Weekly reviewFriday 06 Feb 2026
(Sharecast News) - The FTSE 100 ended the week up 146.03 points, or 1.43%, closing at 10,369.75 on Friday.
Equity view
High-performance polymers business Victrex reported a softer start to the year on Friday, with first‑quarter revenues and volumes declining as strength in its energy and industrials unit was offset by weaker trading in its transport, VARs and medical division. Average selling prices were 2% lower at £73 per kilogram in the three months ended 31 December, with Victrex noting the early part of the year reflected a subdued December and a sales mix that weighed modestly on performance. Q1 volumes fell 4% to 858 tonnes, while revenues slipped 6% to £62.4m.
Derwent London said it had exchanged contracts to sell an office and retail property on London's Tottenham Court Road for £32.6m to a joint venture between Purestone Capital and BPS London. The sale is at a premium to June 2025 book value and is scheduled to complete in June this year.
Drugmaker GSK said on Friday that the European Commission has approved Nucala (mepolizumab) as an add‑on maintenance treatment for adults with uncontrolled COPD characterised by elevated blood eosinophils. GSK said mepolizumab would be used alongside standard triple therapy of an inhaled corticosteroid, a long‑acting beta2‑agonist and a long‑acting muscarinic antagonist.
HgCapital Trust reported a rise in its full-year net asset value on Friday despite a "challenging" market environment, although the share price has taken a hit amid recent volatility in the software sector. In an update for the year to the end of December 2025, the company said its NAV total return per share was 4% at 561.9p, with net assets of £2.6bn.
Telecommunications giant BT said on Thursday that third‑quarter revenue and pre-tax profits had fallen year-on-year, as lower service and handset sales and recent disposals weighed on the top line. BT said revenues had dropped 4% year-on-year to £5.0bn, with adjusted UK service revenue slipping 2% amid continued legacy voice drag and prior‑year phasing effects, while adjusted underlying earnings slipped 1% to £2.1bn, broadly flat once last year's one‑off income was excluded. However, it did note that strong cost‑cutting efforts had helped offset its softer revenue performance.
Anglo American on Thursday cut 2026 copper production forecasts after a 10% decline in output last year. The mining giant - currently in the middle of a merger with Canada's Teck Resources - now expects 2026 copper production of between 700,000 - and 760,000 tonnes, down from previous guidance of 760,000-820,000 tons, due to lower production from its partly owned Collahuasi mine in Chile.
Independent production and growth company Ithaca Energy posted a strong operational performance for 2025 on Thursday, with average production hitting 119,000 barrels of oil per day, in-line with previously upgraded guidance. Ithaca delivered preliminary adjusted underlying earnings of $2bn, reflecting the group's significantly enhanced cash generation capacity, and cut net unit operating costs to $19 per barrel, while keeping leverage low at 0.56x and maintaining $1.5bn of liquidity.
Playtech said on Thursday that full-year profit was set to be "significantly" above consensus expectations following a strong second half. The gambling software development company hailed "strong" trading in the second half of 2025, driven by its performance in the US and Mexico in Q4.
Energy business DCC said on Wednesday that third‑quarter adjusted operating profits had grown strongly year‑on‑year on a continuing basis, supported by solid organic growth and a first‑time contribution from recently acquired Austrian LPG business, FLAGA. DCC said its Energy division delivered a robust performance in the period, with its largest unit, Solutions, posting good operating profit growth driven by strength in Energy Products. However, it also noted that this was partly offset by tougher trading conditions for Energy Services in the UK.
Rental homes provider Grainger said on Wednesday that trading had remained robust in the four months ended 31 January, with rental growth and occupancy continuing to perform well. Grainger reported total like‑for‑like rental growth of 3.1% year‑to‑date, including 2.8% across its private rented sector portfolio and 6.2% in regulated tenancies. It also said occupancy in its PRS portfolio remained high at 96% as of 31 January.
SSE forecast a dip in annual earnings on Wednesday, as mixed weather conditions offset an otherwise robust operational performance. Updating on third-quarter trading, the renewable power generator - which unveiled a £33bn investment programme intended to increase its exposure to UK electricity networks last November - said adjusted earnings per share for the current year were set to come in between 144p and 152p.
Gene and cell therapy company Oxford Biomedica said on Wednesday that it has expanded its strategic partnership with Bristol Myers Squibb, inking a new commercial supply agreement for the manufacture and supply of lentiviral vectors for BMS' CAR-T programmes. Under the new agreement, Oxford Biomedica was expected to commence commercial manufacturing at its facilities in Oxford and Durham, North Carolina in 2026, subject to regulatory approval.
