joinery target to 955 (940) pence - 'overweight'
- Barclays raises Persimmon price target to 1,514 (1,480) pence - 'equal weight'
- Jefferies cuts Mondi price target to 1,225 (1,235) pence - 'buy'
- Citigroup raises Intertek price target to 5,847 (5,833) pence - 'buy'
- Goldman Sachs raises British American Tobacco price target to 4,550 (4,500) pence - 'neutral'
- Barclays cuts Whitbread price target to 2,600 (2,700) pence - 'equal weight'
- FTSE 250
- Deutsche Bank Research cuts Aston Martin Lagonda price target to 70 (75) pence - 'hold'
- Goldman Sachs cuts Aston Martin Lagonda price target to 60 (61) pence - 'neutral'
- Barclays cuts Breedon price target to 450 (500) pence - 'overweight'
- Barclays raises Travis Perkins price target to 860 (770) pence - 'overweight'
- Barclays raises Taylor Wimpey price target to 111 (107) pence - 'underweight'
- Barclays cuts Bellway price target to 3,390 (3,410) pence - 'overweight'
- Barclays raises Vistry to 'equal weight' (underweight) - price target 715 (507) pence
- JPMorgan raises Quilter price target to 223 (210) pence - 'overweight'
- JPMorgan places Quilter on 'positive catalyst watch'
- AIM AND OTHER MAIN MARKET
- Berenberg cuts Victoria price target to 60 (100) pence - 'buy'
- Deutsche Bank Research raises Bank of Ireland price target to 19.4 (16) pence - 'buy'
- Deutsche Bank Research raises AIB price target to 9.6 (8.7) EUR - 'hold'
LONDON MARKET OPEN: Stocks fall after latest tariff salvo
- European Stock Markets:
- FTSE 100 down 0.2% at 10,669.68.
- FTSE 250 down 0.4% at 23,663.24.
- AIM all-share up 0.4% at 818.12.
- CAC 40 (Paris) down 0.2%.
- DAX 40 (Frankfurt) down 0.7%.
- Currency Movements:
- Sterling rose to USD1.3513.
- Euro climbed to USD1.1815.
- Dollar fell to JPY154.66 against the yen.
- US Treasury Yields:
- 10-year yield unchanged at 4.09%.
- 30-year yield steady at 4.73%.
- Asian Markets:
- Tokyo and Shanghai markets closed.
- Hang Seng Index (Hong Kong) up 2.5%.
- S&P/ASX 200 (Sydney) down 0.6%.
- US Markets (Friday):
- Dow Jones Industrial Average up 0.5%.
- S&P 500 up 0.7%.
- Nasdaq Composite up 0.9%.
- US Tariff Developments:
- Trump raised global tariff to 15% from 10%.
- Tariffs limited to 150 days unless extended by Congress.
- Analysts highlight uncertainty and political challenges for extension.
- Commodities:
- Brent crude fell to USD70.87 per barrel.
- Gold rose to USD5,130.96 per ounce.
- UK Corporate Highlights:
- AstraZeneca, GSK, Rolls-Royce, and BAE Systems declined.
- Fresnillo and Endeavour Mining up 3.0% on higher gold prices.
- JD Sports rose 4.4% on GBP200 million share buyback announcement.
- Mony Group up 3.9% on record earnings and GBP25 million buyback.
- Johnson Matthey slumped 15% on reduced sale price of Catalyst Technologies.
- NCC (cybersecurity) fell 4.7% amid AI-related market anxiety.
- Victoria shares fell 13% on lower profit expectations.
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