ADVFN UK Market News

Category: Top Story

  • FTSE 100 rises as UK economic growth offsets uncertainty over Iran-US talks

    FTSE 100 rises as UK economic growth offsets uncertainty over Iran-US talks

    UK equities traded higher on Tuesday after official figures confirmed stronger first-quarter economic growth, helping to support investor sentiment despite continued uncertainty surrounding potential negotiations between the United States and Iran.

    The FTSE 100 rose 0.16% in early trading, while Germany’s DAX gained 0.80% and France’s CAC 40 advanced 0.33%. Sterling edged 0.05% lower against the US dollar, with GBP/USD trading at 1.3245.

    UK economy expands in first quarter

    Fresh economic data showed the UK economy grew by 0.6% during the first quarter of 2026, matching both the preliminary estimate published in May and market expectations. The expansion accelerated from the revised 0.1% growth recorded in the previous quarter.

    Growth was broad-based across the economy, led by the services sector, which expanded by 0.8%. Annual GDP growth for 2025 was revised down slightly to 1.3% from 1.4%.

    Despite stronger headline growth, household finances weakened during the quarter. Real household disposable income per person fell 0.8%, while the household saving ratio declined to 8.9% from 9.6%.

    Mixed signals over Iran-US negotiations

    Geopolitical uncertainty remained in focus as conflicting statements emerged over potential talks between Washington and Tehran.

    US President Donald Trump said discussions with Iran were taking place in Qatar on Tuesday, with envoy Steve Witkoff travelling to Doha. However, Iranian Foreign Ministry spokesperson Esmaeil Baghaei denied that any talks with the United States were scheduled in the coming days, although he confirmed that a technical delegation would visit Doha later in the week.

    Baghaei added that negotiations had not yet reached the stage of drafting a final agreement, echoing earlier comments from Iranian negotiator Kazem Gharibabadi, who also denied that technical negotiations had been arranged.

    Meanwhile, White House press secretary Karoline Leavitt said Witkoff and Jared Kushner would travel to Doha for high-level discussions, with technical meetings expected alongside the talks.

    Differences also emerged over the clearance of mines in the Strait of Hormuz. French President Emmanuel Macron said France and Oman would work with international partners on demining operations, while Iran’s deputy foreign minister insisted Iran would carry out the work independently. Shipping through the strategic waterway remains well below pre-conflict levels.

    Iranian President Masoud Pezeshkian said Tehran would honour its commitments if the United States did the same, while warning it would respond firmly to any threats. He also said half of Iran’s US$12 billion in frozen assets held in Qatar would be returned, although US officials have offered differing accounts.

    In Lebanon, Parliament Speaker Nabih Berri said the US-brokered agreement with Israel “won’t be implemented,” as clashes between Hezbollah and Israeli forces continued despite the recently announced ceasefire.

    Commodities ease

    Oil prices moved lower during the session, with Brent crude falling 0.51% to US$73.53 a barrel and West Texas Intermediate declining 0.62% to US$70.31. Gold prices edged higher, with gold futures gaining 0.10% to US$4,043.02 an ounce and spot gold rising 0.31% to US$4,029.22.

    UK corporate highlights

    Among UK-listed companies, Shell (LSE:SHEL) said global demand for liquefied natural gas could increase by 65% by 2050 to almost 700 million metric tonnes a year, supported by rising energy demand across Asia and the growth of power-hungry data centres.

    Meanwhile, J Sainsbury (LSE:SBRY) reported first-quarter like-for-like sales growth of 2.1%, slightly below market expectations and the previous quarter, while maintaining its full-year profit guidance.

  • Guardian Metal’s Pilot Mountain Study Highlights a Transformational Opportunity for U.S. Critical Minerals Supply

    Guardian Metal’s Pilot Mountain Study Highlights a Transformational Opportunity for U.S. Critical Minerals Supply

    Guardian Metal Resources (LSE:GMET)(AMEX:GMTL)(USOTC:GMTLF) has taken a major step forward in its mission to help strengthen America’s critical minerals supply chain, announcing highly encouraging Pre-Feasibility Study (PFS) results for its flagship Pilot Mountain Tungsten Project in Nevada.

