Category: Top Story

Trustpilot Group plc (LSE:TRST) delivered a strong trading performance in 2025, with bookings climbing 22% to $291m, or 18% on a constant-currency basis. Annual recurring revenue increased 28% to $296m, while reported revenue rose 24% to $261m, reflecting broad-based growth across the UK, Europe and North America.

The company said adjusted EBITDA is expected to exceed current market expectations, supported by faster growth in the second half of the year, stronger new customer acquisition—particularly among enterprise clients—and improving gross retention rates. Cash generation remained solid, allowing Trustpilot to complete $72m of share buybacks during the year. Building on this, management plans to extend the programme by up to a further £10m, highlighting confidence in the group’s ongoing cash flow profile.

Operationally, Trustpilot emphasised the increasing relevance of its platform in AI-driven answer engine optimisation, alongside the rollout of new AI-powered fraud detection tools. These technologies enabled the removal of 7.8 million fake reviews during the year, reinforcing the platform’s core trust and authenticity proposition. The company also disclosed that it is responding to a draft Statement of Objections from the Italian competition authority relating to an alleged breach of the Italian Consumer Code. Trustpilot noted that Italy represents less than 5% of group revenue and does not expect any outcome to have a material financial impact.

From a governance perspective, Trustpilot has completed an audit tender process and plans to appoint Ernst & Young LLP as its new external auditor from the 2026 financial year, replacing PricewaterhouseCoopers LLP following a long period of service.

While Trustpilot’s outlook is underpinned by strong revenue growth and improving profitability, this is tempered by bearish technical indicators and a relatively high valuation. The company’s fundamentals remain supportive, but investors may look for clearer improvements in technical trends and valuation metrics going forward.

More about Trustpilot Group Plc

Trustpilot Group plc is a global online reviews platform connecting consumers and businesses, aiming to serve as a universal symbol of trust in digital commerce. Founded in 2007, the group hosts more than 361 million reviews and generates around 160 billion annual brand impressions, serving approximately 1.3 million businesses and consumers worldwide. Headquartered in Copenhagen with over 1,000 employees, Trustpilot operates across the UK, Europe, North America and Australasia, helping companies build credibility, enhance online visibility and improve customer experience through its open and independent review system.

Thor Explorations (LSE:THX) capped off 2025 with a robust operational and financial performance, reporting fourth-quarter gold production of 23,719 ounces from its Segilola mine in Nigeria. This lifted full-year output to 91,910 ounces, supported by strong metallurgical recoveries alongside increased ore stockpiles and gold-in-circuit inventory.

During the quarter, the company delivered record unaudited revenue of US$108 million, generated from gold sales of 25,830 ounces at an average realised price of US$4,189 per ounce. Thor ended the period with approximately US$137 million in cash and no outstanding payables, underscoring its strengthened balance sheet. Reflecting this performance, the company declared a Q4 dividend of C$0.0275 per share, which included a bonus element, and confirmed its intention to continue paying quarterly dividends throughout 2026.

Looking ahead, Thor set its 2026 production guidance at between 75,000 and 85,000 ounces, with all-in sustaining costs expected to range from US$1,000 to US$1,200 per ounce. Alongside steady production, the company is advancing its growth pipeline, with a preliminary feasibility study for the Douta project in Senegal scheduled for release on 26 January 2026. Ongoing drilling programs are also underway across the portfolio, including underground drilling at Segilola and further exploration activities in Nigeria, Senegal and Côte d’Ivoire, positioning Thor for potential development decisions and additional resource growth in the coming year.

More about Thor Explorations

Thor Explorations Ltd is a West Africa-focused gold mining and exploration company with assets across Nigeria, Senegal, Côte d’Ivoire and Burkina Faso. Its portfolio includes a 100% owned interest in the producing Segilola Gold Project in Osun State, Nigeria, a 100% economic interest in the Douta Gold Project in south-eastern Senegal, and a 100% interest in the Guitry Gold Project in Côte d’Ivoire. The company is listed on AIM and the TSX Venture Exchange under the ticker THX.

U.S. equity futures pointed lower at the start of a pivotal trading week, with investors digesting renewed political pressure on Federal Reserve Chair Jerome Powell alongside escalating unrest in Iran. Powell drew market attention late Sunday after claiming that a Justice Department investigation into a Federal Reserve renovation project was politically driven. His remarks sparked a rally in gold and weighed on the U.S. dollar, while oil prices paused after recent gains as traders assessed supply risks tied to Iran. Separately, industry research indicated that Apple (NASDAQ:AAPL) captured the largest share of the global smartphone market in 2025.

U.S. futures slip

Wall Street futures declined on Monday as markets reopened amid growing questions about the Fed’s independence.

