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  • FTSE 100 Today: Shares Open Lower as Miners and Defence Stocks Weigh; Pound Steady

    FTSE 100 Today: Shares Open Lower as Miners and Defence Stocks Weigh; Pound Steady

    UK equities started the week on the back foot, with losses in mining and defence names dragging the market lower, while broader European indices also slipped amid cautious investor sentiment.

    By 08:20 GMT, the FTSE 100 was down 0.4%, while sterling was little changed, with GBP/USD trading flat at $1.3691. On the continent, Germany’s DAX edged 0.2% lower and France’s CAC 40 fell 0.3%.

    UK market round-up

    Mining stocks were among the weakest performers in early trading, led by precious metals producers. Gold miner Endeavour moved lower, while gold and silver producer Fresnillo PLC (LSE:FRES) also declined. Copper-focused names were heavily sold, with Antofagasta PLC (LSE:ANTO) falling alongside Anglo American PLC (LSE:AAL), while Glencore PLC (LSE:GLEN) traded lower.

    Defence stocks were also under pressure at the open. Shares in BAE Systems PLC (LSE:BAES), Babcock International Group PLC (LSE:BAB), Rolls-Royce Holdings PLC (LSE:RR.), Senior PLC (LSE:SNR) and QinetiQ Group PLC (LSE:QQ.) all slipped. The weakness followed renewed comments from Prime Minister Keir Starmer signalling continued interest in securing UK access to the European Union’s €150 billion defence funding framework.

    On the macro front, UK house prices rose 0.3% in January, taking annual growth to 1.0% compared with January 2025, according to figures released by Nationwide Building Society.

    In company news, DiscoverIE Group PLC (LSE:DSCV) reported 1% organic sales growth for the three months to 31 December, with group sales up 5% at constant exchange rates. Orders increased 9% at constant exchange rates and 4% organically, lifting the book-to-bill ratio to 1.03x from 0.99x in the first half. The group also noted improving trends in its previously weaker Controls division.

    3i Infrastructure PLC (LSE:3IN) said it will write down its £212 million investment in German fibre operator DNS:NET to zero in its March NAV, citing tougher financing conditions in the sector. The move is expected to reduce NAV by around 23 pence per share, or 5.6%, before performance fee adjustments.

    Italy’s BFF Bank SpA (BIT:BFF) announced that its chief executive will step down, with CFO Giuseppe Sica set to take over as general manager. The bank is taking steps to de-risk its balance sheet ahead of a planned securitisation of non-performing assets, booking around €72 million in provisions and a €22 million one-off charge. For 2025, BFF expects adjusted net income of roughly €150 million, implying a 23% return on equity, with reported net income forecast at about €70 million.

    Separately, the Helios Consortium said it has raised its possible cash offer for Cab Payments Holdings PLC (LSE:CABP) to $1.15 per share, a 21% premium to the 30-day volume-weighted average price to 30 January. The proposal values the company at approximately $292 million.

    Finally, FitzWalter Capital Limited confirmed it does not intend to make an offer for Auction Technology Group PLC (LSE:ATG) after the board unanimously rejected its proposed 400 pence per share approach.

  • UK Defence Shares Retreat After Starmer Signals Openness to Future EU SAFE Fund

    UK Defence Shares Retreat After Starmer Signals Openness to Future EU SAFE Fund

    UK defence stocks moved lower on Monday after Prime Minister Keir Starmer indicated that Britain could revisit participation in a future European Union defence funding initiative.

    Speaking ahead of meetings with EU officials in London later this week, Starmer said the government would consider taking part in a possible second, multi-billion-euro expansion of the EU’s SAFE loans programme. The comments weighed on the sector, with BAE Systems (LSE:BAES) down 2.7% by 08:37 GMT, while Babcock (LSE:BAB), Rolls-Royce (LSE:RR.) and QinetiQ (LSE:QQ.) each fell by around 1%.

