26th Jun 2026 07:48
(Alliance News) - The FTSE 100 was called lower on Friday, as tensions continue in the Middle East, while BP has announced a new technical services contract over a "prolific" hydrocarbon basin in India.
A "very strong" verification system is needed in Iran following the Middle East conflict to ensure that the country does not develop nuclear weapons, the UN atomic watchdog chief said. Rafael Grossi, the head of the International Atomic Energy Agency, also said that "Initial conversations have taken place" with Iran and talks should "pick up soon" following its recent preliminary agreement with the US about what to do with Tehran's uranium stockpile.
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 61.9 points, 0.6% at 10,467.99
GBP: lower at USD1.3206 (USD1.3213 at previous London equities close)
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BROKER RATINGS
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Citigroup reinitiates Segro with 'buy' - price target 1,043 pence
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Berenberg cuts Berkeley Group to 'hold' (buy) - price target 4,000 pence
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Deutsche Bank cuts Advanced Medical Solutions to 'hold' (buy) - price target 275 pence
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COMPANIES - FTSE 100
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BP and India's Oil & Natural Gas Corp have signed a new technical services contract on Thursday, under which BP is appointed as the technical services provider for ONGC's fields in the Western Offshore Basin. This consists of 43 blocks and is "ONGC's most prolific hydrocarbon-producing basin". BP says the new deal is a significant expansion of their existing collaboration after the Mumbai High contract in 2025, noting that ONGC will retain complete ownership and operational control of the assets. BP says it will receive a fixed fee for the first two years, followed by a service fee linked to a percentage share of revenue generated from net incremental hydrocarbon production.
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COMPANIES - FTSE 250
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Global Smaller Cos reports a net asset value per share of 198.8 pence as of April 30, up from 167.1p one year prior. The NAV total return is plus 21.0% for the year ended April 30, improved from minus 4.8% for the previous year. Its benchmark [a blend of the MSCI All Country World ex UK Small Cap and the Deutsche Numis UK Smaller Cos] delivers a plus 31.3% return, versus minus 0.8%. The company declares a total dividend of 3.15p, up 5.0% from 3.00p. Looking ahead, Chair Graham Oldroyd says: "Higher asset prices, strong corporate and household balance sheets, significant investment in AI and stimulus programmes across various parts of the world have all played a role in sustaining economic momentum...However, the persistence of each of these supporting factors remains uncertain, and as a consequence the range of potential future outcomes is wide."
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XPS Pensions agrees to acquire the trade and assets of UK-based specialist actuarial consultancy Austin Professional Resourcing LLP, saying the deal "further accelerates [its] diversification strategy into this large tangential addressable market and its aim of becoming a market leading financial services consulting and administration provider." Expects it to complete on or around July 31. Notes that APR has expertise in the UK general insurance consulting market, which it estimates has an annual value of around GBP1.5 billion, and client relationships with over 20 general insurers. XPS will pay GBP3.3 million in cash on completion, with another GBP3.0 million payable by March 31, 2027, and a further up to GBP10.0 million payable in years 2 and 3, subject to the achievement of "certain stretching business performance criteria."
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OTHER COMPANIES
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Wise Group reports results for the financial year ended March 31. Net revenue increases 19% to USD2.50 billion from USD2.10 billion the year before, with transaction revenue rising to USD1.89 billion from USD1.55 billion. Pretax income decreases to USD660.4 million from USD717.5 million, as total operating expenses increase to USD1.91 billion from USD1.37 billion. Active customers rise 21% to 18.9 million from 15.6 million, and cross-border volume rises 31% to USD243.5 billion from USD185.2 billion. Wise also says it plans to start a new buyback programme, "which we expect to be over USD500 million". Reiterates its medium-term targets, and for financial 2027 it expects to deliver net revenue growth "around the middle of our 15-20% medium-term target range on a constant currency basis," and a pretax income margin "around the top of the 20-25% range."
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Team Internet reports results for 2025. Gross revenue falls to USD481.9 million from USD802.8 million in 2024, while net revenue falls to USD136.2 million from USD187.5 million. Adjusted earnings before interest, tax, depreciation and amortisation fall to USD42.7 million from USD91.9 million. "During FY25 the Group prioritised the quality and durability of its revenue over headline volume, making deliberate strategic progress across all three segments," the company says. Adds that the DIS and Comparison segments both delivered stable performance and maintained strong momentum, "finishing the year towards the top end of market expectations despite a challenging operating environment," while Search completed a "Successful strategic transition". "With our 2025 accounts now audited and published, the year of transition is behind us," comments Chief Executive Michael Riedl. "We have reshaped the group and strengthened our financing, with amended facilities and extended maturities, and our growth segments are carrying real momentum into 2026. Our focus now is entirely forward."
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By Emma Curzon, Alliance News reporter
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Related Shares:
SegroBerkeley GroupAdvanced Medical Solutions GroupBPGlb Sml Co TrstXps PensionsWise GroupTeam Internet