(Alliance News) - Standard Life announces a GBP2 billion swoop for UK offering of Aegon, in a deal which sees the Amsterdam listing become a "strategic" investor in the insurance, savings and retirement products firm.
Antofagasta maintains its output view, while Barratt Redrow sees profit and volumes in line with consensus. Elsewhere, Saga swings to an annual profit, while recruiter Robert Walters says its first quarter was in line with expectations.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called up 0.1% at 10,622.76
GBP: down at USD1.3563 (USD1.3571 at previous London equities close)
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ECONOMICS
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UK Chancellor Rachel Reeves is set to meet her US counterpart after he said "a small bit of economic pain" caused by the Iran war was worth it to prevent Tehran getting a nuclear weapon. The comments by US Treasury Secretary Scott Bessent put him at odds with the chancellor, who has gone public with her anger and frustration at the "folly" of America's actions in the Middle East and its financial fallout on families. Prime Minister Keir Starmer is seeking to co-ordinate international efforts to ensure the strategic Strait of Hormuz can remain open to shipping after hostilities end.
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BROKER RATINGS
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UBS cuts Imperial Brands to 'neutral' - price target 3,150 pence
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Barclays raises Bank of Ireland to 'overweight' - price target 19.50 (15.40) EUR
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COMPANIES - FTSE 100
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Standard Life has struck a GBP2.0 billion deal to acquire Aegon's UK insurance and pensions operations, in a cash and shares deal. Aegon will become a "new strategic shareholder and asset management partner", Standard Life says, with just over a 15% stake. The insurance, savings and retirement products firm, formerly called Phoenix Group Holdings, will pay GBP750 million in cash. That portion will be funded by a GBP650 million debt issuance and existing cash resources. It will issue 181.1 million shares to Aegon. "The relationship agreement with Aegon entitles Aegon to appoint a non-executive director to the board and underpins the strategic asset management partnership between Aegon and Standard Life," Standard Life says. "Standard Life's existing strategic shareholders, MS&AD Insurance Group Holdings, Inc and Aberdeen Group PLC are supportive of the strategy and remain committed to their shareholdings. The potential for significant value creation of the enlarged group is attractive for them, and we look forward to continuing the development of our already close association with both." The firm adds: "The combination of these two highly complementary businesses accelerates Standard Life's vision to be the UK's leading retirement savings and income business and the shift towards capital-light, pensions and savings earnings."
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Miner Antofagasta says copper output and sales declined in the first three months of the year, but it expects an output "increase quarter‑on‑quarter" as the rest of 2026 unfolds. Copper production fell 7.6% to 143,000 tonnes in the first quarter from 154,700 a year prior, with sales down 20% to 137,000 tonnes from 170,200. Antofagasta notes "lower processing rates, and lower copper grades in line with the mine plan at the group's two concentrators - Los Pelambres and Centinela Concentrates". Gold production was up by 8.4% on-year to 46,500 ounces, "as a result of higher gold grades, which were partially offset by lower ore processing rates at both concentrators". Molybdenum production edged down 3.2%, Antofagasta says. It leaves its output view unchanged, with copper production expected to be in the range of 650,000-700,000 tonnes. "Group-level cash cost guidance, both before and after by-product credits, is also unchanged at [USD2.30-2.50 per pound] and [USD1.15-1.35 per pound] respectively, assuming fuel prices return to levels seen in January 2026 during Q2 2026," it says. Chief Executive Ivan Arriagada adds: "Against a backdrop of higher energy prices, we remain focused on safety, operational excellence, disciplined cost control and the timely execution of our growth and development projects, while maintaining resilient supply chains, and to date we have experienced no supply disruptions. The copper price remains constructive in 2026, and the medium‑term fundamentals for copper are compelling, underpinned by structural demand drivers and constrained supply."
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Barratt Redrow says it is on track to deliver a full-year outturn in line with expectations, as the housebuilder reports only a "limited impact" from the Middle East conflict. It says it is on track for total home completions in line with company-compiled consensus of 17,416. Adjusted pretax profit in line with consensus of GBP568 million is also expected. For the year that ended June 29, 2025, home completions amounted to 16,565 and adjusted pretax profit totalled GBP488.3 million. In the third quarter just-ended March 29, Barratt Redrow says it had a "solid" performance. Its net private reservation rate was 0.64 per active sales outlet per week, up on-year from 0.62. "Despite heightened macroeconomic uncertainty, we expect the Middle East conflict to have limited impact on FY26 performance, given our strong forward sales position and advanced build programme," CEO David Thomas says. "Looking ahead, we have a proven track record of navigating uncertainty and remain confident in our financial strength and ability to adapt to changing market conditions. We will continue to closely monitor developments while maintaining a disciplined approach to capital allocation, selective land investment and rigorous cost control."
