UK equities moved lower on Tuesday as a fresh batch of corporate earnings weighed on sentiment. Losses were led by BP after the oil major announced it was suspending its share buyback programme. Other major stocks in focus included AstraZeneca and Barclays.
The blue-chip FTSE 100 slipped 0.3%, while sterling weakened, with GBP/USD down 0.2% at 1.3666. Elsewhere in Europe, Germany’s DAX was flat and France’s CAC 40 edged 0.1% higher.
UK market roundup
BP said it will pause share buybacks and instead use excess cash to reinforce its balance sheet, following a fourth-quarter loss of $3.4 billion. This compared with a $1.2 billion profit in the previous quarter. The loss included $4.3 billion in adjustment charges, largely linked to impairments in its gas and low-carbon energy operations.
For the full year 2025, BP posted an underlying replacement cost profit of $7.5 billion, down from $8.9 billion in 2024, reflecting pressure from a weaker oil price environment.
Shares in AstraZeneca were also closely watched after the drugmaker forecast continued growth in revenue and earnings in 2026. Fourth-quarter results met expectations, and the company said it expects total revenue to rise by a mid- to high-single-digit percentage at constant exchange rates next year. Core profit is forecast to increase by a low double-digit percentage. In 2025, AstraZeneca reported revenue growth of 8% and an 11% rise in core profit.
Barclays reported a 12% increase in annual profit and unveiled updated performance targets through 2028. Profit before tax for 2025 reached £9.1 billion, up from £8.1 billion a year earlier and broadly in line with analyst forecasts. Total income climbed to £29.14 billion from £26.79 billion in 2024. Fourth-quarter pre-tax profit rose to £1.9 billion, beating consensus estimates.
UK homewares retailer Dunelm Group maintained its full-year profit guidance despite a difficult second quarter and announced a higher-than-expected special dividend. First-half profit before tax came in at £114 million, down 7.5% year-on-year but at the top end of guidance. Revenue rose 3.6% to £926.3 million, with digital sales accounting for 41% of total revenue.
Housebuilder Bellway reported a 2.7% increase in housing completions to 4,702 homes in the six months to January 31, 2026. Revenue increased by more than 6% to £1.51 billion, supported by a higher average selling price. The company maintained its full-year outlook despite ongoing market challenges.
Meanwhile, Standard Chartered appointed Andy Burrill as interim chief financial officer following the departure of Diego De Giorgi, who is set to join Apollo Global Management. Burrill currently serves as group head of central finance and deputy CFO and will be based in London.