Budget carrier Wizz Air posted an 8.5% year‑on‑year rise in passenger numbers in January, carrying 5.35m travellers, while capacity increased 10.5% to 6.34m seats, resulting in a load factor of 84.4%. Wizz Air said on Tuesday that it had also passed a major milestone during the month, surpassing 500m cumulative passengers in just 21 years of operation, as it expanded its network to 1,000 routes across 200 destinations in more than 50 countries.
Plus500 said on Tuesday that it has entered the US retail prediction markets through the launch of event-based contracts on its US B2C trading platform. The new offering includes products from Kalshi Exchange, the first regulated event-based contracts exchange in the US.
The US health regulator has rejected an application by AstraZeneca to launch a self-injectable version of its lupus treatment Saphnelo, the drugs giant confirmed on Tuesday. The blue chip, which saw trading in its New York-listed shares go live on Monday, said it had received a complete response letter (CRL) from the US Food and Drug Administration. The FDA issues CRLs if a treatment cannot be approved in its current form.
Fintel boosted its outlook on Tuesday on the back of a "transformational" year, including overhauling its structure and expanding the fintech's offering. Updating on year-end trading, the AIM-listed firm - which provides fintech and support services to the UK retail financial services sector - said revenues rose around 10% in the year to December end to £85.9m. Within that, organic growth was around £0.6m, while acquisitions helped boost inorganic revenues by £7m.
Infrastructure firm Balfour Beatty said on Monday that it has secured a £315m seven-year Warwickshire Highways maintenance contract from Coventry City Council, Solihull Metropolitan Borough Council and Warwickshire County Council. The new contract marks Balfour's third consecutive term delivering the Warwickshire Highways maintenance contract, taking the partnership through to Spring 2033. There is also an option to extend the contract by a further six years based on the successful delivery of the initial term, worth up to £900m.
FitzWalter Capital said on Monday that it was abandoning its pursuit of online auction operator Auction Technology after a series of approaches was rejected. The investment firm said it was informed last Thursday that its latest approach at 400p a share was unanimously rejected. This followed 11 other approaches.
Customised electronics manufacturer DiscoverIE said on Monday that group sales had risen in the three months ended 31 December, driven by a 9% jump in group orders at constant currency. DiscoverIE said its controls operating unit, which had been slower to recover than its other three operating units, showed "an improved trend in sales" from the first half, and stated gross margins "remained robust", working capital was "tightly managed" and cash generation continued to be "strong".
Investment firm 3i Infrastructure said on Monday that total income and non‑income cash for the three months ended 31 December came in at £53m, down from £58m a year earlier, as it flagged a likely £212m write off of its position in DNS:NET. 3i Infrastructure stated DNS:NET traded in line with expectations operationally, but warned that a sharp deterioration in financing conditions for German fibre roll‑out businesses had forced a reassessment of the investment case. With debt markets effectively closed, it now expects to write down the value of its equity stake to zero at the March 2026 year‑end.
Economic news
Bank of England chief economist Huw Pill warned on Friday that the central bank should not take too much comfort in an expected fall in inflation in April, as much of it will be due to one-off effects. Pill's comments came a day after the BoE left the cost of borrowing on hold, as widely expected, but in a surprisingly close vote in which five policymakers opted for no change and four backed a cut to 3.5%. Pill was among the five who wanted to leave rates on hold.
House prices rebounded in January to a record high, according to figures released on Friday by Halifax. House prices rose 0.7% on the month following a 0.5% decline in December. On the year, prices were up 1% in January following a 0.4% increase the month before. The average price of a home stood at £300,077, up from £297,938 in December and above £300,000 for the first time.
The Bank of England left the cost of borrowing on hold on Thursday, as widely forecast, following a surprisingly close vote. The rate-setting Monetary Policy Committee agreed by a majority of five to leave interest rates at 3.75%. The remaining four members backed a cut, to 3.5%.
The UK new car market grew in January, although demand for battery electric cars eased, according to figures released on Thursday by the Society of Motor Manufacturers and Traders (SMMT). The car market rose 3.4% to 144,127 units, marking the best start to a year since pre-pandemic 2020.
The downturn in the UK construction sector eased in January, according to a survey released on Thursday. The S&P Global construction purchasing managers' index rose to 46.4 from December's five-and-half year low of 40.1. This was still below the 50.0 level that separates contraction from expansion but marked the highest reading since June 2025.
UK regulators and industry bodies stepped up scrutiny of the motor finance claims market on Wednesday, as preparations continued for a major consumer redress scheme, amid warnings about excessive fees, misleading marketing and risks to investment confidence. The Financial Conduct Authority and the Solicitors Regulation Authority issued a joint warning to claims management companies and law firms involved in motor finance commission claims, focusing on termination and exit fees charged to consumers.
Activity in the UK services sector grew in January at the fastest pace since last August, but job losses continued, according to a survey released on Wednesday. The S&P Global UK services PMI business activity index rose to 54.0 from 51.4 in December, coming in above the 50.0 mark that separates contraction from expansion for the ninth month in a row.
