ADVFN UK Market News

Author: Fiona Craig

  • European stocks edge higher but remain on track for steep weekly losses amid Middle East tensions: DAX, CAC, FTSE100

    European stocks edge higher but remain on track for steep weekly losses amid Middle East tensions: DAX, CAC, FTSE100

    European equity markets traded slightly higher on Friday, though investor sentiment remained cautious as fighting in the Middle East continues and markets await key U.S. labor market data.

    At 08:05 GMT, Germany’s DAX rose 0.7%, France’s CAC 40 gained 0.3%, and the U.K.’s FTSE 100 advanced 0.2%.

    Despite the modest rebound, the region’s major stock indices are still heading toward weekly declines of roughly 5%, which would mark the steepest drop since April of last year.

    Volatile week for global markets

    Equity markets have experienced a turbulent week as investors try to assess how long the Middle East conflict might last and what the broader economic consequences could be.

    The war has now entered its seventh day with no indication of easing.

    U.S. Secretary of Defense Pete Hegseth stated late Thursday that “the amount of firepower over Iran and over Tehran is about to surge dramatically”, while Israel earlier Friday said it had started a “broad-scale” wave of attacks against infrastructure targets in Tehran.

    Iran, in retaliation, has targeted Israel, the Gulf states, Cyprus, Turkey and Azerbaijan, broadening the conflict to neighboring countries.

    U.S. President Donald Trump, speaking with Reuters in a telephone interview, also said the United States must have a role in deciding who will be the next leader of Iran after airstrikes killed Supreme Leader Ayatollah Ali Khamenei last week.

    This follows Mojtaba Khamenei, the son of Iran’s slain supreme leader, emerging as ‌a frontrunner to succeed him, suggesting the Iranian regime was not about to buckle under pressure.

    Eurozone growth data ahead

    Away from geopolitical developments, investors are also looking ahead to upcoming economic data from the eurozone.

    Figures due later are expected to show eurozone gross domestic product expanding by 0.3% quarter-on-quarter and 1.3% year-on-year in the final quarter of last year.

    However, attention is likely to focus on the release of the U.S. monthly nonfarm payrolls report later in the day.

    Economists expect the U.S. economy to have added 59,000 jobs in February, following an increase of 130,000 in January. The unemployment rate is projected to remain unchanged at 4.3%.

    Corporate updates in focus

    Investors are also digesting the latest batch of corporate results as the earnings season gradually winds down.

    Deutsche Lufthansa (TG:LHA) reported record annual revenue for 2025 but posted only a narrow operating margin, with the German airline barely breaking even and management refraining from providing a detailed profit outlook for 2026 due to uncertainty linked to the Middle East conflict.

    IMI (LSE:IMI) unveiled a £500 million share buyback after the British engineering group recorded its fifth consecutive year of mid-single-digit organic revenue growth.

    Comet Holding (TG:EZP1) cut its dividend by roughly two-thirds after free cash flow plunged 80% in 2025. The Swiss semiconductor equipment firm cited a weaker dollar and an unfavorable product mix as factors that pressured margins despite modest sales growth.

    Spie (EU:SPIE) reported record annual profit as revenue at the French technical services group surpassed €10 billion for the first time in 2025.

    Oil prices heading for strong weekly gains

    Oil prices were broadly stable on Friday but remained on course for significant weekly gains as escalating tensions in the Middle East heightened concerns about potential supply disruptions.

    Brent crude futures rose 0.3% to $85.68 per barrel, while U.S. West Texas Intermediate crude gained 0.1% to $81.06 per barrel.

    Over the previous four trading sessions since the outbreak of the conflict, Brent has climbed 18%, while WTI has advanced 21%.

    In an effort to ease supply concerns, the United States announced it would allow the sale of Russian oil to India for a 30-day period.

    However, the measure has done little to calm the oil market, as traders remain worried that the conflict could disrupt shipping through the Strait of Hormuz—a narrow passage between Iran and Oman through which roughly 20% of the world’s oil supply flows.

