Category: Top Story

BP Plc (LSE:BP.) saw its shares fall more than 4% after reporting a fourth-quarter loss of $3.4bn and announcing the suspension of its share buyback programme, marking a significant shift in capital allocation strategy. The result compares with a $1.2bn profit in the previous quarter and was driven by $4.3bn of adjusting items, largely impairments across the group’s gas and low-carbon businesses.

Underlying replacement cost profit, BP’s preferred earnings metric excluding one-off items, declined to $1.5bn from $2.2bn in the third quarter and came in below market expectations. For the full year 2025, underlying profit fell to $7.5bn from $8.9bn in 2024, reflecting a weaker oil price environment, a less favourable upstream mix and lower refinery throughput due to increased maintenance activity.

The group also took sizeable writedowns across its renewables portfolio, with impairments linked to solar, biogas and offshore wind assets contributing to total charges of more than $5bn for the year. These losses have added pressure on interim chief executive Carol Howle, who is moving to re-prioritise cash flow generation and balance-sheet repair ahead of incoming CEO Meg O’Neill’s arrival in April.

Howle said BP is taking “decisive action” to strengthen the business, pointing to the execution of a $20bn asset disposal programme and the decision to halt buybacks. Going forward, all surplus cash will be directed toward debt reduction, replacing earlier guidance that 30–40% of operating cash flow would be returned to shareholders. Net debt stood at around $22bn at year-end, supported by more than $3bn of divestment proceeds during the quarter.

Progress on portfolio simplification continued, with expected proceeds from completed and announced disposals now exceeding $11bn. A key transaction is the planned $6bn sale of a 65% stake in Castrol, after which BP will retain a 35% holding.

Operationally, the company reported record upstream plant reliability of 96.1% for 2025 and completed seven major projects during the year. Fourth-quarter upstream production averaged 2.34 million barrels of oil equivalent per day, slightly below the prior quarter but helped by a higher proportion of oil-weighted output. BP also highlighted encouraging exploration momentum, including the Bumerangue discovery offshore Brazil.

Despite the quarterly loss and buyback suspension, BP maintained its dividend at 8.32 cents per share and reaffirmed its commitment to annual dividend growth of at least 4%. Capital expenditure for 2026 will be set at the lower end of the $13–13.5bn guidance range, while the company increased its structural cost-reduction target to $5.5–6.5bn by the end of 2027.

Analysts acknowledged the strategic reset but cautioned that the move could leave BP lagging peers that continue to return higher levels of cash to shareholders. RBC Capital Markets reiterated its “sector perform” rating, describing the buyback suspension as appropriate given the balance-sheet position, while noting that BP now offers a materially lower distribution yield relative to competitors.

AstraZeneca PLC (LSE:AZN) said it expects sales and earnings to continue growing in 2026 after delivering fourth-quarter results broadly in line with market expectations. The drugmaker forecast that total revenue will increase at a mid- to high-single-digit rate at constant exchange rates next year, while core profit is expected to grow by a low double-digit percentage. The outlook was well received by investors, with the shares rising more than 1%.

For 2025, AstraZeneca reported revenue growth of 8% and an 11% increase in core profit, consistent with its prior guidance for high single-digit sales growth and low double-digit earnings expansion. In the fourth quarter ended 31 December, core earnings were $2.12 per share, while revenue rose 2% year on year to $15.50bn. Both figures were in line with company-compiled consensus forecasts. Core operating profit for the quarter totalled $4.10bn, below analyst expectations of $4.45bn.

Chief executive Pascal Soriot highlighted strong underlying momentum across the business, pointing to robust commercial execution and progress in the pipeline. During 2025, the company announced results from 16 positive Phase 3 trials and now has 16 blockbuster medicines in its portfolio. Oncology remained a key growth driver, with cancer drug sales rising 20% in the quarter to $7.03bn, while revenue from cardiovascular therapies fell 6% to $3.05bn, partly due to increased generic competition.