At 02:58 ET, Dow Jones futures were down 244 points, or 0.5%, S&P 500 futures fell 39 points, or 0.6%, and Nasdaq 100 futures dropped 212 points, or 0.8%.

The S&P 500 ended last week at a record high, buoyed by strong gains in semiconductor stocks. Investors largely brushed aside a softer-than-expected monthly jobs report, which failed to materially shift expectations for additional Fed rate cuts later in the year.

Attention now turns to a packed week featuring key economic indicators and earnings from major banks that typically signal the start of reporting season. Markets are also watching the U.S. Supreme Court, which may soon rule on the legality of sweeping tariffs — a cornerstone of President Donald Trump’s economic platform.

Powell highlights political pressure

The Federal Reserve took centre stage after Chair Jerome Powell said on Sunday evening that the Justice Department had issued subpoenas related to comments he made last summer about a renovation project at the Fed.

Powell said prosecutors had threatened a potential criminal indictment tied to his testimony regarding cost overruns at a $2.5 billion overhaul of the Fed’s Washington headquarters.

“This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress’s oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project,” Powell said in a statement published on the Fed’s website, adding “[t]hose are pretexts.”

He went on to argue that “[t]his is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions — or whether instead monetary policy will be directed by political pressure or intimidation.”

Shortly after Powell’s statement, Trump told NBC that he was unaware of the Justice Department’s investigation.

Gold rallies as dollar weakens

The developments reignited concerns over whether the Fed — one of the world’s most influential central banks — can operate free from political interference.

Trump has repeatedly criticised Powell and other Fed officials for not cutting rates more aggressively to stimulate the economy. The dispute has also involved an earlier attempt by the White House to remove another Fed official, Governor Lisa Cook, a matter the Supreme Court is set to consider in two weeks.

Powell’s term as Fed chair ends in May, and Trump is reportedly already considering loyalists as potential successors. Powell, however, is not required to step down, leaving open the possibility that he could remain in office despite political pressure.

Against this backdrop, investors sought safety in gold, traditionally viewed as a haven asset. The U.S. dollar weakened at the same time, further boosting gold’s appeal by making it cheaper for non-dollar buyers.

Oil steadies after recent gains

Oil prices stabilised following last week’s rally, as ongoing civil unrest in Iran — a major Middle Eastern oil producer — continued to raise the risk of supply disruptions.

Brent crude futures slipped 0.3% to $63.22 a barrel, while U.S. West Texas Intermediate crude edged 0.1% higher to $58.98 a barrel.

Both benchmarks gained more than 3% last week as large-scale anti-government protests intensified, marking the most significant demonstrations against Iran’s clerical leadership since 2022. The situation has heightened fears of a broader regional conflict in a critical energy-producing area.

Apple tops smartphone market

Apple led the global smartphone market in 2025, supported by strong demand for its iPhone 17 and solid sales in emerging and mid-sized markets, according to analysts at Counterpoint Research.

Counterpoint said Apple secured a 20% share of the global smartphone market and recorded roughly 10% growth year on year, the strongest performance among the top five brands.

Samsung followed closely with a 19% market share, driven by steady sales of its Galaxy A lineup and “continued traction” in its premium Galaxy S and Z models.

Overall, global smartphone shipments rose 2% from a year earlier, helped by increasing demand for high-end devices. However, Counterpoint cautioned that sharply rising memory chip shortages and prices mean the outlook for the global smartphone market in 2026 remains “conservative.”

UK equities moved slightly lower on Monday morning as sterling strengthened, European markets showed mixed performance, and bank stocks came under pressure following comments from former U.S. president Donald Trump.

By 08:23 GMT, the FTSE 100 was down around 0.1%, while the pound advanced 0.3% against the U.S. dollar, pushing GBP/USD to about 1.34. On the continent, Germany’s DAX was broadly flat, while France’s CAC 40 declined by roughly 0.5%.

Barclays Shares Slide After Trump Targets Credit Card Lenders

Shares in Barclays PLC (LSE:BARC) fell by as much as 4.8% after Donald Trump warned that credit card providers could be “in violation of the law” if they fail to cap interest rates at 10% for a one-year period.

The comments weighed on Barclays given its sizeable U.S. credit card business, with investors reacting to the prospect of tougher regulatory pressure should such proposals be pursued.

Oxford Nanopore Lifts 2025 Revenue Outlook

Oxford Nanopore Technologies (LSE:ONT) said it expects to deliver full-year 2025 revenue slightly ahead of guidance, following reported growth of around 22% versus 2024.

The company forecasts revenue in the region of £223 million to £224 million for the year, exceeding its earlier outlook, which had anticipated 20–23% growth on a constant-currency basis.

British Land CEO to Step Down

British Land Company PLC (LSE:BLND) announced that chief executive Simon Carter will step down after more than five years in the role and a total of 18 years with the group.

