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BP. BP (LSE:BP.) announced on Wednesday that it has acquired a 40% participating interest in a production sharing agreement covering six oil and gas exploration blocks in Uzbekistan’s Ustyurt region, signalling a renewed emphasis on conventional energy investments.

The move marks a reversal from the company’s earlier strategy under former chief executive Bernard Looney, when BP exited exploration activities in the region in 2021 as part of a broader transition toward green energy and a target to reduce oil and gas production by 40% by 2030. Since then, the company has increasingly refocused on its traditional fossil fuel operations.

“We believe Uzbekistan has significant resource potential and see this as an opportunity to support the exploration and development of the country’s oil and gas resources,” said Gio Cristofoli.

The production sharing agreement covers six exploration blocks situated within Uzbekistan’s Ustyurt basin, an area regarded as prospective for hydrocarbon development.

More about BP

BP is one of the world’s largest integrated energy companies, with operations spanning oil and gas exploration, production, refining, trading and energy marketing. Headquartered in the UK, the group has recently adjusted its strategic priorities to place greater emphasis on traditional hydrocarbon production alongside its lower-carbon and renewable energy activities.

TCAP TP ICAP Group (LSE:TCAP) reported record first-quarter performance for 2026, with total revenue increasing 13% year-on-year at constant currency to £689 million. Growth was led by strong performances in the Global Broking and Energy & Commodities divisions, which recorded revenue gains of 15% and 13% respectively as heightened market volatility and elevated trading activity boosted client engagement. Liquidnet achieved 9% revenue growth through continued expansion of its equities and multi-asset agency execution operations, while Parameta Solutions increased revenue by 4% as recently added sales personnel began contributing to business development. Management said the strong start to the year, combined with disciplined cost control and favourable market conditions, supports confidence in the group’s outlook at current exchange rates ahead of interim results scheduled for 6 August 2026.

The company’s outlook is driven primarily by improved financial performance (stronger profitability and reasonable leverage) and an attractive valuation (low P/E and high dividend yield). Technicals also support the view, with the price above key moving averages and positive momentum, while margin/cash-flow variability tempers the overall rating.

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TP ICAP Group is the world’s largest wholesale market intermediary, connecting institutional buyers and sellers across global financial, energy and commodities markets. The company operates from more than 60 offices in 28 countries and provides broking services, market data, analytics and market intelligence supported by advanced trading and technology platforms.

NWG NatWest Group (LSE:NWG) said Fitch Ratings has upgraded the long-term Issuer Default Ratings of several of its principal banking subsidiaries, including National Westminster Bank, The Royal Bank of Scotland and a number of NatWest Markets entities, to AA from AA-. The changes follow updates to Fitch’s bank rating methodology. The agency also raised the long-term senior unsecured debt ratings for the same subsidiaries to AA while keeping the outlook at Stable, highlighting improved credit strength across NatWest’s core operating businesses and potentially supporting future funding flexibility and investor confidence.

The upgrades apply to both domestic operating banks and international subsidiaries, including NatWest Bank Europe and NatWest Markets N.V., bringing their ratings into alignment at a higher investment-grade tier. Although Fitch reiterated that credit ratings are not intended as investment advice, the improved assessments indicate stronger perceived resilience across NatWest’s major franchises. The development could enhance the banking group’s standing within wholesale funding markets and strengthen its competitive position relative to other large European financial institutions.

The company’s outlook is driven mainly by mixed fundamentals: strong profitability and improving leverage are offset by highly inconsistent (and most recently negative) operating/free cash flow. Technical indicators further weigh on the score due to weak momentum and trading below key moving averages. These risks are partially balanced by attractive valuation (low P/E, high dividend yield) and a generally positive earnings call with raised income guidance and strong capital generation.

More about NatWest Group

NatWest Group is a major UK-based banking and financial services organisation operating through brands including National Westminster Bank, The Royal Bank of Scotland and NatWest Markets. The group provides retail and commercial banking, corporate and investment banking, and wealth management services across the UK and selected international markets.

BAB Babcock International (LSE:BAB) reported strong underlying operational and financial performance for the year ended 31 March 2026, supported by double-digit revenue growth and margin improvements across its Nuclear and Aviation businesses, alongside steady progress in its Marine and Land divisions. However, statutory performance was impacted by a £140 million one-off charge linked to the fixed-price Type 31 frigate programme. The charge resulted in a revenue reversal of approximately £100 million, pushed the Marine division into an operating loss and reduced overall group margins. Despite the setback, underlying free cash flow increased to £262 million while net debt declined to £329 million.

Management reaffirmed its FY27 guidance, noting that roughly 70% of expected revenue for the coming year is already secured under contract. The company also reiterated its medium-term objectives of mid-single-digit revenue growth, operating margins of at least 9% and strong cash conversion. During the year, Babcock secured several strategic contract wins, including additional Arrowhead 140 frigate licensing business in Indonesia, expanded submarine-related work in the United States with HII, light utility vehicle contracts for the British Army and Albania, and a significant UK small modular reactor Owner’s Engineer appointment. The group also unveiled a new £200 million share buyback programme, highlighting management’s confidence in future cash generation despite the challenges associated with the Type 31 project.

The company’s outlook is supported primarily by improving financial performance and a strong, confidence-boosting earnings call with reaffirmed margin targets and solid cash conversion. Technicals indicate an established uptrend but are heavily overbought, raising near-term risk. Valuation is the main drag due to a higher P/E and low dividend yield.

