29th Jan 2026 08:03
(Alliance News) - Miners Glencore and Antofagasta report lower production, while Lloyds upgrades its 2026 targets and Wizz Air narrows losses on quarterly passenger growth.
Here is what you need to know before the London market open:
----------
MARKETS
----------
FTSE 100: opened 0.3% higher at 10,181.74
GBP: higher at USD1.3831 (USD1.3778 at previous London equities close)
----------
BROKER RATINGS
----------
JPMorgan raises London Stock Exchange price target to 13,200 (13,100) pence - 'overweight'
----------
Morgan Stanley raises BAE Systems price target to 2,342 (2,203) pence - 'overweight'
----------
RBC cuts C&C Group price target to 130 (160) pence - 'sector perform'
----------
COMPANIES - FTSE 100
----------
Lloyds Banking Group reports higher annual profit and unveils increased shareholder returns as it raises its ambitions for 2026. The bank says pretax profit for 2025 rises 12% to GBP6.66 billion from GBP5.97 billion, with Q4 profit jumping to GBP1.98 billion from GBP824 million. Net income climbs 6.9% to GBP18.30 billion, including Q4 net income of GBP4.74 billion, up from GBP4.38 billion. Lloyds declares a total 2025 dividend of 3.65 pence per share, up 15% year-on-year from 3.17p and announces a GBP1.75 billion share buyback to be completed by December 31. Going forward, the group will review excess capital distributions – not just the ordinary dividend – at every half-year stage. Looking to 2026, Lloyds now expects underlying net interest income of around GBP14.9 billion and lifts its return-on-tangible-equity target to "greater than 16%". Underlying net interest income was GBP13.64 billion in 2025, up 6.2% versus GBP12.85 billion in 2024. The bank cites strong business momentum as it enters the final phase of its five-year strategy. Chief Executive Charlie Nunn says: "The sustained strength in performance means we are well positioned for 2026 and beyond. Having entered this year on a positive trajectory, I look forward to sharing more detail on the next stage of the group's strategy, beyond the current plan, in July."
----------
Glencore reports mostly lower production in 2025, and says its marketing arm is on track to deliver adjusted Ebit around the midpoint of its USD2.3 billion to USD3.5 billion guidance range. Copper output in 2025 falls 11% to 851.6 kilotonnes from 951.6 kt the year before, while gold production declines 18% to 604,000 ounces from 738,000 oz. Cobalt production slips 5% to 36.1 kt from 38.2 kt, and lead output eases 4% to 178.9 kt from 185.9 kt. Zinc production, however, rises 7% to 969.4 kt from 905.0 kt, and silver production improves 6% to 20.4 million ounces from 19.3 million oz. Chief Executive Officer Gary Nagle says: "Glencore, for the second consecutive year, achieved full year production volumes for our key commodities within guidance ranges."
----------
Antofagasta posts lower fourth-quarter copper production of 177.0 kilotonnes, down 12% from 200.3 kt a year earlier, though output improves from 161.8 kt in the third quarter of 2025. Copper sales strengthen to 201.0 kt, up from 141.3 kt QoQ and 191.8 kt YoY. Gold production rises to 66.3 thousand ounces from 53.9 koz in Q3, but eases from 68.2 koz a year before. Molybdenum output increases to 4.4 kt, compared with 3.9 kt QoQ and 2.8 kt YoY. The miner reiterates its 2026 copper production guidance, expected to be between 650,000 and 700,000 tonnes. CEO Ivan Arriagada says: "Copper's outlook remains compelling - rising demand is being driven by energy security, electrification and increasing uptake of modern technologies, while supply growth remains constrained."
----------
COMPANIES - FTSE 250
----------
Wizz Air reports a narrower third-quarter net loss as passenger numbers and revenue rise, and says summer bookings are currently tracking ahead of last year. The low-cost carrier says passengers carried in the period for the three months to December 31 increase 13% to 17.5 million from 15.5 million a year earlier, while revenue rises 10% to EUR1.30 billion from EUR1.18 billion. The net loss narrows to EUR139.3 million from EUR241.1 million. For the full year, Wizz Air expects ASK capacity growth of around 10% year-on-year and forecasts unit revenue to be broadly flat. The airline says forward bookings for the coming months remain ahead of the prior year. CEO Jozsef Varadi says: "We continue to execute the commercial strategy we outlined earlier this fiscal year, focusing on fortifying our key bases and concentrating our efforts on network design across Central & Eastern Europe, Italy and London. This helps us to better manage RASK while allowing us to concentrate on the ex-fuel cost lines that are most heavily impacted by the Pratt & Whitney GTF engine-related disruptions affecting the company for the past two years."
----------
Ocado says its Canadian partner, Sobeys, has closed one of its three Ocado-powered customer fulfilment centres, with the Calgary site shutting down due to weaker-than-expected e-commerce demand in Alberta. Sobeys will continue operating its two remaining Ocado-enabled CFCs in the Greater Toronto and Montreal areas, where online grocery penetration is improving, and growth potential is "high". Ocado is rolling out new tech across those sites, including its Swift Router system to boost same-day and short-lead-time delivery capability and integrate Ocado-fulfilled orders with third-party platforms. The partners will also continue the pause on development of a Vancouver CFC. Sobeys continues to use Ocado's in-store fulfilment software in 87 stores nationwide. Ocado says the closure will trigger GBP18 million in compensation this year and cut FY26 fee revenue by GBP7 million, but reiterates its goal of turning cash-flow positive in FY26. CEO Tim Steiner says the update represents a "reset" of its North American business, placing the Sobeys partnership on "the right footing" for long-term growth.
----------
OTHER COMPANIES
----------
Fevertree Drinks says full-year results will come in ahead of market expectations, with adjusted revenue and adjusted earnings before interest, tax, depreciation and amortisation set to top market forecasts. The mixers maker expects 2025 adjusted revenue to rise 2% to GBP375.3 million from GBP368.5 million, surpassing the consensus estimate of GBP372.4 million. Adjusted Ebitda is also set to beat the GBP44.4 million market view. Looking ahead, Fevertree says it is "comfortable" with current 2026 expectations, which put adjusted revenue at GBP409.4 million and adjusted Ebitda at GBP49.9 million. The company confirms that the next GBP30 million tranche of its previously announced share buyback programme will begin in February. Chief Executive Officer Tim Warrillow says: "We made excellent progress in 2025. Our partnership with Molson Coors in the US is progressing well, and the momentum behind the brand is especially encouraging, giving us confidence in the growing opportunity in our largest market as execution moves beyond the transition phase."
----------
By Eva Castanedo, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
LloydsOcadoGlencoreAntofagastaWizz AirFevertreeLondon Stock ExchangeBAE SystemsC&C Group