  • EssilorLuxottica founder’s son close to deal to acquire siblings’ Delfin stakes, FT reports

    EssilorLuxottica founder’s son close to deal to acquire siblings’ Delfin stakes, FT reports

    Leonardo Maria del Vecchio is close to reaching an agreement to purchase the stakes of two of his siblings in family holding company Delfin, which controls EssilorLuxottica (EU:EL), according to comments he made to the Financial Times in an interview published Friday.

    “We are close to agreeing a price,” Leonardo Maria del Vecchio told the FT, adding that he is negotiating to increase his ownership to 37.5%, effectively tripling his current holding.

    The Luxembourg-based holding company Delfin is currently owned equally by the eight heirs of Luxottica founder Leonardo Del Vecchio, the creator of the Ray-Ban eyewear brand, who passed away in 2022.

    “I have been very clear I am willing to buy their stakes in order to become Delfin’s main shareholder, close the outstanding issues around my father’s estate and execute my father’s will,” Leonardo Maria told the FT.

    Disputes among the shareholders have so far blocked any dividend distribution exceeding 10% of net profit and have also prevented changes to the company’s governance structure.

    Leonardo Maria said the potential deal would be organised as a leveraged buyout financed by a group of unnamed banks. He also stated that his priority would be to protect EssilorLuxottica and that he would either wait for a court ruling or reach an agreement with his siblings before then.

    “I don’t intend to make a power move . . .  I want to build trust after four years of disputes,” he said.

    Beyond its controlling stake in EssilorLuxottica, Delfin also holds investments in Covivio, Banca Monte dei Paschi, Generali and UniCredit.

    Delfin and EssilorLuxottica did not immediately respond to Reuters’ request for comment.

  • Getlink reports lower Channel Tunnel shuttle traffic in February

    Getlink reports lower Channel Tunnel shuttle traffic in February

    Getlink (EU:GET) announced a drop in both freight and passenger vehicle traffic through the Channel Tunnel in February 2026, based on operational data published on Friday.

    LeShuttle Freight transported 94,332 trucks during the month, marking a 1% decrease compared with February 2025. Since the beginning of the year, shuttle services have carried more than 190,000 trucks across the Channel.

    Passenger vehicle traffic declined more sharply. LeShuttle transported 114,467 cars in February, representing a 6% fall from the same month a year earlier.

    The company said the decline was mainly due to a calendar effect, with British winter holidays occurring close to the Easter weekend scheduled for early April 2026. Since January 1, over 235,000 passenger vehicles have travelled through the tunnel using the shuttle services.

    Getlink manages the Channel Tunnel infrastructure via its Eurotunnel subsidiary under a concession agreement that extends until 2086. The group operates freight and passenger shuttle connections between Folkestone in the UK and Calais in France.

  • FTSE 100 today: Stocks edge higher as Middle East tensions keep investors cautious

    FTSE 100 today: Stocks edge higher as Middle East tensions keep investors cautious

    UK equities moved higher at the open on Friday following a turbulent week for global markets, with investors continuing to monitor developments related to the Middle East conflict. The situation in the region is expected to remain a key influence on sentiment, while the pound strengthened against the dollar and major European indices also traded higher.

    At 08:14 GMT, the FTSE 100 was up 0.2%. Sterling also gained ground, with GBP/USD rising 0.1% to 1.3369 against the dollar. On the continent, Germany’s DAX advanced 0.9% and France’s CAC 40 added 0.4%.

    Middle East update

    U.S. President Donald Trump said he would oppose Mojtaba Khamenei becoming Iran’s next leader, while Tehran said it has no interest in entering negotiations.

    Some reports offered a more constructive development, suggesting China is holding discussions with Iran aimed at ensuring the safe passage of vessels through the Strait of Hormuz.

    At the same time, Washington is reportedly considering a range of options to help stabilise oil prices, including the possibility of temporarily easing restrictions on Russian crude supplies.

    “Near term, we still see an upward pressure on oil prices, and we could see oil above $90. But we are not in the camp that oil could go above $100 and stay there for an elongated period of time,” according to Jefferies.

    UK round up

    IMI PLC (LSE:IMI) unveiled a £500 million share buyback after reporting its fifth straight year of mid-single digit organic revenue growth. The British fluid and motion control specialist said adjusted earnings per share increased 8% to 132.3p in 2025.

