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Morning Report - 4 March 2026

Yesterday’s UK 100 Leaders Price (p) % Chg
Smith & Nephew 1,360.0 3.6%
BP 493.0 1.1%
Sage Group 847.4 0.9%
RELX 2,596.0 0.8%
Pearson 958.6 0.4%

 

Yesterday’s UK 100 Laggards Price (p) % Chg
Intertek Group 3,994.0 -15.8%
International Consolidated Airlines Group 368.0 -8.1%
Antofagasta 3,824.0 -8.0%
Endeavour Mining 4,790.0 -7.6%
DCC 4,840.0 -6.3%
Major World Indices Price % Chg 1 Year
UK 100 INDEX 10,484 2.8% 19.7%
DOW JONES INDUS. AVG 48,501 0.8% 14.1%
DAX INDEX 23,791 3.4% 6.6%
NIKKEI 225 54,246 3.6% 45.3%
S&P/ASX 200 INDEX 8,901 1.9% 8.6%
Commodity Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 76.78 2.98%
Brent Crude (ICE) USD/bbl. 84.07 3.28%
Gold Spot USD/t oz. 5,173 1.7%
Copper (Comex) USd/lb. 590 1.2%
The UK 100 is called to open -12 points at 10,472.

4 Hours; 2 Months

Click graph to enlarge

Markets Overview:


The UK 100 is called to open -12 points at 10,472.  
The UK 100 is called slightly lower this morning having yesterday slumped 296 points lower or 2.75% to 10,484.13, while falls in Europe were even sharper, with the benchmarks in Frankfurt, Paris, Madrid and Milan down between 3.5% and 4.5%.

US stocks were again less worried, maybe reassured by their own energy supplies, with the Dow Jones dropping 0.8%, while the S&P 500 and Nasdaq both fell around 1%.

This morning, Asian markets have continued to decline sharply, with Japan’s Nikkei sliding 3.6%, South Korea’s Kospi plummeting over 12% and the Hang Seng down 2.6% in Hong Kong.

Company News & Broker Comments:

 

Company News:

Beazley reported a 19% drop in annual pre-tax profit on Wednesday, amid a softening insurance rating environment and weak growth in its cyber insurance business.  The insurer, which agreed to an $11 billion takeover bid from Zurich Insurance this week, said its exposure to the Middle East conflict is limited as of now, with no material impact anticipated.

 

Metro Bank forecast on Wednesday that its return on tangible equity will more than double from current levels over the next 6 months and nearly triple over 18 months, driven by its turnaround strategy and ongoing cost-control steps.  The British lender expects to deliver a return on tangible equity of 18% or greater for 2028.

 

Vistry Group on Wednesday reported full-year 2025 results in line with expectations, delivering adjusted profit before tax of £268.8m, up 2% from £263.5m in 2024, though the company’s cautious 2026 outlook and leadership transition tempered investor enthusiasm.  The UK’s leading affordable housing developer saw revenue decline 4% YoY to £4,155.3m from £4,329.2m, as completions fell 9% to 15,658 units.  The revenue decline reflected continued challenges in the Open Market segment and uncertainty surrounding the November Budget, which delayed Partner Funded deals. Partner Funded units represented 74% of total completions.  For 2026, Vistry expects “good” YoY revenue and volume growth with improved adjusted profit before tax, though at lower margins due to sales incentives. The company targets net cash of approximately £100m by year-end, compared to net debt of £144.2m at December 2025, down from £180.7m a year earlier.  The group’s forward order book totalled £4.5bn as of 3 March 2026, up from £4.4bn a year earlier, with 67% of forecast 2026 units secured. Open Market sales rates have jumped over 40% YoY in early 2026, driven by targeted pricing initiatives.  Vistry’s building safety provision stood at £303.6m, down £20.8m from the prior year, primarily due to remediation work completed on 21 buildings during 2025.

Reporting Today:

 

UK

Quilter (QLT) – Full Year Results

Vistry (VTY) – Full Year Results

Beazley (BEZ) – Full Year Results

US

 

Broadcom Inc (NASDAQ:AVGO) AMC

 

Reporting Tomorrow:

 

UK

 

Taylor Wimpey (TW.) – Full Year Results

Aviva (AV.): – Full Year Results

Endeavour Mining (EDV) – Full Year Results

Admiral Group (ADM) – Full Year Results

Entain (ENT) – Full Year Results

Grafton Group (GFTU) – Full Year Results

Elementis (ELM) – Full Year Results

Foxtons (FOXT) – Full Year Results

Funding Circle (FCH) – Full Year Results

ITV (ITV) – Full Year Results

Harbour Energy (HBR) – Full Year Results

Reckitt Benckiser Group (RKT) – Full Year Results

Rentokil Initial (RTO) – Full Year Results

US

Costco Wholesale Corp (NASDAQ:COST) AMC

 

In Focus Today:

 

Chinese PMI

German HCOB PMI

EU HCOB PMI

EU Producer Price Index

EU Unemployment Rate

US ADP Employment Change

US S&P Global PMI

US ISM Services PMI

Fed’s Beige Book

Tomorrow’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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