13th Mar 2026 07:59
(Alliance News) - UK economic data showed mixed signals, as the economy stalled in January despite an improvement in the country's trade balance, while housebuilder Berkeley reaffirmed its annual profit guidance but warned geopolitical tensions are weighing on market sentiment.
Here is what you need to know before the London market open:
----------
MARKETS
----------
FTSE 100: called down 0.4% at 10,265.55
GBP: lower at USD1.3280 (USD1.3410 at previous London equities close)
----------
ECONOMICS
----------
The UK economy stalled at the start of the year as weakness in production offset stable services activity, according to official data on Friday. The Office for National Statistics says gross domestic product showed no growth in January from December, missing expectations for a 0.2% increase. The flat reading follows monthly growth of 0.1% in December and 0.2% in November. Services output was unchanged on the month, while production fell 0.1%. Construction rose 0.2% after three consecutive monthly declines. Over the three months to January, UK GDP grew 0.2% compared with the previous three-month period, while services output also increased 0.2%. Production rose 1.3% over the period, though construction output fell 2.0%, marking a fourth consecutive three-month decline.
----------
UK trade data showed the country's deficit narrowed in the three months to January, driven by stronger exports and a larger services surplus. The Office for National Statistics says the total goods and services trade deficit shrank by GBP5.1 billion to GBP1.8 billion compared with the previous three-month period. The goods trade deficit narrowed by GBP3.1 billion to GBP56.6 billion, while the services surplus widened by GBP2.0 billion to GBP54.8 billion. In January alone, goods exports rose GBP2.0 billion, or 6.7%, reflecting higher shipments to both EU and non-EU markets, while imports fell GBP300 million, or 0.6%. Exports to the US declined by GBP500 million during the month, while imports from the US increased by GBP600 million.
----------
BROKER RATINGS
----------
RBC raises Admiral group to 'outperform' (sector perform) - price target 3,560 (3,100) pence
----------
UBS raises Rentokil Initial to 'buy' - price target 540 pence
----------
Berenberg starts Serica Energy with 'buy' - price target 300 pence
----------
Jefferies raises Sabre Insurance to 'hold' (underperform) - price target 152 (110) pence
----------
COMPANIES - FTSE 100
----------
Berkeley Group reaffirmed its pretax profit guidance of GBP450 million for the financial year ending February 28 and a similar level for 2027, as the housebuilder said trading has remained resilient despite geopolitical uncertainty. The company says sales enquiries remain "good" and reservation values have been recovering, though the emerging conflict in the Middle East is weighing on market risk sentiment and could affect consumer confidence. Looking ahead, Berkeley says: "Given the macro conditions, market sentiment and the regulatory delays being experienced, Berkeley will focus on cash generation to maintain a strong balance sheet, the quality of profit in the core business and shareholder returns, while optimising our land holdings and delivering our build to rent strategy." The group adds that the long-term outlook for the London housing market remains "positive", citing the city's "tremendous resilience" and saying that for customers with liquidity, "the current market dislocation presents a good opportunity to buy."
----------
OTHER COMPANIES
----------
Wheaton Precious Metals reports sharply higher earnings for both the fourth quarter and full year of 2025, supported by stronger production and higher metal prices. The Vancouver-headquartered precious metals company says 2025 revenue rose to USD2.31 billion from USD1.28 billion a year earlier, while net earnings jumped to USD1.47 billion from USD529.1 million. Gold production increased 9.2% to 416,171 ounces from 381,248 ounces. In the fourth quarter, revenue climbed to USD864.7 million from USD380.5 million, and net earnings surged to USD558.3 million from USD88.1 million. Gold production for the quarter rose 10% to 130,676 ounces from 118,328 ounces a year earlier. Wheaton declared a first-quarter 2026 dividend of USD0.195 per share, up 18% from USD0.165 in the prior quarter. Total dividends for 2025 amounted to USD0.66 per share.
----------
Glenveagh Properties reports higher revenue and profit for 2025, supported by record home completions and strong revenue growth in its partnerships business. The Kildare, Ireland-based housebuilder says revenue rose 6.6% year-on-year to EUR926 million from EUR869 million, while pretax profit increased to EUR125 million from EUR114 million. Earnings per share climbed to 20 euro cents from 17 cents. Glenveagh completed 2,568 homes during the year, up 11% from 2,309 in 2024, and ended the period with a forward order book of EUR1.3 billion. Looking ahead, the company expects to complete around 2,750 homes in 2026 and guides earnings per share of up to 21 cents, saying it enters the year with "strong momentum". CEO Stephen Garvey says: "Throughout the year, we advanced our manufacturing and innovation capabilities, a core part of our integrated delivery system. By expanding industrialised construction through precision manufacturing, advanced digital design, and high-performance materials, we delivered homes with greater predictability, affordability, and enhanced energy and environmental performance."
----------
Vaalco Energy reports lower revenue and a swing to a pretax loss in 2025, though the Canada and Africa-focused hydrocarbon explorer says it remains well positioned for future growth. Revenue fell to USD359.3 million from USD479.0 million a year earlier, while the company reported a pretax loss of USD26.6 million compared with a USD139.8 million profit in 2024. Despite the weaker financial performance, Vaalco says production and sales volumes exceeded its upgraded guidance during the year and it continues to advance drilling programmes across Gabon, Egypt and Ivory Coast. The company declared a quarterly dividend of 6.25 US cents per share for the first quarter of 2026, unchanged from the previous quarter. Chief Executive George Maxwell says: "We have successfully grown Vaalco from a single asset delivering around 5,000 barrels of oil per day to a diversified, multi country operator well on our way to achieving our goal of 50,000 barrels of oil equivalent per day. I believe that we are well positioned to continue to execute operationally and financially to achieve all of our growth targets and continue to generate and return value to our shareholders for the rest of the decade."
----------
Stelrad reports lower revenue and profit for 2025, though earnings and dividends edged higher as the Rotherham, England-based radiator manufacturer says it remains confident about market opportunities. Revenue fell to GBP279.6 million from GBP290.6 million a year earlier. Pretax profit declined to GBP10.1 million from GBP23.4 million, while operating profit dropped to GBP17.5 million from GBP31.4 million. Adjusted earnings per share were broadly unchanged at 13.08 pence from 13.05p, and Ebitda rose slightly to GBP44.1 million from GBP43.5 million. The company recommended a total dividend of 8.09p for 2025, including a final dividend of 5.05p, up from 7.79p and 4.81p respectively. Stelrad says it remains confident in the attractiveness of its markets and its competitive position, though uncertainty remains over the timing of a broader market recovery.
----------
Atome says it has signed definitive debt financing agreements for its USD650 million low-carbon fertiliser plant in Villeta, Paraguay, securing a USD420 million debt package for the project. The financing has been agreed with a consortium of development lenders, including the International Finance Corp, European Investment Bank and IDB Invest. The loans will have a 15-year term and support the construction of the 260,000-tonnes-per-year fertiliser plant. Atome says equity agreements for the remaining USD244 million of funding are expected to be finalised within 30 days, after which the project can move toward the construction phase. The company adds that the Villeta project will produce fertiliser without relying on fossil fuels and will benefit from a long-term offtake agreement with Yara International for its full production.
----------
By Eva Castanedo, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
Berkeley GroupAdmiralRentokil InitialSabre Insurance GroupSerica EnergyGlenveaghVaalco EnergyWheaton Precious Metals Corp.Stelrad GrpAtome