15th Jul 2026 08:01
(Alliance News) - Antofagasta keeps annual production guidance unchanged despite lower first-half copper output, while Barratt Redrow launches a GBP400 million shareholder return programme.
Also, B&M reports first-quarter revenue growth, driven by strong trading in France despite weaker like-for-like sales in its core UK business.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called down 0.4% at 10,492.19
GBP: higher at USD1.3414 (USD1.3396 at previous London equities close)
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ECONOMICS
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The US restores its naval blockade of Iranian ports after accusing Tehran of attacking shipping in the Strait of Hormuz, prompting fresh US air strikes and renewed Iranian missile attacks on Bahrain, Kuwait and Jordan. Iran's Revolutionary Guard threatens to halt all Middle East oil and gas exports in response, warning that energy exports will be "for everyone or for no one", while President Donald Trump says more US strikes are planned unless Tehran returns to nuclear negotiations. The renewed conflict further undermines the interim ceasefire agreed in June and heightens concerns over disruption to the Strait of Hormuz, through which around a fifth of global oil and natural gas trade passes, raising fears of another escalation in the region. Brent oil prices rise to USD85.15 a barrel early on Wednesday from USD84.00 on Tuesday, and are sharply higher than around USD75.86 on Friday before the latest escalation in the Middle East.
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BROKER RATINGS
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Berenberg raises BP price target to 600 (590) pence - 'buy'
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Berenberg starts Savills with 'buy' - price target 1,375 pence
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Oddo BHF cuts Glanbia to 'neutral' (outperform) - price target 24 (21.80) EUR
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COMPANIES - FTSE 100
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Antofagasta reports broadly stable second-quarter copper production and maintains full-year guidance, saying output is expected to increase sequentially through the remainder of 2026. Copper production slips 0.7% quarter-on-quarter to 142,000 tonnes and sales fall 4.5% to 130,800 tonnes, while gold production is broadly flat at 46,300 ounces. Year-to-date copper production is down 9.5%, and sales fall 17%, although gold output rises 1.8%. The miner says higher ore throughput and improving grades at Los Pelambres and Centinela are expected to lift production in the second half, while capital expenditure guidance remains unchanged at USD3.4 billion.
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Barratt Redrow plans to return GBP400 million to shareholders in financial 2027, primarily through a GBP386 million share buyback and a GBP14 million dividend, with the buyback starting on Wednesday and the first GBP190 million tranche to be managed by Barclays Bank through December. The housebuilder says that for financial 2026, adjusted pretax profit before purchase price allocation impacts is in line with market expectations and guides for 17,700 to 18,200 home completions in financial 2027, including around 600 from joint ventures, based on an average of 415 sales outlets. Home completions for the twelve months to June 28 rise 5% to 17,667, while the average selling price increases to GBP352,000 from GBP344,000 and the net private reservation rate improves to 0.56 per outlet per week from 0.55, although the fourth-quarter rate slips to 0.50 from 0.52. Year-end net cash remains at GBP772 million, ahead of April guidance, while the forward sales book eases to GBP2.82 billion, representing 9,728 homes, from GBP2.92 billion and 9,835 homes a year earlier.
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Convatec says Chief Financial Officer Fiona Ryder will step down once a successor is appointed, while Tobias Hestler, former Haleon finance chief, joins the board as a non-executive director and is expected to become chair of the audit and risk committee. The London-based medical products and technologies provider says first-half results are expected to be in line with expectations and reiterates guidance for another year of double-digit adjusted earnings per share growth in 2026, driven by 5% to 7% organic revenue growth and an adjusted operating margin of at least 23%. First-half results are due on August 4.
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Segro signs three new lease agreements covering around 540,000 square feet at Segro Park Coventry, including pre-lets to Volvo Group UK and DIRKS Consumer Logistics, plus a lease with GigaCloud Technology. The agreements add GBP6 million in annual rent, which is included in the GBP53 million of headline rent secured in the first half and announced last week. The development is expected to provide 3.7 million square feet of industrial and logistics space when complete, with almost 1.7 million square feet now leased.
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COMPANIES - FTSE 250
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B&M European Value Retail reports group revenue rises 2.0% to GBP1.43 billion in the 13 weeks to June 27, or 1.7% at constant exchange rates, driven by strong growth in France. UK revenue edges up 0.3%, although like-for-like sales fall 2.3% after a slower start to the garden and outdoor season following a strong comparative last year. The retailer says general merchandise categories return to growth in May and June, while garden and outdoor inventories end the season at normal levels. B&M says trading in France remains strong, while Heron Foods also delivers positive sales growth. CEO Tjeerd Jegen says: "Our first quarter is our seasonally most variable for sales, and the previously mentioned slower start to our garden season against a very strong comparable last year made this especially so in Q1. Against this backdrop, the like-for-like sales decline at B&M UK was expected, but it was pleasing to see our general merchandise categories return to growth in May and June, and our garden and outdoor inventories ending the season at normal stock levels."
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Supermarket Income REIT launches a conditional retail offer alongside a placing to raise around GBP100 million to fund the acquisition of a GBP216 million pipeline of nine grocery assets. The company expects to buy three supermarkets for GBP118 million, comprising a Sainsbury's store and two Tesco stores, with a further GBP98 million pipeline of six grocery assets expected to complete over the next three months. Supermarket Income says the acquisitions will be earnings-per-share accretive from the first full financial year and will support its ambition to double the size of its portfolio.
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Bloomsbury Publishing says it expects to deliver record adjusted pretax profit in financial 2027, in line with market expectations, as it benefits from ongoing artificial intelligence licensing revenue and continued growth in its Academic & Professional division. Ahead of its annual general meeting, the publisher says trading in the first four months of the year is in line with expectations, supported by a strong publishing schedule including new titles from Sarah J Maas, Katherine Rundell, Gillian Anderson and Peter Frankopan, as well as the upcoming HBO Harry Potter television series. Current market consensus is for adjusted pretax profit of GBP49.9 million on revenue of GBP354.2 million.
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Costain says United Utilities extends its managed service provider contract by three years, taking the partnership to 10 years and covering the remainder of the AMP8 regulatory cycle. Costain has supported United Utilities since 2019, delivering more than 900 capital maintenance projects and around 9,000 responsive maintenance activities. The company says the extension supports United Utilities' GBP13.5 billion AMP8 investment programme and includes an option to continue the relationship through AMP9 to 2035.
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OTHER COMPANIES
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Wynnstay Properties says trading in the new financial year ending March 25, 2027, starts in line with expectations, with rental income supported by new lettings and lease renewals at or above March valuation levels. The property investor says two previously vacant units are under offer, which would leave the portfolio fully let once completed, while 99% of first-quarter rent due has been collected.
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Getech signs a three-year USD660,000 contract with a European-headquartered energy supermajor for access to its Globe subsurface intelligence platform, with the revenue to be recognised as annual recurring revenue over the life of the agreement. The company says the deal means five of the world's six oil and gas supermajors now use Globe to support exploration and resource evaluation. Getech says the contract strengthens its recurring revenue base and reflects growing demand for subsurface intelligence as energy security concerns and the need for new oil discoveries increase.
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By Eva Castanedo, Alliance News senior economics reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
GlanbiaBPSavillsAntofagastaHaleonSupermarket IncomeB&MConvaTecBarratt RedrowBloomsburySegroCostain GroupUnited UtilitiesGetech GrpWynnstay Props.