Analyst reaction was mixed but broadly constructive. Morgan Stanley described the results as “good enough,” noting that the midpoint of the new guidance implies around a 2% uplift to Street revenue expectations. However, the firm added that the implied 2026 operating margin could attract scrutiny, as assumed earnings growth of around 11% suggests a modest 1% downgrade to consensus EPS forecasts. Jefferies analyst Michael Leuchten said the 2026 outlook is likely to push consensus revenue estimates higher, while core earnings expectations are expected to remain broadly unchanged, despite a small headwind from higher net financing costs.

More about AstraZeneca PLC

AstraZeneca PLC is a global, science-led biopharmaceutical company focused on the discovery, development and commercialisation of prescription medicines. Its core therapy areas include oncology, cardiovascular, renal and metabolic diseases, respiratory and immunology, and rare diseases. Headquartered in the UK, the group operates worldwide and is one of the largest pharmaceutical companies listed on the London Stock Exchange.

Barclays PLC (LSE:BARC) has published its 2025 Annual Report alongside its Pillar 3 disclosures, with both documents made available via the National Storage Mechanism and the bank’s investor relations website. Shareholders who have elected to receive printed materials will also be sent a hard copy of the Annual Report, ensuring broad access to the information ahead of the group’s 2026 Annual General Meeting.

The reports provide detailed insight into Barclays’ financial position, risk management framework and governance arrangements for the year, supporting transparency and regulatory compliance. By formally filing the documents in line with disclosure guidance and listing requirements, the bank enables investors and other stakeholders to assess its performance and risk profile using comprehensive, up-to-date information.

From a market perspective, Barclays continues to be supported by strong underlying financial performance and ongoing strategic actions, including share buyback programmes. Technical indicators point to a constructive trend in the shares, while valuation metrics remain reasonable. Positive messaging from earnings updates and recent corporate developments further underpins confidence in the group’s outlook.

More about Barclays PLC

Barclays PLC is a global financial services group providing a broad range of banking and financial products. Its activities span retail and commercial banking, credit cards, corporate and investment banking, and wealth management, with a strong presence in the UK and international markets serving individuals, businesses and institutional clients.

Dunelm Group (LSE:DNLM) delivered a resilient first-half performance for the 26 weeks ended 27 December 2025, with total revenue rising 3.6% to £926.3m. Digital sales continued to increase as a proportion of the mix, reaching 41% of group revenue and helping Dunelm add 20 basis points of market share in the UK homewares and furniture market to 7.9%. Gross margin improved to 53.4%, supported by favourable foreign exchange movements while pricing to customers remained broadly unchanged. Despite lower profit before tax of £114m and some cost inflation, the board maintained a progressive capital return policy, increasing the interim ordinary dividend by 3% and declaring a special dividend.

The group acknowledged a tougher consumer environment and weaker trading in the second quarter, but pointed to a recovery in early third-quarter sales following a well-received Winter Sale and encouraging customer response to new spring product ranges. Newly appointed chief executive Clo Moriarty highlighted ongoing growth potential as the business prepares to launch a fully featured shopping app and works to rebuild furniture stock availability. Management reiterated guidance that full-year profit before tax is expected to be in line with current market forecasts, underscoring confidence in Dunelm’s operating model and strategic direction.

Overall, the investment outlook is supported by constructive technical signals and a valuation viewed as broadly reasonable. Trading performance remains solid, although this is tempered by elevated leverage levels and a slowdown in free cash flow growth.

More about Dunelm Group

Dunelm Group is the UK’s leading homewares retailer, offering over 100,000 products across homewares and furniture categories, including bedding, textiles, kitchenware, lighting, outdoor ranges and DIY. The group operates 203 stores across the UK and Ireland alongside a fast-growing online platform featuring home delivery, Click & Collect and in-store tablet ordering. Its ranges are predominantly own-brand and sourced from long-standing supplier relationships.

Founded in 1979 as a market stall in Leicester, Dunelm has grown into a nationwide retailer with Pausa coffee shops in most UK stores, around 12,500 employees and headquarters in Leicester. Listed on the London Stock Exchange since 2006, the company has returned more than £1.5bn to shareholders through a combination of ordinary and special dividends since its IPO.