    The study outlines a project with robust economics, strong cash flow potential, and strategic significance at a time when governments and industries are increasingly focused on securing reliable domestic sources of critical minerals. With tungsten playing an essential role in defense, aerospace, advanced manufacturing, and technology applications, Pilot Mountain is emerging as one of the most significant tungsten development projects in the Western world.

    Strong Economics Demonstrate Project Potential

    The PFS delivers compelling financial metrics. Using a conservative tungsten price assumption, Pilot Mountain generated an after-tax Net Present Value (NPV8) of approximately US$660 million and an Internal Rate of Return (IRR) of nearly 60%. The study also projects more than US$1 billion in after-tax free cash flow over the life of the mine and a rapid capital payback period of just one year following commercial production.

    These figures become even more attractive under current market pricing conditions. At recent tungsten spot prices, the project’s after-tax NPV rises above US$1.3 billion while the IRR exceeds 100%, highlighting significant leverage to strengthening tungsten markets.

    Positioned to Support U.S. Strategic Priorities

    One of the most important aspects of Pilot Mountain is its potential contribution to U.S. supply chain security. The United States has not seen meaningful domestic tungsten mine production for more than a decade, despite tungsten’s importance to national defense and advanced industrial applications.

    Guardian Metal believes Pilot Mountain could become the first new domestically mined U.S. tungsten operation in over ten years, helping reduce dependence on foreign supply and supporting broader efforts to rebuild critical mineral independence. The project has already received support through a US$6.2 million Defense Production Act Title III investment, underscoring its strategic importance.

    Simple Development Plan with Near-Term Pathway

    The study outlines a straightforward development strategy utilizing conventional open-pit mining and proven processing technologies. The project is designed around a 4,000-tonne-per-day processing facility and targets average annual production of approximately 2,000 tonnes of tungsten trioxide (WO₃) concentrate.

    Importantly, the company believes it is advancing toward key permitting milestones, with work completed to support the near-term filing of a Mine Plan of Operations. First production is targeted for late 2028, providing investors with a clear development roadmap.

    Resource Growth and Exploration Upside

    The updated resource estimate demonstrates continued growth at Pilot Mountain, with indicated resources increasing to 21,600 tonnes of WO₃ and probable reserves totaling more than 20,000 tonnes of WO₃. The current mine plan supports an initial eight-year mine life, but management believes substantial exploration upside remains across several additional targets within the broader project area.

    This combination of a defined development project and ongoing discovery potential creates a compelling long-term growth story.

    A Significant Milestone for Guardian Metal

    Completion of the Pre-Feasibility Study represents a major milestone for Guardian Metal and significantly de-risks the Pilot Mountain project. The study confirms that the company controls a potentially high-margin, strategically important tungsten asset with the ability to generate substantial shareholder value while supporting critical U.S. industrial and national security objectives.

    As global demand for critical minerals continues to rise and governments prioritize domestic supply chains, Guardian Metal appears well-positioned to benefit from one of the most important structural trends shaping the resource sector today. With strong project economics, government support, and a clear development pathway, Pilot Mountain is increasingly establishing itself as a cornerstone future source of U.S. tungsten production.

  • Saga maintains positive trading momentum as travel growth and Ageas partnership strengthen balance sheet (SAGA)

    Saga maintains positive trading momentum as travel growth and Ageas partnership strengthen balance sheet (SAGA)

    Saga plc (LSE:SAGA) reported a positive start to its new financial year, with trading between February and late June meeting management’s expectations and leaving the company on course to achieve its full-year guidance. The travel division continued to drive performance, with both ocean and river cruises expected to generate higher first-half revenue than a year earlier. Holiday bookings and passenger numbers are also forecast to increase, despite a shift in customer demand towards shorter-haul destinations amid ongoing conflict in the Middle East.

    Insurance partnership supports debt reduction

    The insurance broking business performed in line with expectations, while Saga’s long-term partnership with Ageas continued to progress. New motor and home insurance business is now fully operational under the agreement, triggering a £10.5 million contingent payment after policy sales exceeded agreed targets. At the end of May, net debt had fallen to £464.7 million, reducing leverage to 3.2 times and strengthening the company’s financial position as it continues to expand its travel operations, complete the transition to its new insurance model and work towards its medium-term profitability and leverage objectives.