    The European Commission is currently assessing a new round of SAFE funding as Europe looks to accelerate defence spending amid rising tensions linked to Russia and growing uncertainty over long-term US security commitments under President Donald Trump. The original €150 billion SAFE scheme enables the EU to raise funds in capital markets and lend them to member states over long maturities to finance defence projects ranging from ammunition to drones and missile systems.

    The UK had previously explored joining the initial SAFE programme, but talks collapsed in November after London declined to make a financial contribution, undermining efforts to reset post-Brexit relations with Brussels. Asked whether the UK would pursue a revised SAFE structure, Starmer stressed the need for Europe to move faster on defence.

    “Europe, including the UK, needs to do more on security and defence — that’s an argument I’ve been making for many months now,” he said. “That should require us to look at schemes like SAFE and others to see whether there is a way in which we can work more closely together.”

    “Whether it’s SAFE or other initiatives, it makes sense for Europe in the broadest sense — the EU plus other European countries — to deepen cooperation,” he added.

    While the UK would not be able to apply directly for SAFE loans, joining as a third country could allow British defence companies to bid for EU-backed procurement contracts. Starmer is also seeking to build on recent bilateral defence agreements, with further deals under discussion. Norway has signed a £10 billion agreement for anti-submarine warfare vessels to be built in the UK, while Britain has agreed an £8 billion deal to sell 20 Typhoon fighter jets to Turkey.

    EU Trade Commissioner Maros Sefcovic and other senior EU officials are due in London this week for broader talks covering trade, defence and cooperation.

  • Auction Technology Group Shares Slide After FitzWalter Capital Walks Away from Bid

    Auction Technology Group Shares Slide After FitzWalter Capital Walks Away from Bid

    Shares in Auction Technology Group PLC (LSE:ATG) fell 8.2% on Monday after FitzWalter Capital confirmed it has withdrawn its proposed takeover approach for the company.

    FitzWalter Capital, acting on behalf of funds and investment vehicles it manages or advises, said it no longer intends to pursue an acquisition after ATG’s board unanimously rejected its 400 pence per share proposal on 29 January 2026. The decision to abandon the bid was attributed in part to the board’s refusal to grant access for due diligence.

    Under UK takeover rules, FitzWalter is now prevented from making another offer for ATG for a period of six months, unless certain conditions are met. These include securing the agreement of ATG’s board, responding to a competing bid, or a material change in circumstances as determined by the Takeover Panel.

    The withdrawal marks a setback for FitzWalter’s attempt to acquire the business. Auction Technology Group operates online auction marketplaces serving sectors such as industrial and commercial equipment, art, antiques and collectibles. FitzWalter, led by Andrew Gray, made its announcement in line with Rule 2.8 of the UK Takeover Code and noted that it has retained limited rights to revisit an offer if permitted under the code’s provisions.

    More about Auction Technology Group PLC

    Auction Technology Group PLC is a UK-listed operator of online auction marketplaces, providing technology platforms that enable the sale of industrial and commercial assets, art, antiques and collectibles to a global buyer base.

  • Octopus Renewables Infrastructure Trust Reports Lower NAV but Enhances Per-Share Value Through Buybacks

    Octopus Renewables Infrastructure Trust Reports Lower NAV but Enhances Per-Share Value Through Buybacks

    Octopus Renewables Infrastructure Trust (LSE:ORIT) has reported an unaudited net asset value of £494.8 million, equivalent to 93.79 pence per share, as at 31 December 2025, compared with £523.4 million, or 98.46 pence per share, at the end of the prior quarter. The reduction largely reflects more cautious valuation assumptions, including lower medium- and long-term power price forecasts, modest downward adjustments to green certificate and capacity market prices, and a £5.0 million impact from the UK government’s move to index Renewables Obligation Certificates to CPI rather than RPI.