Ramsdens Holdings (LSE:RFX) has increased its profit expectations for the year ending 30 September 2026, now guiding to pre-tax profit in excess of £21m. This compares with £16.2m achieved last year and sits ahead of previous market expectations. The upgrade is largely attributed to the group’s precious metals purchasing division, which continues to benefit from historically high gold prices and elevated customer selling activity.

Trading across other divisions has remained resilient. Jewellery sales are performing well both in physical stores and online, supported by the recent launch of a newly re-platformed, standalone jewellery website. Pawnbroking lending reached record levels in January, reflecting disciplined underwriting and conservative loan-to-gold ratios. Foreign currency volumes were broadly unchanged year on year, although there has been a mix shift toward lower-margin digital channels. Alongside this, the group is continuing to expand its physical presence, opening new stores in Wakefield, Hull and the Isle of Sheppey, and remains on course to add between eight and 12 outlets in FY26, reinforcing management’s confidence despite a challenging macro backdrop.

The outlook is underpinned by strong operational momentum, including improved profitability and solid revenue growth, although this is partially offset by uneven cash generation and free cash flow volatility. Market technicals point to a sustained upward trend in the shares, albeit with some risk of near-term consolidation following recent strength. Valuation remains undemanding, supported by a modest dividend, while management’s FY26 commentary highlighted confidence in trading alongside ongoing exposure to movements in gold prices and cost inflation.

More about Ramsdens Holdings

Ramsdens Holdings is a UK-based diversified financial services group and retailer specialising in foreign currency exchange, pawnbroking, precious metals buying and selling, and the retail of new and pre-owned jewellery. Headquartered on Teesside, the company operates 172 stores across the UK, complemented by a growing online presence. It is fully authorised by the FCA for pawnbroking, credit broking and payment services.

As the world’s need for electronic devices and renewable energy accelerates, silver is hitting record highs in demand and pricing, and the surge shows no signs of easing.

This article is disseminated on behalf of New Pacific Metals Corp. It is intended to inform investors and should not be taken as a recommendation or financial advice.

The nonstop need for silver continues increasing its value for investors, but high demand also puts pressure on limited supplies. A few producers are stepping up their output, ready to accommodate global needs.

“Silver is indispensable to everyday life and the global economy,” said Jalen Yuan, CEO of New Pacific Metals Corp. (AMEX:NEWP) (TSX:NUAG) “Dedicated silver exploration and development is taking on increasing urgency for its power to deliver consistent returns in a fluctuating market while also promising better lives for people the world over.”

Silver on the upswing

At the end of 2025, silver prices reached all-time highs above $60 an ounce, and in and after peaking at over $120 per ounce in January 2026, it remained over $75 per ounce.

What’s driving industrial demand? In essence, anything with an on/off switch probably needs silver – and silver only. Industry requires silver for its unparalleled conductive qualities, and unlike copper and other metals, alternatives are scarce.

Silver is essential for the growing electronics and sustainability sectors. Industry is now consuming 59 percent of the world’s silver output, applying it to:

• Solar energy panels. Silver converts sunlight to electrons and carries the electricity generated. Despite a slowdown in U.S. incentives, global solar installations rose by 33 percent in 2024 and are expected to continue rising in the low double digits through 2029, according to Solar Power Europe.
• Electronic devices. One-third of the world’s silver goes toward electronics, creating electrical pathways and facilitating light-touch on/off switches in cellphones, tablets, toys, and more.
• AI and data centers. The data centers powering AI have become the fastest-growing electronics category. They need silver for cloud infrastructures, high-speed networking, and cooling systems.
• Automotives. Electric vehicles consume twice the silver of gas-powered vehicles for their additional electrical systems and power management components. Half all vehicles sold by 2035 are expected to be EVs, predicts the International Energy Association.
• Wearables. Increasingly, smart rings, watches, pendants, and even clothing are monitoring biometrics, sleep, activity, and personal air quality.