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COMPANIES - FTSE 250
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Saga reports a swing to an annual profit, "underpinned by the performance of the Travel and Insurance businesses". The provider of products and services for people over 50 says pretax profit in the year to January 31 amounted to GBP2.1 million, swinging from a loss of GBP160.2 million a year prior. Revenue was 12% higher at GBP660.0 million from GBP588.3 million. "The group delivered a strong set of results, underpinned by the performance of the Travel and Insurance businesses, alongside continued execution of the strategic plan," Saga says. "Following the performance delivered in 2025/26 and the strong forward bookings in Travel, we look ahead to 2026/27 with confidence and expect to deliver continued growth in both profit and cash generation." It expects underlying pretax profit to "take a further step forward", after a 19% improvement to GBP44.2 million in the year just ended. CEO Mike Hazell says: "This has been a transformational year for Saga. The restructuring of our Insurance business, and the partnership with Ageas, derisks and simplifies our operating model, creating a more stable platform for growth. Alongside this, we continued to see growth across all our Travel businesses, driven in particular by the newly combined management team's relentless focus on delivering differentiated travel experiences designed with the needs of our customers in mind." The CEO adds: "As we look ahead, our performance this year has further strengthened the confidence we have in our medium-term targets of delivering underlying profits of at least GBP100.0 million by January 2030."
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Hunting, which supplies equipment to the oil and gas industry, is backing annual guidance but says it is "vigilant regarding Middle East volatility". Ahead of the firm's annual general meeting, CEO Jim Johnson says the firm had a "solid Q1 performance". Earnings before interest, tax, depreciation and amortisation amounted to USD23.2 million in the quarter. It still expects an annual outturn between USD145 million to USD155 million, "given the strong outlook for our end markets", the CEO adds. Johnson continues: "We remain vigilant regarding Middle East volatility, with our people remaining safe and our facilities fully operational. We are seeing excellent order book momentum across South America and the US onshore market. By restructuring our global operations and continuing our share buyback programme, we are positioning Hunting for robust, long-term growth and enhanced shareholder returns."
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OTHER COMPANIES
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Recruiter Robert Walters says its first quarter was in line with expectations, with its largest market Japan returning to growth. Net fees declined 2% on-year at constant currency in the first quarter. "Trading for the first quarter was in-line with the board's expectations. It was encouraging that the momentum we saw in the second half of last year in certain specialist recruitment markets, such as the UK, Spain and New Zealand, continued into the early months of 2026. Furthermore, Japan, the group's largest market, also returned to growth after a tough last quarter. That said, market conditions in northern Europe remained challenging overall. Elsewhere in the group, we were encouraged to see our recruitment outsourcing business return to growth for the first time since late 2022," CEO Toby Fowlston says. "Whilst the hiring market impact of the Middle East conflict appears to remain, at this point, limited to the region itself, we remain mindful of the potential downstream macroeconomic impact in other markets should tensions be protracted, and our guidance for 2026 group net fees remains unchanged."
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Bow Street Group swung to annual loss, on a revenue decline and impairment, though the owner of the Wildwood and dim t restaurants has seen trading "improve" in the new year. Bow Street swung to a pretax loss of GBP9.3 million in the year to December 28, from profit of GBP16.0 million. Revenue decreased 15% to GBP31.3 million from GBP36.6 million, "in line with management expectations and in part driven by restructuring of the group's estate in the prior year". It reports a GBP7.3 million impairment charge, up from GBP1.9 million the year prior. It adds: "Trading has continued to improve since the start of the financial year, with like-for-like sales increasing by 6.1% in March 2026." Bow Street says: "While macroeconomic pressures remain, the group's improving trading performance, cash resources and ongoing investment in the existing estate position it well to deliver further progress during the year."
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Ferrexpo says its first quarter output slumped as the iron ore pellet producer continues to bue hurt by "attacks on Ukrainian electricity generation and transmission infrastructure" as the war with Russia rumbles on. Output was largely suspended throughout the first quarter of the year. Ferrexpo adds: "Production recommenced with only limited resumption of operations at reduced capacity levels in late February 2026 following improvements in the availability and price of electricity supply. The group continues to operate one of its four pellet lines and sell its products to European customers." Total commercial production amonted to 592,751 tonnes, down 72% on-year and 45% lower on-quarter. Ferrexpo adds: "The company continues to closely monitor its cash and working capital position and has continued to actively explore and progress a number of potential funding options, which could include an equity capital raise. At this stage there can be no certainty that the group will be successful in concluding such funding options. If the withholding of VAT refunds continues and funding issues are not resolved in sufficient time, this could give rise to material negative consequences for the group."
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By Eric Cunha, Alliance News news editor
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