The FTSE 100 opened lower in early trade as corporate updates drove stock-specific moves outweighing supportive global cues. The index slipped around 12 points to trade near 10,374 with losses led by energy stocks after BP paused shareholder returns.
BP Drags the Index Lower
Shares of BP fell 4% to £459.8 after the oil giant reported weaker profits and suspended its share buyback programme.
BP said it would no longer target returning 30-40% of operating cash flow to shareholders, citing softer oil prices and a need to strengthen the balance sheet.
Underlying replacement cost profit for 2025 fell to $7.48 billion down from $8.9 billion a year earlier, while Q4 profit declined to $1.5 billion.
Among others, Antofagasta declined 2.57% to £3,720, while Standard Chartered backed 4.21% to £1,819.
British American Tobacco also fell by 1.46% to £4,391 and Fresnillo declined 1.50% to £3,820.
Barclays Advances on Strong Results
Barclays shares edged higher after the bank posted better-than-expected results for 2025. Pre-tax profit rose 13% to £9.1 billion, beating forecasts, while Q4 profit climbed 12%.
Barclays also unveiled new medium-term targets, including a return on tangible equity of more than 14% by 2028, and outlined plans to return at least £15 billion to shareholders between 2026 and 2028 through dividends and buybacks.
Among others, Croda International gained 5.67% to £3,092 while Burberry rose 4.17% to £1,224.50.
AstraZeneca Provides Support
Healthcare giant AstraZeneca rose around 2% to £13,966 after reporting resilient earnings and upbeat guidance.
The company delivered the guidance as results for 2025 showed an 8% increase in total revenues to $58.7 billion, with earnings per share up 11% to $9.16.
It is also expecting a low double-digit percentage rise in core earnings per share.
Ramsden's profits rose amid the gold rush
Ramsdens has said it expects its profit to sail past market expectations as customers cash in on soaring gold prices.
It said the pre-tax profit for the year to end September is set to come in at over £21 million surpassing current expectations of £18.6 million.
Gold prices reached an all-time high of £4,000 per ounce in mid-January but have since come down, settling around the £3,700 mark.
Global Market View
Wall Street tech stocks rallied overnight, with the Nasdaq up nearly 1% while Japan's Nikkei 225 extended gains by over 2%.
In Asia, the strong performance of the Nikkei 225 following Sunday's decisive election result continued with a further rise of 2.3%.
Commodities were softer, with Brent crude near $69 a barrel and Bitcoin trading just below $70,000.