    Outlook

    Saga’s outlook is supported by improving financial performance and significantly stronger recent cash generation. However, the company continues to face challenges from relatively high leverage and a modest equity base. Technical indicators present a mixed picture, with weaker short-term market momentum, while valuation remains constrained by a negative price-to-earnings ratio and the absence of a dividend yield.

    More about Saga plc

    Saga plc is a UK-based specialist provider of products and services for people aged over 50, offering a well-established consumer brand focused on high levels of customer service. Its operations include ocean and river cruises, package holidays, insurance products such as motor, home, medical and travel cover, as well as personal finance and publishing services.

    The company’s travel division is built around premium cruise and holiday experiences, while its insurance broking business works with major underwriting partners, including Ageas, to serve the UK’s over-50s market. This combination of travel, insurance and financial services provides Saga with diversified exposure across consumer and financial sectors.

  • KEFI Gold and Copper strengthens board as Tulu Kapi project moves closer to production (KEFI)

    KEFI Gold and Copper strengthens board as Tulu Kapi project moves closer to production (KEFI)

    KEFI Gold and Copper (LSE:KEFI) has announced changes to its board ahead of the next stage in the development of the Tulu Kapi Gold Project, appointing Ethiopian executive Maleda Bisrat as an independent non-executive director and promoting existing non-executive director Alistair Clark to senior independent director and deputy chairman following the company’s annual general meeting. The appointments come after the retirement of long-serving non-executive director Richard Robinson and are designed to enhance governance as KEFI enters what it expects to be a transformational period.

    New appointments strengthen governance

    Bisrat brings significant experience across Ethiopia’s public and private sectors, including expertise in economic reform, investment promotion and financial market development. Her appointment is expected to strengthen KEFI’s stakeholder engagement and support the company’s operations in Ethiopia as development of the Tulu Kapi project advances.

    Clark will continue to chair the remuneration committee while remaining a member of the audit and financial risk committee. In his expanded leadership role, he is expected to provide additional oversight as KEFI executes its long-term growth strategy and progresses towards production at Tulu Kapi.

    Outlook

    KEFI’s outlook continues to be constrained by the absence of revenue, a larger loss reported during 2025 and increasing cash outflows. Technical indicators also remain weak, with the shares trading in a sustained downtrend and showing negative momentum, although oversold conditions provide some support. Valuation remains difficult to justify while the company continues to report losses and does not currently offer a dividend.

    More about KEFI Gold and Copper

    KEFI Gold and Copper plc is an AIM-listed exploration and development company focused on gold and copper projects in Ethiopia and Saudi Arabia. Its flagship asset is the Tulu Kapi Gold Project in Ethiopia, which is progressing towards production as part of the company’s strategy to develop mineral resources in high-potential emerging markets.

  • Sainsbury grows grocery sales and market share while maintaining full-year profit outlook (SBRY)

    Sainsbury grows grocery sales and market share while maintaining full-year profit outlook (SBRY)

    Sainsbury (LSE:SBRY) delivered a solid start to the 2026/27 financial year, with first-quarter total retail sales excluding fuel rising 2.7% to £9.15 billion and like-for-like sales increasing 2.1%. Growth was driven by a 3.6% increase in grocery sales, which more than offset weaker performances in general merchandise and clothing. The retailer said initiatives such as Aldi Price Match, Nectar Prices and continued investment in fresh food and Taste the Difference products helped attract more customers completing larger shopping trips, while also supporting online growth and further market share gains.

    Cost savings and digital strategy remain priorities

    Management reaffirmed full-year guidance for underlying operating profit of between £975 million and £1.075 billion, alongside retail free cash flow of more than £500 million. However, the company cautioned that the potential impact of ongoing conflict in the Middle East remains uncertain for both consumers and the wider business.

    Strategic priorities continue to focus on expanding healthy and affordable food ranges, strengthening the Nectar loyalty programme and retail media operations, accelerating Argos’ digital-first transformation and delivering £1 billion of cost savings by March 2027 through greater use of technology and operational efficiencies.

    Outlook

    Sainsbury’s outlook is tempered by weak technical indicators, with the shares continuing to trade in a broader downtrend and displaying negative momentum. Financial performance remains supported by solid cash generation, although operating margins remain relatively thin and leverage is still meaningful. The company’s valuation provides a counterbalance, underpinned by a relatively low price-to-earnings ratio and an attractive dividend yield.