    The FTSE 100 group reported a 5% rise in organic revenue to £2.30 billion, while adjusted operating profit climbed 8% on an organic basis to £460 million. This lifted the adjusted operating margin by 30 basis points to 20.0%. Statutory operating profit increased 19% to £422 million.

    Looking ahead, IMI expects adjusted basic EPS for 2026 to range between 136p and 140p, which would mark a sixth consecutive year of mid-single digit organic revenue growth.

    Elsewhere in UK corporate news, Marwyn Acquisition Company III Ltd (LSE:MAC3) confirmed that discussions with Palmer Street Limited regarding a possible business combination have ended by mutual agreement.

    The negotiations, originally announced on 9 October 2025, were discontinued after both sides concluded that pursuing a public listing would be premature at the present time.

    In economic data, UK house prices reached a new record in February, according to figures released by Halifax. The average property price rose to £301,151.

    Prices increased 0.3% during the month, following January’s 0.8% gain. On an annual basis, growth accelerated to 1.3% from 1.1% previously, the strongest rate recorded in four months. Since the beginning of the year, average house prices have risen by roughly £3,000.

  • Pantheon Resources Announces Departure of Senior Non-Executive Director

    Pantheon Resources Announces Departure of Senior Non-Executive Director

    Pantheon Resources plc (LSE:PANR) has confirmed that senior non-executive director Linda Havard has stepped down from the board with effect from 5 March 2026 and will not stand for re-election at the company’s upcoming annual general meeting. During her tenure, Havard chaired the Finance, Audit and Risk Committee and played a key role in strengthening the company’s financial governance and reporting framework, contributing to board oversight as Pantheon advances its major development projects in Alaska.

    Her departure comes as the company continues to move forward with development plans for its Ahpun and Kodiak projects on Alaska’s North Slope. Both assets hold significant independently certified contingent resources and benefit from proximity to established infrastructure. Pantheon has not yet announced a replacement for the board position, and the change in governance may draw attention from investors given the scale and capital requirements of the company’s planned developments.

    The company’s outlook remains constrained by weak financial fundamentals, including recurring losses and negative free cash flow. Technical indicators also point to bearish sentiment, with the share price trading below key moving averages. Valuation metrics offer limited support, as the negative price-to-earnings ratio reflects ongoing unprofitable operations and the company does not currently pay a dividend.

    More about Pantheon Resources

    Pantheon Resources plc is an AIM-listed oil and gas company focused on developing its wholly owned Ahpun and Kodiak fields on Alaska’s North Slope. The company controls approximately 259,000 acres of state land and reports independently certified contingent recoverable resources of about 1.6 billion barrels of Alaska North Slope crude and 6.6 trillion cubic feet of associated natural gas. Its assets benefit from access to nearby roads and pipeline infrastructure.

    Pantheon’s strategy aims to unlock an estimated value of around $5 per barrel of recoverable resources by bringing the Ahpun project to final investment decision and first production through the Trans Alaska Pipeline System. Cash flow from Ahpun is expected to support the future development of Kodiak, while gas resources may be monetised through a precedent agreement with the Alaska Gasline Development Corporation tied to a proposed long-distance pipeline to Southcentral Alaska.

  • Avon Technologies Wins $12.7m CBRN Filter Order Supporting FY2026 Outlook

    Avon Technologies Wins $12.7m CBRN Filter Order Supporting FY2026 Outlook

    Avon Technologies (LSE:AVON) has secured a new order valued at approximately $12.7 million for its MILCF50 CBRN filters from an existing customer in the Middle East that already uses the company’s respirator systems. The filters are designed to protect users from chemical and biological warfare agents in various forms and feature a low-profile, conformal design, highlighting Avon’s focus on specialised protective equipment for high-risk environments.

    The company said the contract is expected to contribute to its financial performance for the 2026 fiscal year and remains consistent with the guidance issued in late 2025. The order also reflects ongoing global demand for CBRN protection systems, reinforcing Avon’s position in a highly specialised segment of the defence equipment market.

