ADVFN UK Market News

Author: Fiona Craig

  • FTSE 100 Opens Higher as UK and European Shares Advance, Sterling Edges Lower; Plus500 Spotlight

    FTSE 100 Opens Higher as UK and European Shares Advance, Sterling Edges Lower; Plus500 Spotlight

    UK equities moved higher at the start of the week, tracking gains across European markets, while sterling eased slightly against the U.S. dollar in early trading.

    By 08:12 GMT, the FTSE 100 was up 0.4%, while the pound slipped 0.07% versus the dollar to 1.3603. European markets also posted solid gains, with Germany’s DAX rising 0.8% and France’s CAC 40 adding 0.4%.

    UK market round-up

    Plus500 Ltd (LSE:PLUS) was in focus after the trading platform said it expects its 2026 performance to come in ahead of market expectations, following stronger-than-anticipated results for 2025. Growth was supported by institutional partnerships linked to U.S. prediction markets and increasing exposure to higher-value customers. The group reported full-year revenue of $792.4 million, up 3% year on year, while net profit also increased 3% to $281.3 million. Basic earnings per share rose 10% to $3.93 from $3.56.

    In the banking sector, NatWest Group PLC (LSE:NWG) announced an agreement to acquire wealth manager Evelyn Partners for £2.7 billion. The deal will merge Evelyn’s £69 billion of assets under management with NatWest’s existing £59 billion, creating a combined £127 billion in assets under management and administration. NatWest also unveiled a £750 million share buyback alongside the transaction.

    Elsewhere, Phoenix Global Mining Ltd (LSE:PXC) confirmed the immediate suspension of Executive Chairman Marcus Edwards-Jones and Chief Financial Officer Richard Wilkins. The board is investigating allegations relating to their recent conduct and historic payments made to Lloyd Edwards-Jones S.A.S., the company’s former corporate finance adviser.

    In the advertising sector, WPP is reportedly preparing to combine its three main creative agencies under a single brand, according to the Financial Times, as part of a wider effort to simplify its operating structure.

    On the regulatory front, the UK’s Financial Conduct Authority said it plans to publish more comprehensive trading data for London-listed shares in a bid to address what it sees as significant under-reporting of market liquidity. The regulator is considering collecting data from all trading venues, including exchanges, dark pools and off-exchange platforms, to present a fuller picture of UK market activity. Simon Walls, the FCA’s interim director of markets, told the Financial Times that current liquidity measures can be misleading because they rely heavily on London Stock Exchange order book data while excluding a substantial volume of trading activity elsewhere.

  • Jefferies Downgrades Greggs to “hold” as Weight-Loss Drugs Weigh on Volumes

    Jefferies Downgrades Greggs to “hold” as Weight-Loss Drugs Weigh on Volumes

    Jefferies has cut its rating on Greggs (LSE:GRG) to “hold” from “buy” and reduced its price target sharply to 1,610p from 2,500p, arguing that the growing use of weight-loss medications is creating a structural drag on demand. The downgrade comes after what the broker describes as around 18 months of declining sales volumes, with the shares falling more than 3% on Monday. Greggs is currently trading at around 1,675p.

    The analysts said they now view the rapid adoption of GLP-1 receptor agonists, including drugs such as Mounjaro and Wegovy, as a “noticeable headwind” for the bakery chain. As a result, Jefferies has materially lowered its medium-term expectations, cutting like-for-like (LFL) sales growth assumptions from 4.5% to 2.5%, largely due to an expectation that volumes will remain under pressure.

    According to the broker, Greggs’ trading momentum has been weakening since mid-2024, with LFL sales gradually decelerating and volumes consistently turning negative. The company’s reported Q4 2025 LFL growth of 2.9% also missed management’s guidance of around 4%, despite more normalised weather conditions. With price increases contributing an estimated 5–6 percentage points to LFL growth, Jefferies infers that underlying volumes are still falling by roughly 2% to 3%.

    While management has pointed to softer consumer spending and adverse weather, including Storm Eowyn in January 2025 and the UK’s warmest summer on record, Jefferies said these factors do not fully explain either the scale or the persistence of the slowdown.

