15th Oct 2026 07:57
(Alliance News) - Antofagasta reports a rise in third quarter output, despite enduring wild weather in Chile in July, while, British Land, Entain and Dunelm have backed their annual forecasts, though the latter says its first quarter kicked off in a weaker fashion due to a hot summer in the UK.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called up just 1.9 points at 10,726.76
GBP: higher at USD1.3238 (USD1.3152 at previous London equities close)
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ECONOMICS
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The UK economy registered surprise monthly growth in August, data on Thursday showed, led by a rise in production. The Office for National Statistics said gross domestic product climbed 0.1% in August from July, defying expectations of a decline. According to consensus cited by FXStreet, a 0.1% decline had been expected. "The growth in August was driven by a 0.8% growth in production, with services showing no growth, and construction falling by 0.2% in August 2026," the ONS said. GDP growth in August eased from a 0.4% rise in July from June. Monthly growth in June, meanwhile, was upwardly revised to 0.4% from a previously reported 0.3% rise from May. Separate figures on Thursday showed the UK trade deficit narrowed to below GBP1 billion in August. The trade deficit slimmed to GBP920 million in August, from GBP2.32 billion in July and GBP2.11 billion a month prior. Imports fell 1.5% on-month to GBP83.25 billion in August from GBP84.53 billion in July. Exports edged up 0.1% to GBP82.33 billion from GBP82.21 billion.
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BROKER RATINGS
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Peel Hunt reinitiates CMC Markets with 'buy' - price target 360 pence
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COMPANIES - FTSE 100
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Antofagasta says third quarter copper output increased, as the miner in Chile reports "resilience" in the face of extreme weather in July. Copper production in the third quarter of 2026 rose 7.0% to 151,900 tonnes, from 142,000 in the second quarter. Sales volumes increased 31% on-quarter to 170,700 tonnes. Gold production edged down 4.3% to 44,300 ounces from 46,300 in the second quarter, while output of molybdenum, a common by-product of copper mining, decreased 6.5% to 2,900 tonnes. At Los Pelambres alone, third quarter copper output rose 17% on-quarter to 79,300 tonnes. This reflected "higher recoveries and the drawdown of approximately 7,000 tonnes of inventories accumulated during the prior period". "These factors were offset in part by lower throughput, which related to the July 2026 weather event and the related temporary pause in operations. Copper grades and throughput at Los Pelambres are both expected to increase in the fourth quarter," the company adds. Chief Executive Officer Ivan Arriagada says: "The copper market continues to demonstrate strong fundamentals. Looking ahead, the combination of continued investment in energy infrastructure and digitalisation, together with supply constraints, provides a supportive backdrop, helping to reinforce the long-term outlook." Looking ahead, it still expects annual copper output between 625,000 and 655,000 tonnes. It had cut its outlook from 650,000 to 700,000 tonnes in the wake of the weather event. Looking to 2027, it sees copper production between 630,000 and 690,000 tonnes. For 2026, it has raised its guidance for cash costs before by-product credits to USD2.60 to USD2.70 per pound, "reflecting global diesel prices remaining at elevated levels". The prior range was USD2.40 to USD2.60 a pound. But net cash cost guidance remains at USD1.15 to USD1.35 a pound. Capital expenditure guidance is unchanged at USD3.4 billion.
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Property investor British Land has backed its annual guidance, and it expects to report half-year profit growth. For the six months to September 30, it expects to post underlying profit of GBP166 million, a 7.1% rise from GBP155 million a year prior. Underlying earnings per share of 16.1 pence are expected, an increase of 4.5% from 15.4p. "This reflects like-for-like net rental growth of 12%, development lease-up and cost efficiencies, which more than offset the impact of lower surrender premiums and higher interest rates," British Land says. Chief Executive Jo McNamara, who joined the firm last month, says demand for British Land office space has been robust despite "ongoing macroeconomic volatility". "Our campus developments continue to lease up at record rents, with 1 Broadgate and One Triton Square now fully let and a further 119,000 sq ft under offer at 2 Finsbury Avenue. Meanwhile, our retail parks remain effectively full, with leasing continuing ahead of previous passing rents," McNamara adds. "I am focused on building on this momentum to capture demand and drive rents forward, while ensuring the business is as efficient as possible and allocating capital to deliver the best returns. We have a strong platform from which to deliver sustainable earnings growth and attractive, income focused returns for shareholders." British Land reiterates its view of a full-year underlying EPS of at least 30.5p, up 6% on-year.