    More about J Sainsbury plc

    J Sainsbury plc is one of the UK’s largest food and general merchandise retailers, operating Sainsbury’s supermarkets and convenience stores alongside the Argos retail chain. The business focuses on value-led grocery retailing, fresh and healthier food ranges, and expanding digital channels, supported by its Nectar loyalty programme and growing retail media platform.

    The group also sells clothing through its Tu brand and offers a broad range of general merchandise, while continuing to invest in technology, logistics and store operations to improve efficiency and enhance the customer experience across its omnichannel retail network.

  • European Stocks Trade Mixed as Tech Sector Gains on South Korea AI Investment Plan: DAX, CAC, FTSE100

    European Stocks Trade Mixed as Tech Sector Gains on South Korea AI Investment Plan: DAX, CAC, FTSE100

    European equity markets were mixed on Monday, with technology stocks providing support after South Korea unveiled a US$576 billion investment programme aimed at strengthening its leadership in semiconductors and artificial intelligence, backed by Samsung and SK Hynix.

    Germany’s DAX gained 0.1%, while the UK’s FTSE 100 hovered around the flatline. France’s CAC 40 underperformed, slipping 0.6%.

    Energy markets also remained in focus, with crude oil prices edging higher following renewed tensions between the United States and Iran ahead of upcoming peace negotiations in Qatar.

    Technology Stocks Lead Market Gains

    Semiconductor-related shares outperformed across Europe, with ASML Holding (EU:ASML), Infineon (TG:IFX) and STMicroelectronics (BIT:STMMI) (EU:STMPA) advancing between 1% and 3%.

    Among individual movers, Nordex Group (TG:NDX1) climbed around 1% after the German wind turbine manufacturer secured a 325-megawatt project in the United States.

    Dutch technology investor Prosus N.V. (EU:PRX) rose 2.4% after reporting an 84% increase in full-year adjusted core profit.

    French pharmaceutical group Ipsen (EU:IPN) gained 1.7% after announcing an agreement to acquire U.S.-based Kartos Therapeutics in a transaction valued at up to US$1.75 billion.

    Meanwhile, BT Group (LSE:BT.A) added around 1% after reaching an agreement with Verizon (NYSE:VZ) to combine their international operations through a new joint venture.

  • Market Open: BT-Verizon Joint Venture, Smiths News Contract

    Market Open: BT-Verizon Joint Venture, Smiths News Contract

    FTSE 100 edges lower as BT and Verizon unveil a global venture, Smiths News secures a major contract and Brent crude remains in focus.

    Market Overview

    UK markets opened little changed, with the FTSE 100 easing marginally after the previous session, while European trading was mixed. The FTSE 100 slipped 0.00 per cent to 10,507.83, the Euronext 100 gained 0.06 per cent to 1,898.60 and Germany’s DAX advanced 0.17 per cent to 24,724.34. Overnight, the Nasdaq closed lower at 25,297.62 and the S&P 500 finished slightly down at 7,354.02. Investors continued to monitor developments in the Middle East alongside corporate news including BT’s strategic partnership with Verizon.

    Commodity markets reflected ongoing geopolitical caution. Brent crude edged higher as traders assessed renewed US-Iran tensions and developments involving Qatar, while copper softened and gold was little changed. Against sterling, the US dollar strengthened slightly, while the euro and Swiss franc were broadly steady and the Japanese yen weakened. Bitcoin traded slightly higher versus the pound.

    Market Numbers

    FTSE 100: Down, 10,507.83
    Euronext 100: Up (+0.06%), 1,898.60
    DAX: Up (+0.17%), 24,724.34
    NASDAQ: Down, 25,297.62
    S&P 500: Down, 7,354.02

    In the Headlines

    Global telecoms venture – BT Group (LSE:BT.A)
    BT and Verizon will combine their international enterprise businesses into a 50:50 joint venture with around $4 billion in annual revenue. The deal is intended to strengthen global connectivity services for multinational customers while allowing both companies to focus more closely on their domestic markets.

    Distribution contract – Smiths News (LSE:SNWS)
    Smiths News has secured a long-term agreement to continue distributing Associated Newspapers titles. The contract provides greater revenue visibility and reinforces the company’s position within the UK newspaper distribution market.