    The broker highlighted data from IQVIA indicating that the number of UK users of Mounjaro and Wegovy reached 2.5 million by July 2025, a near-70% increase in just four months and a fivefold rise year-on-year. Jefferies believes current usage may now be close to 4 million people, equivalent to about 7.5% of the UK adult population.

    Studies cited by the analysts suggest GLP-1 users typically cut daily calorie intake by 25% to 30%, or roughly 1,000 calories per day for higher-intake consumers. The largest reductions are seen in savoury, salty, high-fat and calorie-dense foods, categories that overlap heavily with Greggs’ core offer.

    Although Jefferies acknowledges that GLP-1 users tend to skew older, female and higher income than Greggs’ average customer, it argues that the overlap could be disproportionately harmful. The analysts said that “Where the two Venn diagrams intersect” sits a group of high-BMI consumers who are likely “some of Greggs’ best customers,” warning that these individuals could move “from being amongst Greggs’ most valued, to potentially never spending a penny with the business again.”

    The report also notes comments from Greggs chief executive Roisin Currie, who said in January 2026 there was “no doubt” that weight-loss drugs were having an impact on the business.

    Reflecting what it sees as a structural challenge, Jefferies now forecasts EBIT margins to decline by 50 basis points in FY26 and a further 30 basis points in FY27. Pre-tax profit for FY26 is projected at £171 million, broadly flat compared with an estimated £170 million in FY25.

  • Warpaint London Buys Barry M Brand in £1.4m Cash Deal

    Warpaint London Buys Barry M Brand in £1.4m Cash Deal

    Warpaint London PLC (LSE:W7L) has agreed to acquire the Barry M cosmetics brand for £1.4 million in cash, with completion subject to court approval that is expected on Monday.

    The transaction covers Barry M’s intellectual property, inventory and order book, but excludes manufacturing operations and any associated liabilities. The brand is being acquired out of administration and generated around £15 million in revenue in the year ended 28 February 2025.

    Barry M is a long-established value cosmetics brand with extensive retail reach, supported by one-metre-plus display stands in more than 1,300 stores. Its footprint includes approximately 650 Superdrug outlets, 420 Boots stores, 120 Sainsbury’s locations, 50 Tesco stores and around 90 Priceline stores in Australia.

    Alongside the acquisition announcement, Warpaint issued a trading update for the year ended 31 December 2025. The group expects revenue of roughly £105 million, compared with £102 million in 2024, alongside an improvement in gross margins. Included within this figure is a £12 million contribution from Brand Architekts, which was acquired in February 2025.

    Adjusted EBITDA for 2025 is forecast at around £22 million, down from £25 million the prior year. Brand Architekts contributed approximately £0.8 million of positive adjusted EBITDA, compared with a loss of about £1 million in 2024. Revenue headwinds during the year included the closure of Bodycare, which reduced sales by around £3 million, a challenging consumer backdrop impacting revenue by approximately £4 million, and a further £2 million loss linked to uncertainty around U.S. tariffs.

    The group reported cash balances of £18 million as at 31 January 2026, double the £9 million held a year earlier.

    Sam Bazini, Chief Executive Officer, said: “Looking ahead to the new year, we expect to see a return to organic growth across the Group and also expect to be able to update the market on further significant new customer roll outs with our full year results in April.”

  • Wetherspoon Reaffirms Assistance Dog Policy Following Safety Debate

    Wetherspoon Reaffirms Assistance Dog Policy Following Safety Debate

    J D Wetherspoon (LSE:JDW) has reiterated its policy on dogs in its pubs after a BBC report questioned whether its approach could conflict with equality legislation. The company said it welcomes assistance dogs but requires owners to provide evidence of training from Assistance Dogs UK, arguing that the policy is designed to balance accessibility for disabled customers with its legal responsibility to safeguard staff and other patrons.

