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Morning Report - 3 March 2026

Yesterday’s UK 100 Leaders Price (p) % Chg
BAE Systems 2,241.0 6.1%
Airtel Africa 360.2 3.2%
Bunzl 2,246.0 2.4%
Sage Group 840.0 2.2%
BP 487.9 2.1%
Yesterday’s UK 100 Laggards Price (p) % Chg
International Consolidated Airlines Group 400.5 -5.5%
Standard Chartered 1,735.0 -5.3%
JD Sports Fashion 77.9 -5.0%
Hikma Pharmaceuticals 1,249.0 -5.0%
Burberry Group 1,108.5 -4.7%

 

Major World Indices Price % Chg 1 Year
UK 100 INDEX 10,780 1.2% 22.4%
DOW JONES INDUS. AVG 48,905 0.2% 11.6%
DAX INDEX 24,638 2.6% 9.3%
NIKKEI 225 58,057 1.4% 53.7%
S&P/ASX 200 INDEX 9,201 0.0% 11.6%

 

Commodity Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 71.30 6.39%
Brent Crude (ICE) USD/bbl. 78.17 7.27%
Gold Spot USD/t oz. 5,322 0.8%
Copper (Comex) USd/lb. 597 1.6%

 

The UK 100 is called to open -98 points at 10,682.

4 Hours; 2 Months

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Markets Overview:


The UK 100 is called to open -98 points at 10,682.  
The UK 100 is called lower once more this morning, the UK’s blue-chip index fell 130 points yesterday as the conflict in the middle east entered a third day, this comes despite US indices ending the day broadly higher having erased early session losses.

In focus today will be Rachel Reeves and the Labour parties Spring Budget.

The S&P inched up 0.04% and closed at 6,881.62. The broad market index cut its losses after falling 1.2% at its lows. The Nasdaq was higher by 0.36%, ending the session at 22,748.86. At one point, the tech-heavy index was down 1.6%. The Dow Jones fell 73.14 points, or 0.15%, settling at 48,904.78. At its lows, the Dow was down nearly 600 points.

Asia extended downside as conflict escalation and energy costs weighed on import-dependent economies.  The Nikkei traded -2%., the CSI 300 -0.2%., the Hang Seng -0.2%.and in Australia the ASX 200 -1.3%.  South Korean tech and autos fell 5–8%. Japanese equities pressured by higher yields and hawkish BOJ rhetoric. Energy outperformed regionally; airlines and tourism underperformed.

Company News & Broker Comments:

 

Company News:

Fresnillo reported record 2025 results, with adjusted revenue up 27.6% to US$4.65 billion and EBITDA rising 80.7% to US$2.80 billion, driven mainly by higher precious metal prices and tight cost control despite lower production volumes. Profit for the year jumped to US$1.57 billion, margins expanded sharply, and a strong balance sheet with net cash of US$1.92 billion supported the company’s largest-ever dividend of US$950 million, above its usual payout policy.  Operationally, silver output met guidance and gold exceeded expectations, even as both declined year-on-year due to mine closures, lower grades and reduced ore processing, while by-product lead and zinc production also fell. Management highlighted ongoing efficiency and optimisation projects at key mines, the wind-down of the Silverstream contract, and continued investment in exploration and growth initiatives.

 

Greggs reported a resilient 2025 in a tough food-to-go market, with total sales up 6.8% to £2.15bn but underlying profit before tax down 9.4%, reflecting consumer pressures and investment. Despite margin pressure, cash generation remained strong, the dividend was held at 69p, and the group ended the year with net cash of £45.8m after heavy supply chain capex.  The company continued to gain share, lifting its share of food-to-go visits to 8.6% and cementing its position as the UK’s leading value brand in the segment. It opened a net 121 shops to reach 2,739, expanded delivery, loyalty app usage and evening trade, and advanced major logistics investments aimed at supporting more than 3,500 shops while targeting a long-term recovery in returns on capital.  Management said early 2026 trading shows like-for-like sales up 1.6% and total sales up 6.3%, with cost control supporting profitability. Guidance is for profits broadly in line with 2025 unless the consumer backdrop improves, while ongoing investment in distribution, technology and product innovation is intended to reinforce Greggs’ competitive edge and support sustainable growth.

Reporting Today:

 

UK

Aberdeen Group (ABDN) – Full Year Results

Fresnillo (FRES) – Full Year Results

Greggs (GRG) – Full Year Results

Intertek Group (ITRK) – Full Year Results

International Workplace Group (IWG) – Full Year Results

Keller Group (KLR) – Full Year Results

US

 

CrowdStrike Holdings Inc (NASDAQ:CRWD) AMC

Reporting Tomorrow:

 

UK

 

Quilter (QLT) – Full Year Results

Vistry (VTY) – Full Year Results

Beazley (BEZ) – Full Year Results

US

Broadcom Inc (NASDAQ:AVGO) AMC

 

In Focus Today:

 

EU Harmonized Index of Consumer Prices

Fed’s Williams speech

ECB’s Sleijpen speech

ECB’s Kocher speech

Fed’s Kashkari speech

This Week’s Ex-Dividends:

 

 

UK 100 companies going ex-dividend on 5th March 2026:

Rio Tinto

UK 250 companies going ex-dividend on5th March 2026:

Energean

Dr. Martens

Renishaw

Genus

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