    Currencies (vs GBP)

    USD: Down (-0.01%), $1.3197
    CHF: Down (-0.01%), Fr.1.0690
    EUR: Up (+0.00%), €1.1591
    JPY: Up (+0.01%), ¥213.511
    AUD: Up (+0.01%), $1.9136
    Bitcoin (BTC/GBP): Up (-0.33%), £45,361.59

    Commodities

    Copper: Down
    Gold: Down
    Brent Crude: Down
    Natural Gas: Down

  • European Stocks Trade Cautiously as Middle East Risks Keep Investors on Edge: DAX, CAC, FTSE100

    European Stocks Trade Cautiously as Middle East Risks Keep Investors on Edge: DAX, CAC, FTSE100

    European equity markets were broadly subdued on Monday as investors assessed the stability of the temporary ceasefire between the United States and Iran, while firmer oil prices renewed concerns about inflation.

    The pan-European STOXX 600 slipped 0.03% to 635.66 points after a volatile trading week that produced only limited gains. Germany’s DAX, France’s CAC 40 and the UK’s FTSE 100 were little changed, while Italy’s FTSE MIB eased 0.2%.

    Investor sentiment remained cautious following renewed military action between Washington and Tehran over the weekend after an attack on a commercial vessel near the Strait of Hormuz. Although both sides later agreed to suspend further retaliatory strikes ahead of technical talks scheduled for Tuesday in Doha, uncertainty surrounding the situation discouraged investors from taking significant new positions.

    Oil prices moved modestly higher as traders continued to monitor the potential impact of disruptions to shipping through the strategically important Strait of Hormuz. The renewed focus on geopolitical tensions and energy-driven inflation followed last week’s technology-led market weakness, when concerns over elevated valuations weighed on artificial intelligence-related stocks across global markets.

    Attention is now shifting towards a busy week of economic events. Investors are awaiting the latest U.S. non-farm payrolls report, which is expected to play a key role in shaping expectations for Federal Reserve policy and whether markets continue to anticipate two additional 25-basis-point interest rate increases before year-end.

    In Europe, June readings for consumer confidence and business sentiment are also due later in the day. Market participants will closely follow comments from European Central Bank President Christine Lagarde at the opening of the ECB’s Sintra Forum, looking for further guidance on the outlook for Eurozone interest rates, with markets currently expecting at least one additional ECB rate increase this year.

    Among individual stocks, Nagarro (TG:NA9) surged 90% after receiving takeover approaches, while Prosus (EU:PRX) gained 2% following the release of its full-year financial results.

  • FTSE 100 Slips Despite Iran Ceasefire Calm as BT Announces Verizon Venture

    FTSE 100 Slips Despite Iran Ceasefire Calm as BT Announces Verizon Venture

    UK equities opened lower on Monday despite signs of easing tensions between the United States and Iran, while investors also digested fresh comments from the Bank of England and developments in UK politics. The FTSE 100 fell 0.20%, while Germany’s DAX rose 0.18% and France’s CAC 40 slipped 0.16%. Sterling strengthened 0.13% against the US dollar to 1.3220 as of 03:23 ET (07:23 GMT).

    J.P. Morgan lifted its year-end target for the FTSE 100 to 11,000 from 10,300, implying around 5% upside from the index’s current level of 10,508.

    Bank of England Chief Economist Huw Pill warned that policymakers must remain focused on bringing inflation back to target, following May’s Consumer Prices Index reading of 2.8%.

    “I think it should be seen as problematic, because our mandate is very clear; inflation at 2% at all times,” Pill said, adding “I do fear a little bit that, because we saw inflation go to 11%, policy discussion becomes, ’oh inflation at 3% is not so bad’.”

    Pill, who voted for a rate increase at the Bank’s most recent policy meeting, also suggested that monetary policy “hasn’t been restrictive enough over the last few years.”

    Meanwhile, Labour leadership frontrunner Andy Burnham is expected to outline plans in Manchester for a wide-ranging devolution agenda centred on reindustrialisation, infrastructure investment, housing and greater decision-making powers for local authorities. The proposals are also expected to include reforms to public procurement aimed at supporting UK employment and measures to reduce youth unemployment.