People who pay for insurance monthly are saving an estimated £157m a year after a fall in the cost of premium finance, it was reported on Tuesday, following regulatory scrutiny by the Financial Conduct Authority. The regulator said interest rates charged on premium finance had dropped by an average 4.1 percentage points since 2022, reducing costs by around £8 a year on a typical motor policy and £3 on a typical home policy.
Shop price inflation continued to soften in January, industry data showed on Tuesday, reaching a nine-month low. According to data from Worldpanel by Numerator, like-for-like grocery price inflation was 4%, down on December's 4.3% and the lowest level since April 2025. Prices rose fastest in markets such as chocolate, confectionery and chilled milk and cream, and fell at the fastest rate in dishwashing and sugar confectionery.
Manufacturing growth in the UK hit a 17-month high in January, according to a survey released on Monday. The S&P Global manufacturing purchasing managers' index rose to 51.8 from 50.6 in December, coming in above the flash estimate of 51.6 and signalling growth for three months in a row. A reading above 50.0 indicates growth, while a reading below signals contraction.
International events
US consumer sentiment unexpectedly improved in February, according to a preliminary survey released on Friday. The University of Michigan's index of consumer sentiment rose to 57.3 from 56.4 in January, but was down on last February's 64.7. Economists were expecting a reading of 55.0.
German exports rose more than expected in December compared with the previous month, but industrial production fell, preliminary data from federal statistics office Destatis showed on Friday. The 4% figure beat estimates of a 1% rise. Imports rose by 1.4% on a calendar and seasonally adjusted basis compared with November 2025.
US job openings fell to 6.5m in December, according to the latest JOLTS report from the Bureau of Labor Statistics, extending their steady downward trend. Openings declined across several major sectors, including professional and business services, retail trade and finance and insurance, with the job‑openings rate little changed at 3.9%.
Americans lined up for unemployment benefits at an accelerated pace in the week ended 31 January, according to the Labor Department. Initial jobless claims surged to 231,000, up by 22,000 from the prior week's unrevised reading and firmly ahead of market expectations of 212,000, while continuing claims rose by 25,000 to 1.84m.
The European Central Bank held interest rates at 2% on Thursday for the fifth meeting in a row, as widely expected. It said inflation should stabilise at the Bank's 2% target in the medium term. "The economy remains resilient in a challenging global environment," the ECB said in a statement.
Retail volumes fell by more than expected in the Eurozone in December, official figures released on Thursday showed. According to first estimates from Eurostat, the statistical office of the European Union, the volume of retail trade fell 0.5% in both the Eurozone and across the wider bloc. The decline reversed the upticks seen in November, of 0.1% in the Eurozone and 0.2% in the EU.
Construction activity in the eurozone fell at its fastest pace in three months amid a steep fall in new orders, a survey published on Thursday revealed. The HCOB construction total activity index fell to 45.3 in January from 47.4 in December, indicating a sharp and stronger contraction across the sector.
German factory orders soared in January, official data showed on Thursday, far outstripping expectations for a modest decline. According to Destatis, Germany's Federal Statistical Office, price-adjusted new orders in manufacturing rose 7.8%, or by 13% year-on-year. That compares to an upwardly revised 5.7% increase in December.
S&P Global's services PMI increased to 52.70 points in January, up from 52.50 points in December, pointing to a continued, albeit modest, expansion in the service sector last month. Meanwhile, S&P's composite PMI rose to 53.0 in January, above both preliminary estimates of 52.8 and December's 52.7 print.
Private sector employment in the US rose less than expected in January, according to figures released by ADP on Wednesday. Employment increased by 22,000 from December, versus expectations for a 45,000 jump. Meanwhile, the December figure was revised to show that 37,000 jobs were added, down from 41,000. |
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FTSE 100: 5 Day Chart
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International and UK Markets
| Index |
Value |
1 Week % Change |
| FTSE AIM All-Share |
0.00 |
% |
|
Biggest Risers
| Name |
Price |
1 Week % Change |
| Funding Circle Holdings |
176.80p |
+22.4% |
| TT Electronics |
129.40p |
+15.5% |
| Oryx International Growth Fund Ltd. |
1,372.50p |
+9.8% |
| PZ Cussons |
79.60p |
+9.0% |
| Saga |
562.00p |
+8.1% |
Biggest Fallers
| Name |
Price |
1 Week % Change |
| ASOS |
289.00p |
-12.6% |
| Atalaya Mining Copper, S.A. (CDI) |
918.00p |
-10.7% |
| Bloomsbury Publishing |
447.50p |
-10.0% |
| Alfa Financial Software Holdings |
196.20p |
-8.7% |
| Aptitude Software Group |
248.00p |
-8.1% |
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