    These valuation headwinds were partly offset by small positive macroeconomic effects and the trust’s high level of contracted and hedged revenues, with around 88% secured over the two years to end-2027, helping to dampen near-term market volatility. During the quarter, ORIT continued its share buyback programme, repurchasing approximately 4 million shares for £2.5 million, a move that was accretive to NAV per share. The trust also further reduced gearing to 44.8% of gross asset value as it progresses towards a target level below 40%.

    Under its “ORIT 2030” strategy, the trust is increasingly directing capital towards higher-return construction and development-stage assets to support long-term scale, resilience and dividend sustainability. Asset disposals and debt reduction remain important tools in maintaining balance sheet strength as this transition continues.

    From an outlook perspective, ORIT is supported by solid financial stability and strong cash conversion, alongside positive recent corporate actions such as asset sales at carrying value and insider share purchases. These strengths are balanced by some inconsistency in revenue and margin performance, broadly neutral technical indicators, and a negative P/E ratio that limits earnings-based valuation support despite an elevated dividend yield.

    More about Octopus Renewables Infrastructure Trust plc

    Octopus Renewables Infrastructure Trust plc is a London-listed, closed-ended investment company focused on delivering sustainable income and capital growth through a diversified portfolio of renewable energy assets across Europe and Australia. Managed by Octopus Energy Generation, the trust operates as an impact-focused fund, supporting the transition to net zero and contributing to wider UN Sustainable Development Goals through its investments in green energy infrastructure.

  • Card Factory Reports Continued Employee Participation in SAYE Share Scheme

    Card Factory Reports Continued Employee Participation in SAYE Share Scheme

    Card Factory plc (LSE:CARD) has published its latest six-monthly block listing return relating to its 2015 Save As You Earn (SAYE) share scheme, highlighting ongoing take-up by employees. Between 1 August 2025 and 31 January 2026, a total of 178,957 ordinary shares of 1p each were issued following the exercise of SAYE options.

    As a result, the number of unallotted shares available under the scheme has reduced from 411,168 to 232,211. The remaining balance indicates that Card Factory retains sufficient headroom to meet future employee option exercises without the need to expand or amend the existing scheme in the near term.

    From an outlook perspective, the group continues to benefit from strong underlying financial performance and an attractive valuation profile, supported by a low P/E multiple and a high dividend yield. These positives are counterbalanced by very weak technical indicators, with the share price trading well below key moving averages and showing bearish momentum alongside oversold signals.

    More about Card Factory plc

    Card Factory plc is a UK-based specialist retailer of greeting cards, gifts and celebration-related products. The group operates primarily through a nationwide physical store estate, complemented by online sales channels, and focuses on offering value-led products for everyday and seasonal occasions.

  • Begbies Traynor to Rebrand as BTG Consulting as Advisory Platform Expands

    Begbies Traynor to Rebrand as BTG Consulting as Advisory Platform Expands

    Begbies Traynor Group plc (LSE:BEG) has announced plans to rebrand as BTG Consulting plc, marking a strategic shift that reflects its evolution over the past decade from a traditional insolvency specialist into a diversified financial and real estate advisory group. The move follows a prolonged period of growth in revenue, profitability and dividends, underpinned by expansion into a wider range of advisory services.

    Under the new structure, the group will bring its activities together under a single BTG brand, organised across eight clearly defined service lines. Its well-established insolvency and real estate advisory businesses will continue to operate as sub-brands under the names BTG Begbies Traynor and BTG Eddisons, preserving strong market recognition in those core areas. Management believes the refreshed branding, combined with ongoing organic growth initiatives and an active acquisition pipeline, will enhance market visibility, support the next phase of expansion and reinforce the group’s positioning as a full-service advisory platform for clients and investors.

    From an outlook perspective, Begbies Traynor benefits from a robust financial base and positive corporate developments, which remain the most influential factors underpinning the investment case. These are balanced by more cautious technical indicators and valuation metrics that suggest potential overvaluation. However, the group’s track record of strategic acquisitions and a solid dividend yield provide meaningful support.