Carter is set to leave to become CEO of P3 Logistics Parks, a European logistics property investor, manager and developer owned by GIC.

European equity markets traded mostly higher on Friday after finishing the previous session little changed, with sentiment lifted by stronger-than-expected economic data from Germany.

Investors reacted positively to figures showing German industrial production rose for a third consecutive month in November, defying expectations and helped by a recovery in automotive output. The data added to signs that Europe’s largest economy may be stabilising toward year end.

The benchmark indices reflected the improved mood, with France’s CAC 40 up about 1.1%, London’s FTSE 100 gaining roughly 0.8% and Germany’s DAX advancing around 0.5%.

In corporate news, mining heavyweight Glencore (LSE:GLEN) rallied strongly, while Rio Tinto (LSE:RIO) moved lower. The two companies confirmed they are in early-stage talks over a potential combination involving some or all of their operations, with an all-share merger among the options under discussion.

Shares in Peer American climbed after reports suggested its proposed merger with Canada’s Teck Resources is on track to secure antitrust approval in Europe.

Gurit Holding (LSE:0QQR) surged after the Swiss composites specialist announced a five-year core materials kits supply agreement valued at around CHF 250 million.

Herald Investment Trust (LSE:HRI) also jumped, after unveiling plans for a tender offer that would allow shareholders to sell up to 100% of their holdings at close to net asset value, a move aimed at resolving a dispute with activist investor Saba Capital.

Shares in Halma (LSE:HLMA) moved higher after the company agreed to acquire Italian safety systems specialist Safetec Srl, strengthening its industrial safety portfolio.

Dutch semiconductor equipment maker ASML (EU:ASML) also advanced, supported by better-than-expected fourth-quarter revenue reported by Taiwan Semiconductor Manufacturing Company, the world’s largest contract chipmaker.

On the downside, J Sainsbury (LSE:SBRY) fell sharply after the UK’s second-largest grocer reported weaker sales at its Argos general merchandise chain during the key Christmas quarter.

Oil prices pushed higher for a second consecutive session on Friday, rising more than 1% and remaining on course for a third straight weekly gain, as markets continued to price in the risk of supply disruptions tied to Venezuela and growing unrest in Iran.

Brent crude futures advanced about 1.3% to roughly $62.8 a barrel, while US West Texas Intermediate (WTI) crude climbed by a similar margin to around $58.5. Both benchmarks followed a sharp rebound on Thursday, when prices jumped more than 3% after two days of losses. For the week, Brent is heading for a gain of around 2.7%, with WTI up about 1.4%.

Geopolitical uncertainty has been the dominant theme, with traders closely watching developments in Venezuela and their potential impact on global oil flows, while protests and instability in Iran have added to concerns over production. Analysts note that rising geopolitical stress is supporting prices despite expectations that the oil market could face oversupply in 2026.

“Bottlenecks in the flow of sanctioned barrels and steady demand signals appear to counter the backdrop of an oversupplied 2026, at least for now,” said Priyanka Sachdeva, senior market analyst at Phillip Nova. “Escalation in geopolitical stress adds to the current momentum in oil prices.”

Oil has also been supported by political risk following actions by the United States in Venezuela, including the capture of President Nicolás Maduro and statements from the Trump administration asserting control over the country’s oil sector, which could reshape export dynamics. At the same time, civil unrest in Iran, alongside fears that the Russia–Ukraine conflict could further disrupt Russian oil exports, has reinforced the risk premium in crude markets.

“The price surge has been primarily due to Trump’s claim to control Venezuela’s oil export, which could see a price increase from previously discounted sales,” said Tina Teng, market strategist at Moomoo ANZ.

Meanwhile, major oil producers and global trading houses are manoeuvring to secure access to Venezuelan crude under emerging US government frameworks, competing for barrels that have accumulated in storage as a result of sanctions and shipping disruptions.

Even so, some caution remains. Global oil inventories are rising, and analysts warn that underlying oversupply could limit the sustainability of the rally unless geopolitical risks intensify further.

Gold prices were little changed in Asian trading on Friday as investors stayed on the sidelines ahead of the release of key US labour market data later in the day, while the metal remained on course for solid weekly gains supported by geopolitical risk.

Spot gold hovered near $4,474 an ounce in early trade, while US gold futures edged slightly lower. Despite the pause, bullion was set to post a weekly advance of more than 3%, following a sharp rally at the start of the week triggered by heightened tensions between the United States and Venezuela, including the capture of President Nicolas Maduro.

Dollar strength caps gains before data release

The upside in gold was tempered by a stronger US dollar, which recently touched a one-month high. A firmer dollar typically weighs on the metal by making it more expensive for buyers using other currencies.

