30th Mar 2026 07:57
(Alliance News) - London stocks were called to open lower on Monday, as the Iran war continues, while in UK company news, Burford Capital called a US appeals court decision on Argentina's nationalisation of oil company YPF in 2012 "very disappointing".
"Middle East tensions escalated over the weekend as around 3,500 US troops came to the region – increasing the chances of a ground operation that will likely last weeks – and Iran-backed Houthis joined the war," Swissquote's Ipek Ozkardeskaya noted. "That's a big deal as their inclusion brings new uncertainty regarding trade through the Red Sea, at a time when disruption in the Strait of Hormuz is taking a toll on global energy and other essential goods flows – including fertilisers."
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called down 31.1 points, 0.3% at 9,936.25
GBP: lower at USD1.3278 (USD1.3334 at previous London equities close)
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BROKER RATINGS
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Goldman Sachs raises Land Securities to 'buy' - price target 690 pence
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Goldman Sachs cuts Big Yellow to 'sell' - price target 860 pence
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Citigroup raises South32 to 'buy' (neutral) - price target 280 (260) pence
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COMPANIES - FTSE 100
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Rio Tinto says that its iron ore port operations have resumed after tropical cyclone Narelle passed over Western Australia's Pilbara region. The firm says that weather events which include tropical cyclone Mitchell in February impacted iron ore shipments by around 8 million tonnes, with a pathway to recover about half of the losses. Port closures at Rio Tinto's four Pilbara iron ore port terminals started on Tuesday. Ship loading at East Intercourse Island, Parker Point and Cape Lambert B restarted Saturday. Meanwhile, damage to Cape Lambert A is currently being repaired, with shipping at the facility expected to start in the coming days. "All of the company's people remained safe and unharmed during the weather event," the miner says. Rio Tinto's Pilbara iron ore shipment guidance for 2026 remains unchanged at 323 to 338 million tonnes.
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COMPANIES - FTSE 250
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RTW Biotech reports a net asset value per share of USD2.45 as of December 31, up from USD1.81 one year prior. The NAV return for 2025 was plus 35.7%, outperforming the Nasdaq Biotech Index at plus 33.4% and the AIC Biotechnology & Healthcare Sector at 18.4%, although the Russell 2000 Biotech Index returned plus 44.6%. The company says its portfolio benefited from intense strategic activity, with five take-outs or acquisitions across the public and private books, and says it is increasingly concentrated in areas with powerful secular tailwinds, with its portfolio "well-positioned to benefit from the next wave of innovation-led value creation." Cites "high-conviction private holdings like Corxel and Kailera," Corxel having completed a USD287 million Series D-1 financing this year.
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Impax Environmental Markets urges shareholders to vote in favour of its intended exit tender offer, to prevent Saba Capital from "gaining control of the company and materially altering its strategy, objectives and mandate". Its directors will be tendering all of their own shares. NAV per share is 426.4p as at December 31, down from 427.6p one year prior. NAV total return swings to plus 0.9% for the year, against minus 0.4% for 2024. Total dividend increases 2.0% to 5.1p per share from 5.0p.
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CVS Group's Chief Executive Richard Fairman intends to retire "for personal reasons", but will stay on until his successor is appointed, and "will continue to drive the business forward in the meantime." CVS will initiate an executive search process to select the new CEO. "Since joining CVS in 2018 as CFO and assuming the role of CEO in 2019, Richard has led the group through a period of significant strategic progress in support of its purpose to provide the best possible care to animals," Chair David Wilton says.
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OTHER COMPANIES
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Burford Capital called a US appeals court decision that overturned a USD16 billion judgement against Argentina for nationalising the oil company YPF in 2012 "very disappointing" and an "abandonment of minority shareholder rights". Burford, which was funding the case, saw its shares drop by more than 40% on Friday after the court decision. Burford on Monday said it will need to take a partial non-cash write-down of its YPF litigation assets as a result. It said the size of the write down is still to be decided, but the "substantial" carrying value of the YPF case in its balance share means the write-down may restrict its ability to issue new debt and make new investments. More positively, Burford said the plaintiffs are likely to start investment treaty arbitration against Argentina, and the South American country "has lost many such investment arbitrations in the past, including a substantial claim funded by Burford that yielded a highly successful result". Burford said the plaintiffs also may seek a rehearing by the entire Second Circuit court, but it said the US court "rarely grants such requests". The court struck down a 2023 ruling from Judge Loretta Preska of the US District Court for the Southern District of New York that ordered Argentina to pay USD16.1 billion to minority shareholder companies she said were harmed by the nationalisation of YPF. The appeals court on Friday said that breach of contract claims made by these companies were not recognisable under Argentine law. The case was heard in the US rather than Argentina mainly because YPF is listed on the New York Stock Exchange.
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Permanent TSB says in response to "recent media speculation" that Lone Star Fund XII Acquisitions LLC, and a consortium involving Sixth Street Luxembourg Sarl and Centerbridge Partners LP, are among the participants in its formal sale process, which it started in October and remains ongoing. "PTSB expects to continue to engage with relevant parties, including potential offerors and other stakeholders, in relation to the formal sale process in the coming weeks," the company says.
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boohoo says it is "comfortably ahead of previous guidance" having delivered GBP53 million in adjusted Ebitda for the year ended February 28, a 36% on-year rise driven by adjusted Ebitda for the second half rising 76%. Says it remains confident of double-digit adjusted Ebitda growth for the current financial year, and expects depreciation to fall from around GBP59 million to around GBP20 million, reflecting "the lower asset base post write offs" as it transitions to an asset-lite model. "The cost base has been reset, the warehouse consolidation completed, the tech re-platform delivered, the stock base rightsized, most of the onerous costs exited and the brand management teams strengthened," says CEO Dan Finley. "This is significant progress, ahead of our plan, but there is still more to be delivered and we now focus on growth."
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By Emma Curzon, Alliance News reporter
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Related Shares:
Land SecuritiesBig YellowSouth32 LimitedRtw BiotechBurford CapitalCVS GroupImpax Asset ManagementPerm Tsb GrpBoohooRio Tinto