    More about Begbies Traynor Group plc

    Begbies Traynor Group, soon to be renamed BTG Consulting plc, is a leading UK-based financial and real estate advisory firm. Having expanded beyond its roots in insolvency and restructuring, the group now offers a comprehensive range of services, including restructuring, deal advisory, funding and insurance, financial advisory, valuations and asset advisory, agency and auctions, projects and developments, and property management and insurance.

  • GCP Infra Progresses Asset Sales as NAV Dips Slightly and Dividend Guidance Reaffirmed

    GCP Infra Progresses Asset Sales as NAV Dips Slightly and Dividend Guidance Reaffirmed

    GCP Infra (LSE:GCP) has confirmed further progress on asset disposals, announcing that borrowers have exchanged contracts to sell supported social housing properties. On completion, the transactions are expected to repay £47.5 million of loans and deliver around £43 million of immediate cash proceeds, broadly in line with previous valuations.

    The company reported an unaudited net asset value of 100.27 pence per share at 31 December 2025, down modestly from 101.40 pence at the end of September. The decline was mainly driven by weaker power price assumptions, updated curtailment forecasts for Northern Irish wind assets and changes to renewable subsidy indexation. These factors were partly offset by higher inflation expectations and resilient operational performance across the portfolio.

    The board reiterated its capital allocation priorities, highlighting ongoing share buybacks, continued progress towards at least £150 million of asset disposals, and its intention to eliminate outstanding debt and return a minimum of £50 million to shareholders. Following the latest disposals and loan repayments, total proceeds linked to this policy are expected to reach around £128 million, enabling full repayment of the revolving credit facility. A quarterly dividend of 1.75 pence per share was declared for the period to 31 December 2025, in line with the company’s 7.00 pence per share annual dividend target.

    Overall, the portfolio of mature, diversified infrastructure debt assets continues to perform broadly in line with expectations, providing investors with defensive and partially inflation-linked income.

    From an outlook perspective, GCP Infra benefits from a conservative balance sheet and improving cash generation, supported by generally constructive technical signals. These strengths are tempered by inconsistent revenue trends and a relatively demanding P/E multiple, although the attractive dividend yield and ongoing corporate actions, including buybacks and dividend stability, provide meaningful support.

    More about GCP Infrastructure Investments Limited

    GCP Infrastructure Investments Limited is a closed-ended FTSE 250 investment company listed on the London Stock Exchange. The group focuses on delivering long-term dividends and capital preservation through investment in UK infrastructure debt and related assets, typically backed by public sector or availability-based revenues with partial inflation protection. GCP Infra has also been awarded the London Stock Exchange’s Green Economy Mark in recognition of its contribution to positive environmental outcomes.

  • ZOO Digital Secures New Studio Contracts and Refreshes Board Following Cost Reduction Programme

    ZOO Digital Secures New Studio Contracts and Refreshes Board Following Cost Reduction Programme

    ZOO Digital Group (LSE:ZOO) has reported improving commercial momentum after securing new end-to-end localisation and media services mandates from two major studio clients. The wins followed a competitive request-for-proposal process and point to a gradual recovery in the global entertainment market after an extended period of disruption.

    Alongside the operational progress, the company is implementing changes to its board structure after delivering US$7.7 million in annualised fixed cost savings. Long-serving chair Gillian Wilmot and non-executive director Mickey Kalifa are expected to step down during 2026. Senior independent director Nathalie Schwarz is set to succeed as chair, while a search is under way for two additional independent non-executive directors to support ZOO Digital’s push toward sustainable profitability and faster, technology-driven content processing.

    Despite these developments, the group’s outlook remains challenged by weak financial performance and valuation metrics, with technical indicators continuing to signal bearish momentum. That said, management’s strategic initiatives and recent operational improvements, highlighted through corporate updates and earnings commentary, provide a measure of optimism around the potential for longer-term recovery.