More about Babcock International

Babcock International Group is a UK-based defence, aerospace and nuclear engineering contractor that delivers engineering, support and training services to military, civil nuclear and critical infrastructure clients globally. The company operates across Nuclear, Marine, Land and Aviation markets, with increasing emphasis on defence modernisation programmes, maritime security partnerships and civil nuclear initiatives including small modular reactor projects.

GMET Guardian Metal Resources (LSE:MET) has uncovered an extensive area of historic tungsten-rich mine tailings at its Tempiute Tungsten Project in Nevada and is now advancing studies to determine both the resource potential and environmental remediation value of the material. Recent field mapping and sampling work suggest the tailings extend across roughly 550 acres, with surface testing confirming the presence of tungsten alongside other metals.

To capitalize on the discovery, the company has added 193 new mining claims, increasing the overall Tempiute land package by more than 375%. At the same time, environmental assessment work is continuing. Subject to permitting, Guardian Metal plans to begin an auger drilling campaign in June 2026, while an independent metallurgical review will assess the tonnage, grade and recovery characteristics of the tailings. The work is aimed at supporting Tempiute’s potential as a near-term U.S.-based tungsten supply source with comparatively lower development costs and possible reclamation advantages.

The score is held down primarily by weak financial performance (minimal revenue, widening losses, and sharply worse free cash flow) and a bearish technical trend (price below key moving averages with negative MACD). A debt-free balance sheet with growing equity provides some support but does not offset the current cash burn and lack of profitability.

More about Guardian Metal Resources PLC

Guardian Metal Resources PLC is focused on restarting U.S. tungsten production through its flagship Pilot Mountain and Tempiute projects in Nevada. The company is targeting critical mineral supply chains tied to defense and industrial demand and has benefited from U.S. government backing, including support from the Department of War and its recent NYSE American listing.

Vodafone (LSE:VOD) reported total revenue growth of 8% to €40.5 billion for FY26, supported by strong service revenue performance, the consolidation of Three UK operations and continued momentum across its African and Turkish businesses.

Service revenue increased 8.8% to €33.5 billion during the year, driven by double-digit growth in Africa and expanding digital services activity. The group also recorded modest growth across the UK and several European markets, while performance in Germany improved progressively and returned to growth during the fourth quarter after earlier weakness.

Adjusted EBITDAaL rose 3.8% to €11.4 billion, equivalent to 4.5% organic growth, while operating profit recovered to €2.8 billion compared with a loss in the prior year period. Vodafone also delivered adjusted EBITDAaL and free cash flow at the upper end of its guidance range.

The company continued to return capital to shareholders, completing a €2 billion share buyback programme and increasing its dividend payout.

Management said the group is entering a “new chapter” focused on a simplified operating structure, a strengthened balance sheet and improved customer experience. Strategic priorities also include cost efficiency initiatives and medium-term free cash flow growth.

Vodafone’s outlook reflects a combination of operational improvements and ongoing financial challenges. Positive technical momentum and constructive earnings guidance have supported investor sentiment, while concerns around valuation and broader financial performance remain factors to monitor. Strategic initiatives and recent corporate developments continue to provide additional support for the company’s longer-term growth profile.

More about Vodafone Group

Vodafone Group is an international telecommunications operator providing mobile, broadband, fixed-line and digital services across Europe, Africa and other global markets. The company operates through divisions covering Europe, Africa, Vodafone Business and Investments, with a focus on connectivity infrastructure, enterprise services, digital platforms and large-scale network operations.

Greggs (LSE:GRG) reported stronger trading during the first 19 weeks of 2026, with total sales increasing 7.5% to £800 million and like-for-like sales rising 2.5%. Momentum improved further over the most recent 10 weeks, with comparable sales growth accelerating to 3.3%.

The bakery and food-to-go retailer said menu innovation continued to support customer demand, particularly among younger consumers. Recent product launches included a new Chicken Roll, expanded pizza and hot food offerings, refreshed salad ranges and new drinks products such as Matcha-based beverages.

Greggs opened 41 new stores during the period, resulting in a net increase of 20 locations and taking the total estate to 2,759 outlets. The company remains on track to deliver around 120 net new openings across the full year.

Expansion into travel locations also continued, with Greggs preparing to open its first airport store outside the UK at Tenerife South through a partnership with Lagardère Travel Retail.

The group is also progressing with major infrastructure investments, including a new frozen products facility in Derby and a National Distribution Centre in Kettering, both of which remain on schedule.

Management said cost inflation is still expected to average around 3% on a like-for-like basis during the year, allowing the business to maintain its value-focused positioning while keeping full-year profit guidance unchanged despite geopolitical uncertainty and inflationary pressures.

The company’s outlook remains supported by a resilient operating model, although earnings quality in 2025 was impacted by margin pressure, weaker free cash flow and rising leverage. Valuation metrics remain relatively supportive, with the shares trading on a moderate earnings multiple and offering an attractive dividend yield. Technical indicators are broadly constructive, although momentum signals remain mixed.

More about Greggs plc

Greggs plc is a UK-based bakery and food-on-the-go retailer operating a nationwide network of company-managed and franchised stores. The company specialises in value-focused bakery products, hot food, snacks and beverages, while continuing to expand into travel hubs, convenience locations and retail partnerships through franchise agreements and grocery collaborations.