    While recent corporate developments and positive commentary from the latest earnings call point to strong revenue and profit growth, the company’s broader outlook remains mixed. Financial metrics indicate ongoing challenges related to profitability and liquidity, while technical indicators suggest bearish market momentum, tempering the otherwise positive strategic progress.

    More about Avon Technologies

    Avon Technologies is a specialist manufacturer of protective equipment used by military personnel and law enforcement agencies worldwide. Its products are used by more than 4 million service members and first responders across more than 70 markets.

    The company operates through two primary divisions: Avon Protection, which develops advanced respiratory and integrated CBRN protection systems, and Team Wendy, which produces high-performance ballistic and impact protection helmet systems. Through ongoing investment in innovation and technology, Avon aims to enhance safety and performance for personnel operating in demanding and hazardous environments.

  • Blencowe Expands Orom-Cross Graphite Resource with Maiden Iyan Deposit Estimate

    Blencowe Expands Orom-Cross Graphite Resource with Maiden Iyan Deposit Estimate

    Blencowe Resources (LSE:BRES) has reported a maiden JORC 2012 mineral resource estimate for the newly identified Iyan deposit at its Orom-Cross Graphite Project in Uganda. The initial estimate outlines 16.9 million tonnes grading 6.0% total graphitic carbon (TGC) in the Inferred category. With the inclusion of Iyan, the total JORC mineral resource at Orom-Cross increases by 66% to 43.0 million tonnes at an average grade of 5.76% TGC. The updated resource spans the Northern Syncline, Camp Lode and Iyan deposits, all reported using a 3.5% cut-off grade.

    The company noted that mineralisation at Iyan remains open both along strike and at depth, with several drill holes terminating in mineralised zones, suggesting potential for further expansion. Additional upside could also come from the nearby Beehive discovery once assay results are incorporated into a future resource update. Management said the larger project scale, combined with consistent metallurgy and strong continuity of near-surface mineralisation, improves development flexibility and supports ongoing discussions around strategic partnerships and project funding as Orom-Cross progresses toward production planning.

    Despite the positive resource growth, the company’s outlook remains constrained by weak financial performance, including a lack of revenue, ongoing losses and increasing cash burn. Technical indicators are supportive, with the share price showing a strong upward trend and a positive MACD signal, although highly elevated RSI and stochastic readings suggest the stock may be overbought and at risk of a near-term pullback. Valuation metrics remain limited due to negative earnings and the absence of dividend support.

    More about Blencowe Resources Plc

    Blencowe Resources Plc is a London-listed exploration and development company focused on graphite projects. Its flagship asset is the 100%-owned Orom-Cross Graphite Project in Uganda, which is being developed with the aim of becoming a large-scale, long-life graphite operation. The project is positioned to supply growing global demand for graphite from both traditional industrial uses and emerging battery markets.

  • Kavango Resources Raises $8.4m to Expand Gold Operations in Zimbabwe

    Kavango Resources Raises $8.4m to Expand Gold Operations in Zimbabwe

    Kavango Resources (LSE:KAV) has secured approximately US$8.4 million through subscription agreements in both Zimbabwe and the UK, issuing around 630 million new shares at a price representing a 33% premium to the company’s recent mid-market share price. Chairman and interim CEO Peter Wynter Bee participated in the UK placing, subscribing for 20 million shares.

    The newly issued shares from the UK and VFEX tranches are expected to begin trading around 16 March 2026 following admission to the London Stock Exchange and the transfer of the Zimbabwe portion to the Victoria Falls Stock Exchange. Once combined with existing cash and previously committed funding, the company expects to have about US$13.5 million available to support its growth plans. These include expanding production at the Hillside gold project, pursuing the proposed acquisition of Nara, addressing associated litigation costs, advancing exploration programmes, and providing additional working capital for operations in Zimbabwe.

    The company’s outlook remains constrained by weak financial performance, including significant operating losses and ongoing cash outflows despite only early-stage revenue generation. However, the balance sheet shows positive equity and moderate leverage, offering some stability. Technical indicators present a mixed picture, with neutral momentum and signs of short-term stabilisation, while valuation metrics remain difficult to support given the negative price-to-earnings ratio and the absence of a dividend yield.

