FTSE 100 Edges Higher as Pound Softens; Magnum Makes Market Debut, Smith & Nephew Sets Fresh Targets

UK equities opened the week on a firmer footing Monday, even as the pound slipped and European markets delivered a mixed start. By 08:38 GMT, the FTSE 100 was up 0.1%, while GBP/USD dipped 0.05% but stayed above 1.33. Elsewhere in Europe, Germany’s DAX gained 0.08%, whereas France’s CAC 40 eased 0.2%.

UK market highlights

Magnum Ice Cream (LSE:MICC) began trading for the first time in Amsterdam and London, opening at €12.20 on the Dutch exchange. The debut price landed below Friday’s €12.80 technical reference point, though shares later pushed higher in early dealings.

Smith & Nephew PLC (LSE:SN.) unveiled new mid-term ambitions that outpace analyst expectations, targeting a 6–7% compound annual revenue growth rate through 2028 compared with the current 5.2% consensus. At its Capital Markets Day in London, the medtech group introduced its “RISE” strategy, aiming for a 9–10% trading profit CAGR, over $1 billion in free cash flow, and a 12–13% return on invested capital by 2028. For 2025, the firm maintained its revenue growth outlook of roughly 5% but raised guidance for trading margins to at least 19.5%. Free cash flow expectations were also lifted to about $800 million, up from $750 million, supported by better working capital and operational improvements.

In corporate governance developments, Anglo American PLC (LSE:AAL) said it has withdrawn a resolution scheduled for its upcoming General Meeting that sought to amend executive incentive plans, following shareholder pushback. Resolution 2, which would have altered the Long-Term Incentive Plan Awards for 2024 and 2025, will not be put to a vote on Tuesday.

In executive news, Oxford Nanopore Technologies Ltd (LSE:ONT) appointed Francis Van Parys as its next Chief Executive Officer, effective 2 March 2026. Van Parys — currently President and CEO of Radiometer, part of Danaher Corporation — will take over from founding chief Gordon Sanghera. His career spans more than two decades across life science leadership roles at Radiometer, Cytiva, and GE Healthcare in Europe, Asia, and North America.