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COMPANIES - FTSE 250
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Bookmaker Entain has backed its yearly guidance, hailing "continuing underlying momentum", with the Ladbrokes Coral owner also keeping one eye on this month's UK government budget. Entain, which also owns a 50% chunk of BetMGM in the US, said third quarter net gaming revenue rose 2% on-year at constant currency. Online net gaming revenue was 3% higher, also at constant rates, with progress offset by "particularly customer-friendly sports results and ongoing challenges in Brazil". Stripping out Brazil, online net gaming revenue was 5% higher and in the UK & Ireland alone, it shot up 14%, "ahead of expectations", Entain adds. For the full-year, it still expects online net gaming revenue growth between 4% and 6% at constant currency, with underlying earnings before interest, tax, depreciation and amortisation, excluding parent fees, at the lower end of a GBP910 million to GBP960 million range. CEO Stella David said: "I am pleased with our Q3 performance which reflects the strength of our execution and reinforces the resilience of our globally scaled business as well as its ability to consistently deliver high-quality growth. Both online and retail are important parts of our business and valued contributors to tax revenues and local communities. We strongly urge the UK government to carefully consider any further gambling tax increases which would threaten the viability of many shops, jobs and livelihoods." The Betting & Gaming Council has asked John Healey to delay a planned tax hike on the industry, Sky News reported on Wednesday, ahead of the chancellor's inaugural budget later this month. "Betting and gaming are woven into Britain's cultural and sporting life," bosses of top UK bookmakers said in a letter obtained by Sky News.
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Homewares retailer Dunelm says it kicked off its financial year with a sales hike, but the first quarter got off to a tough start due to red-hot summer weather. Total sales in the 13 weeks to September 26 rose 1.1% on-year to GBP433 million, Dunelm says, "with stronger trading in the second half of the quarter, following a soft start impacted by hot weather". Sales were down around 3% on-year in the first six weeks of the quarter, Dunelm adds, before returning to growth with a 4% climb in the next seven weeks. "Despite the challenging trading backdrop, we believe we continued to outperform an overall soft market. Most of our categories during the quarter saw a similar trading pattern; however Made to Measure delivered double digit growth, supported by excellent execution from our specialist store colleagues. Cook and dine also performed well, particularly in the second half of the quarter, reflecting the success of recent range reviews and product refreshes," Dunelm reports. Its expectations for full-year adjusted pretax profit are unchanged, with Dunelm expecting an outcome
"broadly in line" with the prior financial year's GBP211.0 million.
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Big Yellow Group says it is continuing to focus on the "company's clear and proven strategy". It notes media reports that a shareholder, which the firm met with recently, is encouraging the self-storage company to explore a sale. Big Yellow notes that around this time last year, it met with a "small number of parties in relation to a range of potential options including a potential sale of the company". An approach by a possible interested bidder then came in December, though Big Yellow notes the potential valuation did not reflect "the full potential of the company and discussions were therefore terminated". "The board and management team continue to focus on executing the company’s clear and proven strategy. The board is also cognisant of its fiduciary duties and continually evaluates all options for maximising shareholder value," it adds on Thursday. On Tuesday, Ancora Holdings Group called on the self storage provider to launch a comprehensive strategic review, including a sale process. In a statement, Cleveland, Ohio-based wealth management and advisory firm Ancora said it believes that a sale of Big Yellow represents the best risk-adjusted outcome for shareholders. Ancora said in its statement late Tuesday that it has taken a more than 4% stake in Big Yellow.
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OTHER COMPANIES
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Kitchenware seller ProCook says it saw "strong trading" despite hot summer weather. Revenue in the second quarter ended October 11 rose 13% on-year to GBP24.1 million. E-commerce revenue was up 18% and retail revenue alone climbed 11%, ProCook adds. It is the 12th successive quarter of growth, the firm says. For the whole of the half-year, revenue was up 16% to a record GBP39.7 million. "Whilst mindful of the unpredictable macro backdrop, we are well positioned for the important peak trading period. Combined with a return to stronger trading performance as the weather normalised in the second half of Q2, we are confident in delivering a strong full year performance, in line with market expectations," ProCook says.
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By Eric Cunha, Alliance News news editor
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Related Shares:
CMC MarketsProcook GrpBig YellowDunelmEntainBritish LandAntofagasta