    The pub operator pointed to a rise in dog-related incidents both nationally and across its own estate, noting that reported staff dog bites increased from one case in 2020 to 15 in 2025. Chairman Tim Martin said that allowing dogs entry first and relying on staff to assess behaviour afterwards, as recommended by Assistance Dogs UK, increases the risk of incidents. He added that Wetherspoon’s requirement for documentation is consistent with other regulatory checks, such as proof-of-age requirements or blue-badge verification for parking.

    From a market perspective, Wetherspoon’s shares continue to be underpinned by supportive technical indicators and a valuation that investors view as reasonable. While trading performance has shown signs of recovery, elevated debt levels and a history of cash flow volatility remain areas of concern. Limited recent earnings call commentary and a lack of major corporate events restrict further insight into near-term strategy.

    More about J D Wetherspoon

    J D Wetherspoon is a UK-based pub group that owns and operates venues across the country, focusing on offering food and drink at accessible prices. The company emphasises individually designed pubs, consistent service standards, and maintaining its estate to appeal to a broad and diverse customer base.

  • Shield Therapeutics Secures Additional U.S. FDA Exclusivity for ACCRUFeR Pediatric Use

    Shield Therapeutics Secures Additional U.S. FDA Exclusivity for ACCRUFeR Pediatric Use

    Shield Therapeutics (LSE:STX) has been granted a further three years of U.S. FDA data exclusivity for its oral iron therapy ACCRUFeR, extending regulatory protection through to 19 December 2028, in addition to existing patent coverage that runs into the mid-2030s. The exclusivity extension follows a new clinical investigation that supported expanding ACCRUFeR’s approved use to include pediatric patients aged 10 years and above, strengthening the product’s competitive protection in the U.S. market.

    The broader pediatric indication is supported by positive Phase 3 FORTIS trial results, which demonstrated the efficacy, safety and tolerability of a new oral liquid formulation in children as young as one month with iron deficiency anaemia. According to the company, this regulatory milestone enhances the commercial potential of ACCRUFeR across both adult and pediatric populations, reinforcing its positioning within the growing iron deficiency treatment market and supporting international expansion plans.

    From a market perspective, Shield’s outlook benefits from strong technical momentum in the shares and a series of supportive corporate developments. These positives are balanced against ongoing financial challenges and valuation concerns, with financial stability remaining a key risk factor despite the strengthening regulatory and commercial profile of the product.

    More about Shield Therapeutics

    Shield Therapeutics is a commercial-stage specialty pharmaceutical company focused on the treatment of iron deficiency and iron deficiency anaemia. Its lead product, ferric maltol, is marketed as ACCRUFeR in the United States and as FeRACCRU in other regions. Through partnerships with Viatris and a network of international licensees, the company is targeting a large and growing global market for iron deficiency therapies.

  • Wynnstay Grows Profits and Dividend as Transformation Shapes New Five-Year Strategy

    Wynnstay Grows Profits and Dividend as Transformation Shapes New Five-Year Strategy

    Wynnstay (LSE:WYN) delivered a stronger underlying performance for the year ended 31 October 2025, with adjusted profit before tax rising 21.1% to £9.2m despite a 4.8% decline in revenue to £583.4m. Improved margins, tighter cost control and benefits from the group’s Project Genesis transformation helped offset weaker feed and grain volumes linked to challenging UK harvest conditions.

    Gross profit increased slightly to £80.5m, while the balance sheet remained solid with net cash of £25.7m at year end. The board also approved a higher dividend for the 22nd consecutive year, reinforcing Wynnstay’s long-standing commitment to shareholder returns. Operationally, profit growth was recorded across the Feed & Grain, Arable and Stores divisions.

    During the year, the group completed the design phase of Project Genesis and unveiled a new five-year growth roadmap, Wynnstay Strategy Genesis. The plan focuses on targeted capacity investment, enhanced customer propositions and improved returns, building on a leaner and more efficient operating platform.

    Governance changes are also planned, with Chairman Steve Ellwood set to step down at the March 2026 AGM. He will be succeeded by Senior Independent Director Steven Esom, ensuring continuity as the company moves into its next phase of development.

