4th Mar 2026 07:57
(Alliance News) - The FTSE 100 was called higher on Wednesday, as war in the Middle East continues, with Israel launching fresh strikes on Iran and Lebanon early on Wednesday.
Governments are scrambling to evacuate citizens stranded in the Middle East, where Iran expanded a retaliatory missile and drone barrage on the fifth day of a war that sent stocks sinking.
With global energy prices already on the rise over the expanding war, Iran's Revolutionary Guards claimed it has "complete control" of the Strait of Hormuz, the crucial chokepoint into the Gulf. However, Trump claimed the US had "knocked out" Iran's navy, along with its air force and radar systems, and that the US Navy was ready to escort tankers through the waterway.
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 0.4% at 10,521.73
GBP: higher at USD1.3337 (USD1.3305 at previous London equities close)
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BROKER RATINGS
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Citigroup raises InterContinental Hotels target to 11,500 (10,650) pence - 'sell'
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Barclays cuts Greggs price target to 1,910 (2,040) pence - 'overweight'
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JPMorgan cuts Wise price target to 1,225 (1,385) pence - 'overweight'
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COMPANIES - FTSE 100
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Coalville, Leicestershire-based housebuilder Barratt Redrow appoints Dean Banks as its incoming group chief executive, succeeding David Thomas who will be retiring after 17 years at the firm, 11 of which were as CEO. Banks, who is currently CEO at Ventia Pty Ltd, will join Barratt Redrow in the fourth quarter of this year. Thomas will remain with the company until March, 2027.
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London-based insurer Beazley reports pretax profit of USD1.15 billion for 2025, down from USD1.42 billion in 2024. Insurance written premiums decrease to USD6.10 billion from USD6.16 billion. Return on equity reduces to 19% from 27%. Reiterates "interim dividend...covering the whole of 2025" of 25.0 pence, unchanged on-year. It had announced the dividend on Monday. "As things stand, our exposure to the unfolding events in the Middle East is limited, and we do not expect to be materially impacted," Beazley says. Annual report follows Beazley's announcement on Monday that it has agreed to a GBP8.1 billion takeover by Zurich Insurance.
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Weir Group reports GBP2.57 billion in continuing revenue for 2025, up 2% or 6% at constant exchange rates from GBP2.51 billion. Orders increase 7% at CER to GBP2.60 billion from GBP2.44 billion. Total group pretax profit falls 21% to GBP248 million from GBP313 million. Full-year dividend is 41.7p per share, up 4% from 40.0p. Looking ahead, Weir upgrades its "total Performance Excellence savings target" to GBP90 million, and says it is confident in delivering mid-single-digit organic revenue growth and around 50 basis points of operating margin expansion in 2026. The Glasgow-based engineering company, which serves the mining sector, also expects free operating cash conversion of 90% to 100%, in line with its medium‑term guidance.
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COMPANIES - FTSE 250
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Vistry, alongside its 2025 results, announces the upcoming retirement of Chair & CEO Greg Fitzgerald at the annual general meeting on May 13. He will continue in the role "for up to 12 months, or until a successor is appointed." The Kent, England-based housebuilder says the CEO and chair roles will be separated following his retirement. Revenue for 2025 is GBP3.61 billion, down 4% on-year from GBP3.78 billion, but pretax profit surges 87% to GBP196.2 million from GBP104.9. Basic earnings per share increase to 42.2p from 22.0p. Adjusted pretax profit increases 2% to GBP268.8 million from GBP263.5 million, which Vistry says is in line with guidance. Says revenue decrease reflects "continued challenges in the open market, and the uncertainty related to the November budget which also delayed the timing of some partner funded deals." Adds that it "has started the year well" and for 2026 says it expects to deliver good year-on-year revenue and volume growth, and an improvement in adjusted profit before tax in 2026.
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Galliford Try reports revenue of GBP934.9 million for the six months ended December 31, up 1.3% from GBP923.2 million the year before. Adjusted pretax profit jumps 21% to GBP24.7 million from GBP20.5 million, "with broad based progress across core businesses," while statutory pretax profit rises 22% to GBP24.3 million from GBP20.0 million. Interim dividend for the year is 6.5p per share, up 18% on-year from 5.5p. For the full year, the Uxbridge, London-based building and infrastructure construction firm says it expects revenue and adjusted pretax profit to be above the top end of the current market guidance ranges, which estimate revenue between GBP1.91 billion and GBP1.92 billion, and profit between GBP48.9 million and GBP51.4 million.
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OTHER COMPANIES
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AIB reports net interest income of EUR3.75 billion for 2025, down 9% from EUR4.13 billion in 2024 as expected, "primarily due to lower interest rates". Pretax profit decreases 11% to EUR2.40 billion from EUR2.70 billion. The Common Equity Tier 1 ratio was 16.2% as of December 31, higher than 15.1% a year prior. The Dublin-based lender proposes a final dividend of 46.26 euro cents per share, bringing the total up to 58.59 cents from 36.98 cents the year before. Looking ahead, AIB says: "Notwithstanding geopolitical uncertainty, we remain focused on delivering our strategy while preparing for the structural forces shaping our operating environment, including demographic change, electrification and digitalisation." For 2026, AIB expects net interest income to be EUR3.8 billion, with a return on tangible equity of over 20%, compared to 25% in 2025. Costs in 2026 are expected to increase by around 2%. The company also announces the start on an up to EUR1.0 billion buyback programme, which it says may continue until December 31.
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Scotch Corner Designer Village, which is working to develop "a market leading and largely pre-let retail and leisure destination in a prime location in the North of England," intends to float on the Aquis Stock Exchange Growth Market's Aquis Real Asset Market segment. Says it has appointed Oberon Investments and Retail Book to raise GBP25.5 million of new capital, targeting institutional and retail investors, and expects to complete the initial public offering in April.
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Capita says it has been picked to deliver "the Synergy Business Process Services contract" for four major UK government departments. The contract will include Capita delivering tech-enabled back-office services for public servants in the Department for Work & Pensions, Ministry of Justice, Home Office, and the Department for Environment, Food & Rural Affairs. Says its services will include HR, payroll, recruitment, finance, procurement, and service desk support. Expects the contract to start in March and to run for an initial seven years with the option of three one-year extensions. For the full ten-year period, the deal is worth GBP370 million.
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By Emma Curzon, Alliance News reporter
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