“As we become more connected in society, we become more reliant on electronic devices, and demand for silver is going to stay very strong,” said Trevor Keel, technical director, the Silver Institute.

A geopolitical player

While industrial demand rises, silver is also gaining popularity as a safe haven for investors seeking certainty amid the global political strife. Since the U.S. Geological Survey listed silver as a “critical mineral” essential to national security, some analysts expect stockpiling by the U.S. and other nations.

Precious metals analyst David Morgan suggested the possibility of a 3x rise in silver prices from their mid-2025 levels. Metals markets, he said, are moving “at a sprint,” as institutions and the public seek them out to hedge against currency disruption.

The confluence of surging demand for silver and political uncertainty “is enough to more than move the needle on continued safe-haven demand for gold and silver,” said Kitco News analyst Jim Wyckoff.

Global mine production reached a seven-year high of 844 million ounces in 2025, according to the Silver Institute, but like a bathtub that drains faster than it fills, it isn’t enough. The World Silver Survey projects a shortfall of 118 million ounces in 2026.

“In short, silver supply is sticky, but demand is anything but,” said Amit Pabari, managing director, CR Forex Advisors.

Bolivia to the forefront

A look at Mining.com’s top 20 silver-producing regions, including Poland, Mexico, and Russia, shows an array of barriers in silver production. Mining companies encounter strikes, land use disputes with communities, and logistical challenges. One leading company changed its domicile and sold its Russian assets to evade U.S. sanctions in 2023.

In this atmosphere, Bolivia is emerging as a safe and stable supplier of the silver the world needs. Bolivia is the world’s fourth-largest silver producing country, rich with minerals and, unlike Mexico and other silver regions, underexplored geographically, with limited modern exploration. Mining exports doubled year-over-year in 2020, and a new, mining-friendly government is inviting foreign investment.

New Pacific Metals, a Canadian exploration and development company advancing precious metal projects in Bolivia, owns two of the world’s largest undeveloped open pitable silver projects, positioning the company as a major future supplier to meet global demand.

New Pacific’s permitting-stage Silver Sand project in Bolivia’s Potosi region could become one of the world’s largest pure silver mines, with the potential to produce about 12 million ounces of silver annually at all-in sustaining costs of below $11 an ounce.

New Pacific’s Carangas Silver–Gold Project in Oruro strengthens the company’s portfolio through scale, robust economics, and regional exploration potential. Major steps expected at Carangas in 2026 include a 30,000-meter drilling program to upgrade and expand gold and silver resources, finalization of a community agreement, advancing the environmental license through strong government engagement and community partnerships, complete conversion from an exploration license to an exploitation license, and an updated preliminary economic assessment to include a gold zone.

When underway, Carangas’ development could add about 6.6 million ounces to annual supply.

Combined, the Silver Sand and Carangas Silver-Gold projects could produce as much or more silver output than many established global producers. The strong economic fundamentals of the projects are evident in high internal rates of return and low all-in sustaining costs per ounce of silver.

With more than a decade of operating experience in Bolivia, New Pacific has earned the confidence of stakeholders and shareholders, including major ownership shares by industry leaders Silvercorp Metals, at 28 percent, and Pan American Silver, at 12 percent. The commitment of highly reputable industry players demonstrates their confidence in the projects while assuring strategic and technical backing. Headquartered in Vancouver, British Columbia, the company’s shares trade on the Canadian Securities Exchange under NUAG and on the New York Stock Exchange under NEWP.

“The New Pacific Metals strategy for strong ROI in Bolivia is built on careful project identification and acquisition, thorough geological study, well-planned drilling, and long-term shareholder value creation,” said Yuan. “Our corporate social responsibility team is constantly on the ground, building respectful ties with local and national stakeholders. With its extensive commitments and strategic approach to bringing the Silver Sand and Carangas projects to fruition, New Pacific offers investors a rare opportunity to capitalize on an underdeveloped region now poised for significant contributions to meeting the world’s demand for silver.”

For more information, please visit newpacificmetals.com/welcome.