3rd Mar 2026 07:54
(Alliance News) - The FTSE 100 was called lower for the second day running on Tuesday, as war in the Middle East enters its fourth day while the UK waits for the chancellor's spring statement.
Here is what you need to know before the London market open:
----------
MARKETS
----------
FTSE 100: called down 65.5 points, 0.6% at 10,714.61
GBP: flat at USD1.3360 (USD1.3360 at previous London equities close)
----------
ECONOMICS
----------
The UK government has the "right economic plan for the country", Rachel Reeves will insist at the spring statement. The chancellor is expected to say the economy is "stronger and more secure" as a result of decisions taken by the government as she addresses the Commons. Reeves will point to falling inflation and interest rates cuts as successes which have resulted in an easing of living pressures. But the statement comes just weeks after the Bank of England downgraded its UK gross domestic product forecasts for 2026 to 0.9% from 1.2%, and to 1.5% from 1.6% for 2027. Speaking in Parliament, the chancellor will say: "This government has the right economic plan for our country… in a world that has become yet more uncertain. "Stability in the public finances, investment in infrastructure and reform to our economy. Building growth not on the contribution of a few people or a few parts of the country, but in every part of Britain with a state that doesn't stand back, but steps up." Reeves will later add: "Because of the decisions we have already taken, we have a stronger and more secure economy. Inflation and interest rates falling. And in every part of Britain, working people are better off."
----------
BROKER RATINGS
----------
Berenberg cuts Beazley to 'hold' (buy) - price target 1,310 (1,100) pence
----------
UBS raises IG to 'buy' - price target 1,600 pence
----------
Morgan Stanley cuts Glanbia to 'equal-weight' - price target 18.20 EUR
----------
COMPANIES - FTSE 100
----------
Intertek reports revenue of GBP3.43 billion for 2025, up 1.1% or 4.3% at constant exchange rates from GBP3.39 billion for 2024, and higher than company-compiled analyst consensus of GBP3.34 billion. LFL revenue increases 0.7% or 3.9% at CER to GBP3.42 billion from GBP3.39 billion. Pretax profit increases 3.9%, or 8.5% at CER, to GBP569.0 million from GBP547.8 million. Adjusted pretax profit climbs to GBP569.0 million from GBP547.8 million, beating the analyst consensus of GBP563 million. The London-based provider of assurance, testing, inspection and certification services increases its full-year dividend by 5.4% to 165.0p per share, higher than analyst consensus of 161.1p, and notes that it completed a GBP350 million buyback programme. For 2026, Intertek says it expects mid-single digit like for like revenue growth, continuous margin progression, strong earnings growth and strong free cash flow. It also reiterates its medium-term targets of mid-single digit annual LFL revenue growth, an over 18.5% margin, strong cash and strong ROIC.
----------
Fresnillo reports pretax profit of USD2.08 billion for 2025, more than doubled from USD743.9 million in 2024, and in line with market expectations. Total revenue rises 31% to USD4.56 billion from USD3.49 billion, the gold and silver miner in Mexico which also has exploration assets in Peru and Chile, says. It beat market expectations of USD4.36 billion. Gold production decreases 5.0% to 600,287 ounces from 631,573 ounces, and silver falls by 14% to 48.7 million ounces from 56.3 million. Fresnillo proposes a 108.12 US cents per share final dividend, bringing the total dividend to 128.92 US cents which it says is its highest payout to date as a listed firm. Fresnillo for 2024 had paid a 32.5 cents ordinary dividend, plus a one-off payout of 41.8 cents per share. For 2026, Fresnillo expects attributable silver production to be in the range of 42.0 to 46.5 million ounces, with gold production in the range of 500,000 to 550,000 ounces. Total production would be between 82 million and 91 million silver equivalent ounces.
----------
COMPANIES - FTSE 250
----------
Aberdeen Group's pretax profit for 2025 is GBP442 million, up 76% from GBP251 million on-year. Its full-year dividend is unchanged at 14.6 pence per share. Assets under management & administration increase 9% to GBP556.0 billion as of the year's end, from GBP511.4 billion one year prior. Net outflows increase to GBP3.9 billion from GBP1.1 billion. Aberdeen says it is confident in its outlook and its 2026 targets of adjusted operating profit of at least GBP300 million and net capital generation of around GBP300 million. It is also targeting average net capital generation growth of 5% to 10% per year over the medium term.
----------
Keller announces, alongside its 2025 results, its intention to launch a further GBP100 million share buyback. Revenue increases 3.4%, or 5.9% at CER, to GBP3.09 billion from GBP2.99 billion in 2024. Pretax profit rises 1.4% to GBP186.4 million from GBP183.9 million. Total dividends rise 42% to 70.4p from 49.7p. "Looking ahead, while we remain mindful of macroeconomic uncertainty, the group enters the new financial year with a high quality order book, healthy tendering activity, strong balance sheet and a clear strategic direction," Chief Executive James Wroath comments. "The management actions that underpin Keller's improved operational and financial performance in recent years have now been embedded across the group...With the demand for our services supported by favourable long-term structural growth drivers including infrastructure investment, population growth, energy transition, climate resilience and technology adoption, we remain confident that the group is well placed to build on its momentum and deliver further progress in 2026 and in the years ahead."
----------
OTHER COMPANIES
----------
Pensana announces that the main construction activities at the Longonjo Rare Earth Project in Angola continue at pace, with commissioning scheduled for 2027 and the project "looking forward to a twelve-month period of intense activity." Pensana adds: "Initial annual production will be 2,400 tonnes of light magnet metals NdPr [neodymium & praseodymium] accompanied by 73 tonnes heavy magnet metals DyTb [dysprosium & terbium] in the form of clean high value mixed rare earth carbonate with plans to double production to 4,200 tonnes NdPr and 122 tonnes DyTb post 2030. Current resources are over 300 million tonnes and as previously announced an 11,000 metre drill programme has been planned which is designed to increase resources towards one billion tonnes, which would make Longonjo one of the world's largest rare earth deposits ever developed." It adds that discussions are well advanced with multiple parties to establish a US mine-to-magnet supply chain.
----------
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
BeazleyIGGlanbiaIntertek GroupFresnilloAbrdnKellerPensana