    Geopolitical tensions remained in focus after a US official said Washington and Tehran had agreed to “stand down for now” following renewed exchanges around the Strait of Hormuz over the weekend.

    “Both sides will stand down for now and vessels can move freely,” the official said, adding that technical talks on the memorandum of understanding remain “on track.”

    The announcement followed renewed military action after US Central Command carried out strikes against Iranian military targets, accusing Tehran of failing to honour the ceasefire following an attack on a tanker near the Omani coast. Iran responded with strikes against US military bases in Kuwait and Bahrain, claiming eight facilities had been targeted and warning that any further breach of the ceasefire “will lead to a complete halt of ongoing processes.”

    US President Donald Trump also warned on Truth Social that the United States would “complete the job” if Iran failed to comply, adding that “the Islamic Republic of Iran will no longer exist” should hostilities continue.

    Despite the temporary stand-down, uncertainty over shipping through the Strait of Hormuz remains unresolved. Iranian Foreign Minister Abbas Araghchi warned that attempts to bypass Iran’s preferred shipping route would “increase tensions”, while the Islamic Revolutionary Guard Corps said it would continue to oversee traffic through the waterway. Multiple transit routes are now being managed by different authorities, adding to uncertainty for global shipping.

    Oil prices edged higher as traders balanced the easing of immediate military tensions against continuing risks to energy supplies. Brent crude rose 0.73%, while WTI gained 0.98%. Gold prices weakened as demand for traditional safe-haven assets eased, with gold futures falling 0.53% to US$4,074.47 per ounce and spot gold declining 0.71% to US$4,060.21.

    UK Corporate Round-Up

    BT (LSE:BT.A) agreed to combine its international enterprise operations with Verizon (NYSE:VZ) in a 50:50 joint venture expected to generate around US$4 billion in annual revenue. Under the agreement, Verizon will make a US$625 million equalisation payment to BT, while the UK telecoms group also updated its earnings and revenue guidance to reflect the planned separation of its international operations.

    Haleon (LSE:HLN) has reportedly submitted a bid for US supplements manufacturer Thorne, according to Reuters. The move would expand Haleon’s presence in the approximately US$70 billion US dietary supplements market. Thorne, which was acquired by L Catterton in 2023 for US$680 million, is understood to have attracted interest from several strategic buyers.

    AstraZeneca (LSE:AZN) and its partner Daiichi Sankyo (TG:D4S) received a positive recommendation for European Union approval of Datroway as a first-line treatment for triple-negative breast cancer. The recommendation follows Phase III trial data showing the therapy extended median overall survival by five months compared with chemotherapy.

  • Wynnstay Grows First-Half Profit as Project Genesis Improves Efficiency and Margins (WYN)

    Wynnstay Grows First-Half Profit as Project Genesis Improves Efficiency and Margins (WYN)

    Wynnstay Group PLC (LSE:WYN) reported a stronger first-half financial performance, with adjusted operating profit rising nearly 10% to £5.80 million despite revenue remaining broadly unchanged at £304.10 million. The agricultural supplies group said the improvement was driven by its Project Genesis transformation programme, which delivered greater operational efficiency, lower costs and enhanced commercial performance across the business.

    Adjusted earnings per share increased 15.5% during the period, while net income reached £4.93 million. Gross profit totalled £42.30 million, operating profit was £6.10 million and profit before tax came in at £6.20 million. On an adjusted basis, pretax profit was £6 million. Within the group’s operating divisions, Feed & Grain benefited from stronger margins, the integration of the GrainLink trading platform and the closure of underperforming operations. Meanwhile, the Arable division was supported by higher volumes of manufactured fertiliser and improved performance from the Avonmouth blending facility.

    Reflecting improved cash generation and a stronger balance sheet, Wynnstay increased its interim dividend. The company said trading in the second half has begun in line with board expectations and reiterated that it expects full-year results to meet current market forecasts while improving on fiscal year 2025. Management also highlighted a healthy fertiliser order book and continued operational progress as positive indicators for the remainder of the year.

    More about Wynnstay Group PLC

    Wynnstay Group PLC is a UK-based agricultural supplies business serving farmers and rural enterprises across England and Wales. The company provides a broad range of products and services, including animal feed, grain marketing, fertiliser, seed, crop protection products and specialist agricultural advice, operating through its Feed & Grain and Arable divisions.