13th Feb 2026 07:58
(Alliance News) - NatWest beats annual earnings expectations and boosts shareholder returns, while AstraZeneca reports positive late-stage trial data for Breztri in asthma, as UK retail footfall improves from a weak Christmas period but remains below last year's levels.
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 0.2% at 10,422.34
GBP: lower at USD1.3612 (USD1.3628 at previous London equities close)
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ECONOMICS
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UK shopper footfall declines 0.6% year-on-year in January, improving from a 2.9% fall in December, according to British Retail Consortium-Sensormatic data. High street visits drop 1.9% on-year, compared with a 0.9% decline in December, while shopping centre footfall falls 0.8%, an improvement on the 5.1% plunge over Christmas. Retail parks record positive growth, and Scotland posts the strongest regional performance with footfall up 5.1%, followed by Northern Ireland at 3.8%, while England and Wales see declines of 1.4% and 2.8% respectively. BRC chief executive Helen Dickinson says: "Although footfall edged down in January compared to a year earlier, it was much better than the disappointing Christmas period. An uptick in consumer confidence and possible signs of a footfall recovery offer some cautious optimism for some spring-like green shoots."
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BROKER RATINGS
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DZ Bank raises fair value for AstraZeneca to 15,100 (12,900) pence - 'hold'
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Jefferies raises GSK price target to 2,450 (2,100) pence - 'buy'
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Barclays raises Unilever price target to 6,000 (5,700) pence - 'overweight'
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COMPANIES - FTSE 100
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NatWest reports higher 2025 earnings, beating expectations. Operating pretax profit rises 24% to GBP7.71 billion from GBP6.20 billion, above market expectations of GBP7.49 billion. Total income increases 13% to GBP16.64 billion from GBP14.70 billion, also ahead of forecasts for GBP16.53 billion. Net interest income climbs 14% to GBP12.83 billion from GBP11.28 billion and non-interest income rises 11% to GBP3.81 billion from GBP3.43 billion, while operating expenses edge up to GBP8.26 billion from GBP8.15 billion. In the fourth quarter, total income is GBP4.32 billion, up from GBP3.83 billion a year earlier and ahead of consensus expectations of GBP4.21 billion. Operating pretax profit rises to GBP1.94 billion from GBP1.49 billion, exceeding market forecasts of GBP1.72 billion. Net interest income increases to GBP3.44 billion from GBP2.97 billion. The Edinburgh-based bank proposes a final dividend of 23.0 pence per share, taking the total payout to 32.5p, up 51% year-on-year, and says it intends to launch a GBP750 million share buyback in the first half of 2026. The common equity tier 1 ratio stands at 14.0% at December 31, up from 13.6% a year earlier but down from 14.2% at September 30, with a new target CET1 ratio of around 13.0%. For 2026, NatWest expects total income excluding notable items of GBP17.2 billion to GBP17.6 billion and operating expenses excluding litigation and conduct costs of around GBP8.2 billion, as it hails "progress and strengthened position".
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AstraZeneca reports positive phase III results for Breztri Aerosphere in patients with uncontrolled asthma. In pooled analyses of the Kalos and Logos trials, the triple-combination inhaler demonstrates statistically significant and clinically meaningful improvements in lung function versus dual ICS/LABA therapy, with morning pre-dose trough FEV1 improving by 76 millilitres and FEV1 AUC0-3 by 90 millilitres over 24 weeks. Breztri also shows clinically meaningful reductions in the annualised rate of severe asthma exacerbations compared with dual therapy, with no new safety or tolerability signals identified. AstraZeneca says regulatory filings for Breztri in asthma are under review in major regions, building on its existing approvals for chronic obstructive pulmonary disease.
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COMPANIES - FTSE 250
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GCP Infrastructure Investments, the closed-ended investment company advised by Gravis Capital Management that aims to pay dividends and preserve capital through exposure to UK infrastructure debt and related assets, reports a net asset value of 100.27 pence per share at December 31, with a portfolio valued at GBP853.8 million across 47 investments. Net debt stands at around GBP14 million at the period end, compared with GBP8 million at September 30, with GBP24 million drawn under its revolving credit facility. The company says it continues to progress disposals of at least GBP150 million of assets in targeted sectors, which are expected to facilitate at least GBP50 million of capital returns to shareholders and reduce outstanding debt to nil. It adds that exchanged contracts on certain supported social housing assets are expected to generate GBP43 million of day-one cash proceeds, materially in line with prior valuations.
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OTHER COMPANIES
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European Opportunities Trust begins a strategic review of its future, warning it is unlikely to meet the performance condition under its performance-related tender offer later this year. The board says it will consider options including a possible combination with another closed-ended fund, a cash exit at close to net asset value and a proposal from River Global, the parent of its investment manager Devon Equity Management, for a roll-over into a proposed open-ended investment company with a similar strategy. River Global confirms it has presented an outline proposal for a reconstruction of European Opportunities that would include a full cash exit at close to NAV and says it is in constructive dialogue with the trust and its advisers.
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SkinBioTherapeutics says Chief Executive Officer Stuart Ashman resigns after being suspended pending an investigation into "matters relating to his conduct". The Newcastle Upon Tyne, England-based life science firm focused on skin health says it is undertaking a full investigation supported by professional advisers. Non-Executive Chair Martin Hunt will assume the role of executive chair on an interim basis, supported by the board and leadership team, while the company searches for an interim and permanent CEO.
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Nexteq secures its first customer win and initial software licence purchase order for its newly launched Launchpad gaming software platform. The Crawley, West Sussex-based provider of technology solutions for manufacturers of electronic equipment says the order, from an established Asian game developer that is new to its Quixant brand, includes Launchpad licences alongside gaming hardware computing platforms. Deployment of the customer's land-based gaming content into a new market is expected to begin in the second half of 2026 and generate ongoing software revenues. Nexteq says the board believes the new relationship has the potential to become a USD1 million-per-year revenue customer, combining recurring software income with hardware sales.
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By Eva Castanedo, Alliance News reporter
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Related Shares:
AstrazenecaUnileverGlaxosmithklineNatwestGCP Infrastructure InvestmentsEuro Opps Tr.AssetcoSkinbiotherap.Nexteq