Market participants are now focused on the US nonfarm payrolls report, which is expected to offer fresh insight into the health of the labour market and help shape expectations for the Federal Reserve’s next policy moves. The data could influence both the timing and scale of any future interest rate cuts, keeping traders cautious ahead of the release.

Traders are increasingly pricing in the possibility of two additional US rate cuts in 2026, following the Federal Reserve’s interest rate reduction in December. Lower borrowing costs generally support gold, which does not generate yield and tends to perform better when interest rates decline.

Geopolitics underpin safe-haven demand

Ongoing tensions between Washington and Caracas have continued to underpin demand for safe-haven assets. While prices consolidated after the early-week surge, the prospect of a prolonged geopolitical standoff remains a supportive factor for bullion.

Political developments in the United States also stayed in focus, after the US Senate voted to advance measures aimed at limiting further military action in Venezuela. President Donald Trump, however, said US oversight of the situation could extend for years, highlighting the risk of sustained uncertainty that may continue to benefit gold.

Broader metals complex advances

Elsewhere in metals markets, prices were mostly higher on Friday. Silver and platinum both edged up, while palladium surged sharply. Copper futures also advanced on both the London Metal Exchange and in the United States, pointing to broader strength across the metals complex.

Glencore (LSE:GLEN) has confirmed it is in early-stage discussions with rival Rio Tinto (LSE:RIO) regarding a potential combination involving part or all of their respective businesses.

Glencore said the talks remain preliminary and highly uncertain, with no assurance that a transaction will proceed or that agreement will be reached on structure or valuation. One possible outcome under consideration could be an all-share transaction implemented via a UK court-approved scheme of arrangement, under which Rio Tinto would acquire Glencore.

Under the UK Takeover Code, the confirmation of discussions triggers a formal timetable. Rio Tinto is required to either announce a firm intention to make an offer or confirm that it does not intend to proceed by 5 February 2026. The process places increased focus on the coming weeks and activates disclosure obligations for investors holding significant interests in either company.

From a market perspective, the announcement has drawn attention to the contrasting financial profiles of the two groups. Glencore continues to benefit from strategic initiatives and shareholder return policies, supported by positive management commentary and technical momentum, although profitability and cash flow pressures remain a constraint. Rio Tinto, by contrast, enters the discussions with a strong balance sheet, solid cash generation, and a track record of disciplined capital management, alongside supportive technical indicators despite some near-term overbought signals.

More about Glencore

Glencore is a global diversified natural resources group active in the production, marketing, and trading of commodities. Its portfolio spans metals and minerals, energy products, and agricultural goods, giving it broad exposure across global commodity markets. The company’s shares are listed on the London Stock Exchange, with a secondary listing in Johannesburg.

More about Rio Tinto

Rio Tinto is a global mining and metals company producing commodities including iron ore, aluminium, copper, and other critical minerals used in industrial and infrastructure applications worldwide. The group operates a dual-listed company structure through listings in London and Australia, providing access to international capital markets and a geographically diversified shareholder base.

J Sainsbury plc (LSE:SBRY) reported a strong third-quarter trading performance for the 13 weeks to 3 January 2026, supported by continued grocery-led growth and another year of Christmas market share gains.

Total retail sales excluding fuel rose 3.9% year on year, with like-for-like sales up 3.4%. Grocery sales increased 5.4%, marking a sixth consecutive year of Christmas market share growth, while sales in general merchandise and at Argos declined modestly over the period.

The retailer said demand was driven by strong fresh food sales, robust performance from its premium Taste the Difference range, and record trading in convenience stores. Online grocery sales grew 14%, supported by the group’s Nectar-linked value proposition, which helped attract more customers and lift average basket sizes during the peak festive season.

Management said continued investment in value, quality, and service under its Next Level strategy is sustaining competitive momentum. As a result, Sainsbury’s reaffirmed guidance for retail underlying operating profit of more than £1 billion for the year and upgraded free cash flow expectations to above £550 million. The group also reiterated plans to return more than £800 million to shareholders.

Progress was also reported across strategic initiatives, including growth in the Nectar360 retail media business and ongoing transformation at Argos. Disciplined stock management and continued expansion of food retail space are expected to help the group consolidate share in a subdued general merchandise market while improving returns for investors and brand partners.

Overall, Sainsbury’s outlook remains supported by solid operating performance and shareholder-focused actions. However, valuation levels and mixed technical indicators suggest some caution, with regulatory cost pressures and broader market challenges continuing to feature in the investment backdrop.

More about J Sainsbury plc

J Sainsbury plc is one of the UK’s largest food-led retailers, operating Sainsbury’s supermarkets and convenience stores alongside Argos and the Tu clothing brand. The group serves value-conscious consumers with a broad grocery offering, premium own-label ranges such as Taste the Difference, and a growing online grocery business, underpinned by its Nectar loyalty scheme and retail media platform.