    Overall, Wynnstay’s outlook is supported by a stable financial position and strong cash generation, balanced against softer revenue trends and mixed profitability metrics. Technical indicators suggest a broadly neutral share price trend, while valuation is underpinned by an attractive dividend yield. Limited recent earnings call detail and corporate activity restrict additional near-term visibility.

    More about Wynnstay

    Wynnstay Group plc is a UK-based agricultural supplies and services company supporting livestock and arable farmers nationwide. The group operates across feed and grain trading, arable inputs such as fertiliser, and a network of rural retail stores, providing broad exposure to core UK farming markets and agricultural input supply chains.

  • Cloudbreak Enters Paterson Province with Majority Stake in Gold–Copper–Moly Project

    Cloudbreak Enters Paterson Province with Majority Stake in Gold–Copper–Moly Project

    Cloudbreak Discovery (LSE:CDL) has agreed to acquire a 90% interest in the Paterson Gold–Copper–Molybdenum Project in Western Australia. The 888 sq km landholding sits around 40 km from the Telfer gold-copper mine and surrounds Cameco’s Kintyre uranium deposit, placing it within a highly prospective and infrastructure-supported mineral province that already hosts several tier-one gold, copper and uranium operations.

    The project comprises three granted exploration licences and includes the historic Wanderer prospect, where drilling carried out in the late 1980s intersected shallow, high-grade copper, gold and molybdenum mineralisation. Despite the encouraging results, the area has seen no meaningful follow-up exploration for more than 30 years.

    Cloudbreak plans to apply modern exploration techniques, including Mobile MT geophysics and reverse circulation drilling, to refine targets associated with magnetic lows and gravity highs. Management believes this approach could help identify porphyry-style mineral systems and significantly strengthen the company’s exploration pipeline within a highly competitive district.

    From a market standpoint, the company’s outlook remains constrained by its early-stage financial profile, with no revenue, continued losses, ongoing cash burn and negative equity reported in 2025. Technical indicators provide an additional headwind, with the shares trading below key short- and medium-term moving averages and a negative MACD signal. Valuation remains difficult to support on traditional metrics given negative earnings and the absence of dividend yield.

    More about Cloudbreak Discovery PLC

    Cloudbreak Discovery Plc is a London-listed exploration and development company focused on assembling and advancing early-stage resource projects. Its portfolio targets gold, copper, molybdenum and uranium, with a strategic emphasis on highly prospective mining jurisdictions such as Western Australia’s Paterson Province.

  • Plus500 Grows Profits, Expands Non-OTC Business and Pushes Further Into Prediction Markets

    Plus500 Grows Profits, Expands Non-OTC Business and Pushes Further Into Prediction Markets

    Plus500 (LSE:PLUS) delivered a solid performance in 2025, with revenue increasing 3% to $792.4m and EBITDA rising 2% to $348.1m, reflecting tight cost control and continued operating discipline. The group ended the year debt-free with around $0.8bn in cash, while its focus on higher-value, longer-tenure clients drove a sharp rise in average deposits per active customer and lifted ARPU to a record level. This supported $187.5m of shareholder returns through dividends and share buybacks.

    Strategically, the company continued to diversify its revenue base, scaling its non-OTC operations beyond $100m in annual revenue and increasing customer segregated funds to more than $0.9bn. Plus500 also expanded its institutional footprint through additional clearing memberships, a new partnership with Topstep, and the completion of the Mehta Equities acquisition in India. Expansion into prediction markets, including roles linked to CME Group, FanDuel and Kalshi, alongside new regulatory licences in Canada, the UAE, Japan and Colombia, further strengthens its positioning as a provider of global market infrastructure.

    Management believes these initiatives leave the group well placed for continued progress in 2026, supported by a broader product mix and expanding geographic reach. From an investment perspective, Plus500’s outlook is underpinned by strong profitability, low leverage and healthy cash generation, complemented by a reasonable valuation and attractive dividend yield. Technical indicators point to a strong upward trend, although very overbought momentum suggests an increased risk of near-term pullbacks.

