2nd Nov 2026 07:54
(Alliance News) - Stocks were called lower in London on Monday, as markets wait for further news on the US-Iran conflict and a busy day for manufacturing activity data.
The UK manufacturing purchasing managers' index reading is due at 0930 GMT.
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 14.5 points, 0.1%, at 10,715.28
GBP: higher at USD1.3405 (USD1.3396 at previous London equities close)
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BROKER RATINGS
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Goldman Sachs reinitiates British American Tobacco with 'buy' - price target 5,600 pence
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Barclays cuts Dr Martens to 'underweight' - price target 60 (75) pence
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JPMorgan cuts Future to 'neutral' - price target 385 pence
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COMPANIES - FTSE 100
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Metlen Energy & Metals and Shell have signed a binding long-term liquefied natural gas supply agreement, building on the memorandum of understanding they signed in February. Shell Global LNG will supply Metlen with six LNG cargoes per year starting in 2027, amounting to approximately 600 million cubic meters per year over five years. "The agreement marks a further step in the development of the cooperation between the two companies, combining Shell's global LNG portfolio, shipping capabilities and trading expertise, with Metlen's established presence in Southeast Europe and its growing role in European energy markets," Metlen says. "It also reinforces Metlen's strategy to strengthen its position through long-term supply arrangements, portfolio diversification and enhanced commercial flexibility."
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BP has completed the sale of a 65% stake in Castrol to Stonepeak, and says it will use the USD6 billion in post-tax proceeds to further reduce financial obligations. It retains a 35% stake, while Castrol will now operate as a standalone company. "This deal brings meaningful cash proceeds to bp today while retaining a valuable stake in Castrol's future growth," Chief Executive Meg O'Neill says.
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National Grid has entered a deal which paves the way for Britain's biggest electricity substation to be built, Sky News reported Sunday. The London-based electricity and gas utility signed a deal to buy over 70 acres of land at Dorman Point in Teesside, on a site owned by the local private-public partnership Teesworks. The substation would provide power to a large neighbouring data centre, which is likely to be the largest in Europe. Competition for the Teesside location was thought likely to lead to an investment decision with a preferred partner in the next months. A Sky-cited source said: "Sovereign artificial intelligence in the UK requires UK-based infrastructure."
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LondonMetric Property's Chief Financial Officer Martin McGann will be retiring in summer next year, after the firm releases full-year results. He has worked at the company since its formation in January 2013. LondonMetric said the search for his successor is "well underway".
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Endeavour Mining announced that last week Wednesday, the access ramp leading to the depleted Wona open pit partially subsided. This restricted access to the Dangouna and Aviera underground portals at the Mana mine in Burkina Faso. "Underground mining activities at all three active underground portals at Mana have been suspended to allow for detailed geotechnical analysis and ramp remediation work to be assessed," the gold mining firm said. It noted that nobody was hurt during the incident. Endeavour said it remains on track to achieve its full-year production and AISC guidance. "Furthermore, the company is actively evaluating options to mitigate the impact of the incident on Mana's production, including the restart and acceleration of mining activities in the Wona portal, which remains accessible, and other near-mine open pits," it added.
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COMPANIES - FTSE 250
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Alfa Financial says its Chief Operating Officer Matthew White will step down with effect from March 25, as he takes "a planned break from executive roles." "It's an exciting time for Alfa," White comments. "Our opportunity is huge, our market position is unrivalled, and I have every confidence in the future success of the company. I look forward to planning for 2027 with the team before supporting the transition."
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FirstGroup announces an agreement worth GBP109 million under which it sells assets to the West Yorkshire Combined Authority. The deal includes five freehold depots and fixed assets within the depots, as well as a bus fleet, including 251 diesel vehicles and 79 electric vehicles. FirstGroup, an Aberdeen, Scotland-based private sector provider of public transport, expects a post-tax disposal gain of around GBP30 million in relation to the completed depot sales. Chief Executive Officer Graham Sutherland says: "We are delighted to have reached an agreement with regards to the sale of our assets and secured these important franchise contracts. We look forward to drawing on our scale, expertise and strong operational track record to deliver high-quality, sustainable bus services in partnership with the West Yorkshire Combined Authority."
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OTHER COMPANIES
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Ryanair reports results for its first half ended September 30. Passengers increase 6% to 125.8 million from 119.0 million, while revenue increases 2.6% to EUR10.08 billion from EUR9.82 billion. The Dublin-based airline declares a 27.3 euro cents interim dividend, and pretax profit falls 16% to EUR2.43 billion from EUR2.89 billion. Its load factor was 95%, unchanged from a year earlier. However, revenue per passenger fell 3.0%, as the average fare declined 4.0% due to "consumer hesitancy and later bookings" resulting from the conflict in the Middle East. For the full year, Ryanair expects traffic to grow 3% to 214 million, noting that it has 80% of its jet fuel hedged so that "this year's earnings are well insulated from current oil price volatility." "While Q3 demand is strong, with fares trending modestly ahead of the same quarter last year, the booking window remains closer in which reduces visibility," it adds.
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By Emma Curzon, Alliance News reporter
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Related Shares:
National GridLondonMetricEndeavour MiningRYA.LBPAlfa Financial Software HoldingsMetlen EnergyShellBritish American TobaccoDr. MartensFutureFirstgroup