    More about ZOO Digital Group

    ZOO Digital Group is a UK-headquartered, technology-enabled provider of localisation and digital media services to the global entertainment industry. The company works with major Hollywood studios and streaming platforms, including Disney, NBCUniversal, Netflix and Paramount Global, using proprietary technology and a global network of more than 12,000 freelancers. ZOO delivers end-to-end dubbing, subtitling, captioning, metadata and artwork localisation, mastering and media processing services from operational hubs across the US, Europe, the Middle East and Asia.

  • Serabi Gold Reports Fatal Underground Incident at Palito Mine

    Serabi Gold Reports Fatal Underground Incident at Palito Mine

    Serabi Gold (LSE:SRB) has confirmed that a fatal accident occurred at its Palito Complex in Brazil on 30 January 2026, following an underground traffic incident that resulted in the death of one employee. No other personnel were injured in the event. Brazilian authorities have been notified and are carrying out a formal investigation, while production in the affected area is expected to restart within days. The company stated that broader mining operations at Palito remain largely unaffected.

    Management expressed its condolences to the family, friends and colleagues of the deceased and noted that the incident marks the second employee fatality in a relatively short period, despite what it described as a strong recent safety record. In response, Serabi Gold has committed to an immediate and comprehensive review of operational effectiveness and safety procedures, signalling an increased focus on workforce safety and a likely period of heightened scrutiny around its health and safety practices.

    From an outlook perspective, the group continues to be supported by strong underlying financial performance, including high operating margins, a recovery in earnings and very low leverage. Technical indicators remain constructive, pointing to a bullish trend, while valuation metrics are favourable, reflected in a low P/E ratio. The principal risk factors remain less consistent free cash flow and the company’s exposure to historical commodity price cyclicality.

    More about Serabi Gold plc

    Serabi Gold plc is a gold exploration, development and production company focused on the Tapajós region of Pará State in northern Brazil. The group operates the Palito Complex, which has historically produced between 30,000 and 40,000 ounces of gold per year, and is progressing the development of the Coringa Mine to support higher future output. Serabi also holds extensive exploration licences and has recently reported a copper-gold porphyry discovery. The company is headquartered in the UK with a secondary office in Toronto, Canada.

  • Chill Brands Reports 18-Month Results Following Governance Upheaval and Strategic Reset

    Chill Brands Reports 18-Month Results Following Governance Upheaval and Strategic Reset

    Chill Brands Group (LSE:CHLL) has published its audited final results for an extended 18-month period to 30 September 2025, reflecting a highly disruptive transitional phase for the business. The period was characterised by significant governance failings, operational disruption and a subsequent strategic reset, following boardroom instability, frozen banking facilities, the loss of key cash and digital assets, and a breakdown in trading continuity and oversight.

    Since the reconstitution of the board, management has prioritised regaining control of the group’s assets, rebuilding core systems and processes, and reshaping the business around a more scalable, distribution-led operating model. This reset is centred on initiatives such as Chill Connect, alongside the longer-term optionality of the chill.com platform. While the company continues to face funding requirements and the ongoing costs associated with maintaining its listed status, management states that control of core assets has now been restored and the focus has shifted to stabilising trading and rebuilding momentum. Further updates on current performance are expected in due course.

    From an outlook perspective, Chill Brands remains under significant pressure due to very weak financial fundamentals, including sustained losses, cash burn and negative equity, alongside bearish technical indicators with the share price trading below key moving averages. Valuation remains difficult to assess in the absence of meaningful earnings or dividend metrics, limiting any near-term offsetting positives.

    More about Chill Brands Group plc

    Chill Brands Group plc is a distribution-led consumer packaged goods company focused on introducing novel fast-moving consumer products to market. The group operates primarily in tobacco alternatives, functional beverages and other innovative consumer categories, with a strong emphasis on the convenience retail channel. It also owns and operates the chill.com e-commerce marketplace, which supports the distribution of third-party brands.