    More about Plus500

    Plus500 is a global multi-asset fintech group operating proprietary, technology-driven trading platforms for retail and institutional clients. The company offers both OTC and non-OTC products across derivatives, futures and, increasingly, prediction markets, while continuing to expand its regulated presence across North America, Europe, Asia, the Middle East, India and Latin America.

  • Chill Brands Sees Rapid Sales Acceleration as Chill Connect Scales Faster Than Market

    Chill Brands Sees Rapid Sales Acceleration as Chill Connect Scales Faster Than Market

    Chill Brands (LSE:CHLL) has reported sharply accelerating momentum at its Chill Connect distribution platform, with product sales revenue increasing by more than 55% on average month-on-month between October 2025 and January 2026. In January alone, combined revenue from product sales and service fees exceeded £150,000, meaning just four months of trading have generated revenue close to that achieved over the previous 18-month period.

    Management said demand from UK convenience retailers and brand partners is currently running ahead of the company’s operational capacity, with growth constrained primarily by working capital rather than underlying market demand. The group is actively broadening its offering beyond vaping and nicotine products into categories such as sundries, beverages and confectionery, aiming to increase basket size and diversify revenue streams.

    Operationally, Chill Brands has reduced both exceptional and ongoing costs following its exit from legacy U.S. activities. It also confirmed that the Chill.com domain has been independently valued at a level above its original acquisition cost, providing additional balance sheet support and potential operating leverage as the business scales.

    Despite the strong top-line momentum, the company’s overall outlook remains weighed down by weak financial fundamentals, including ongoing losses, sustained cash burn and negative equity. Market technicals add further pressure, with the share price trading below all major moving averages and a negative MACD signal. Valuation remains difficult to assess on conventional metrics given negative earnings and the absence of dividend data.

    More about Chill Brands Group PLC

    Chill Brands Group PLC is a UK-based, distribution-led consumer packaged goods group focused on the convenience retail sector. Through its Chill Connect platform, the company operates a national field sales team delivering direct-to-store distribution and advisory services for brands, primarily in vaping and nicotine alternatives, while expanding into sundries, beverages, confectionery and other FMCG categories.

  • SolGold Highlights Funding Risk as Backing Builds for Jiangxi Copper Takeover

    SolGold Highlights Funding Risk as Backing Builds for Jiangxi Copper Takeover

    SolGold (LSE:SOLG) has reported encouraging infill and step-out drilling results from the Tandayama-América deposit at its Cascabel Project in Ecuador, confirming continuity of copper-gold mineralisation and identifying higher-grade zones at depth and beyond existing pit limits. Despite the positive exploration results, the company cautioned that several critical workstreams, including metallurgical and geotechnical studies, are still outstanding, meaning a full assessment of project economics has yet to be completed.

    Alongside the operational update, the board flagged a potential funding requirement. With cash of US$34.1m at the end of September 2025 and continued development expenditure, SolGold said additional equity financing would be required by the second quarter of 2026 if the proposed takeover by Jiangxi Copper’s JCHK vehicle does not proceed. No competing bids have emerged, and major shareholders including BHP, Newcrest, Maxit, DGR Global and company directors have indicated support for the court-approved scheme.

    As a result, the board is unanimously recommending that shareholders vote in favour of the Jiangxi Copper cash offer at meetings scheduled for 23 February 2026. Investor focus is therefore split between the evolving exploration story at Cascabel and the outcome of the takeover process, which would remove near-term funding uncertainty.

    From a market perspective, SolGold’s outlook continues to be constrained by its loss-making, pre-revenue profile, equity dilution risk and meaningful leverage. These factors are partly offset by a constructive share price trend and positive corporate catalysts, including the revised takeover proposal and ongoing project progress. Valuation remains difficult to support on an earnings basis in the absence of revenue or dividend visibility.

    More about SolGold

    SolGold plc is a mineral exploration and development company focused on large-scale copper and gold systems, primarily in Ecuador. Its flagship Cascabel Project in northern Ecuador hosts multiple advanced targets, including the Tandayama-América deposit, with the ambition of developing long-life, tier-one copper-gold assets attractive to major mining groups and strategic investors.