    More about Kavango Resources

    Kavango Resources is a metals exploration and gold production company focused on Southern Africa, with listings on both the London Stock Exchange and the Victoria Falls Stock Exchange in Zimbabwe. The group is concentrating its operations in Zimbabwe, where it aims to increase gold production while pursuing growth through acquisitions and ongoing exploration activities.

  • Altona Rare Earths Raises Capital Through Warrant Exercise to Support Monte Muambe Studies

    Altona Rare Earths Raises Capital Through Warrant Exercise to Support Monte Muambe Studies

    Altona Rare Earths (LSE:REE) has raised £74,666 after the exercise of 3,733,334 warrants priced at 2 pence each, providing additional funding for technical work at its Monte Muambe project. The proceeds will help finance a fluorspar and gallium resource estimate alongside a scoping study aimed at advancing the project’s development.

    In addition, the company has issued 625,000 new ordinary shares to a service provider in place of £15,000 in fees, reflecting its continued use of equity to cover certain project and corporate expenses. Following the issuance of a total of 4,358,334 new shares, Altona’s enlarged share capital will increase to 383,240,635 ordinary shares, all of which will be admitted to trading on the London Stock Exchange’s Main Market. While the issuance results in modest dilution for existing shareholders, it supports ongoing technical work designed to strengthen Monte Muambe’s multi-commodity potential and enhance its strategic relevance within global critical minerals supply chains.

    The company’s outlook remains constrained by weak financial fundamentals, including a lack of revenue, ongoing losses, persistent cash burn, and increasing leverage. However, technical indicators provide some positive momentum, with the share price trading well above major moving averages and supported by a positive MACD signal. Valuation metrics offer limited support given the company’s negative earnings and absence of dividend payments.

    More about Altona Energy

    Altona Rare Earths is a London Main Market-listed exploration and development company focused on critical raw materials projects in Africa. Its flagship Monte Muambe project in Mozambique contains rare earth elements alongside fluorspar and gallium, while the company also holds the Sesana copper-silver project in Botswana. Together, these assets position the group to contribute to the supply of materials essential for clean energy technologies and advanced industries.

    Monte Muambe has progressed through extensive drilling, the publication of a maiden JORC-compliant resource, the granting of a 25-year mining licence, and a scoping study focused on rare earths. Altona is also evaluating the potential for near-term fluorspar production and the recovery of gallium as a by-product, while continuing to pursue additional opportunities aligned with its strategy in critical minerals.

  • Synergia Energy Reports Higher Oil Production at Cambay Field

    Synergia Energy Reports Higher Oil Production at Cambay Field

    Synergia Energy (LSE:SYN) has reported a notable increase in oil output from two legacy wells at its onshore Cambay Production Sharing Contract (PSC) field in India. Following workover operations completed in November 2025, wells C-64 and C-74 have shown improved performance, with combined production rising from an average of 78 barrels of oil per day in February to around 195 barrels per day so far in March. The increase follows recent adjustments to pump rates aimed at enhancing recovery.

    Gas production at the field has also remained stable, with the C-77H gas well continuing to operate at a plateau level of roughly 500,000 standard cubic feet per day. The combined performance improvements across both oil and gas operations highlight stronger operational momentum at Cambay, which could support Synergia’s near-term revenue prospects and strengthen its presence in India’s onshore energy sector.

    Despite the operational progress, the company’s outlook remains constrained by weak financial performance. Revenues have declined, gross profit remains negative, and the business continues to experience operating and free cash flow outflows. Technical indicators also point to bearish momentum, with the share price trading below major moving averages and a negative MACD signal. While a very low price-to-earnings ratio offers some valuation support, it does little to offset ongoing operational and cash flow risks.

    More about Synergia Energy Ltd

    Synergia Energy Ltd is an oil and gas exploration and production company focused on onshore energy assets in India. The company holds a 50% working interest in the Cambay PSC, where it is pursuing both oil and gas development to increase hydrocarbon production and improve recovery from the field.