London, Jan 29, 2026, 11:05 GMT — Regular session
London shares edged higher on Thursday, with the FTSE 100 climbing 0.44% to 10,198.75 by 1105 GMT. Mining and financial stocks provided some support as earnings season triggered big swings in a few key names. 1
The scene was dominated by commodities. Gold surged close to $5,600 an ounce, hitting fresh highs, while silver climbed to $120.45. The move reflected a flight to safe havens amid geopolitical tensions and a soft U.S. dollar after the Federal Reserve paused on rates. “Gold’s perfect storm continues,” said Jamie Dutta, market analyst at Nemo.money. 2
Sterling held close to multi-year highs against the dollar, posing a challenge for companies earning abroad when converting revenue back to pounds. Chris Turner, head of forex strategy at ING, noted, “In short, we think sterling is near the top of multi-quarter ranges.” Focus now turns to next week’s Bank of England decision and developments in UK politics. 3
3i Group (III.L) surged roughly 14% following news of a stronger start to 2026 from Action, the discount retailer at the core of its portfolio. Bernstein retail analyst William Woods noted, “the fact that Action hasn’t got worse and has made sequential improvement should reflect well on the stock today.” 4
Lloyds (LLOY.L) climbed 0.5% after posting a 12% jump in annual profit that beat expectations. The bank also boosted its key profitability target, unveiling a £1.75 billion share buyback that will cut the number of outstanding shares. CEO Charlie Nunn pointed to “continued business momentum and strategic delivery” as the reason behind the updated goal of a return on tangible equity above 16% by 2026. 5
easyJet (EZJ.L) shares climbed 2% after the airline reported a first-quarter operating loss of £76 million, weighed down by expansion expenses and softer winter fares. Despite this, summer bookings are gaining momentum, with the carrier highlighting “record levels” of January reservations. The company maintained its 2026 forecast. 6
Wizz Air (WIZZ.L) jumped roughly 6% after CEO Jozsef Varadi dismissed rumors the airline plans regular transatlantic routes, despite filing for permission to fly between the UK and the U.S. He told Reuters the move would be “very opportunistic,” suggesting any U.S. flights would be occasional, like transporting sports teams. 7
Antofagasta (ANTO.L) shares jumped about 7% despite the miner reporting a 1.6% drop in 2025 copper production to 653,700 metric tons, falling short of its own guidance. The decline was driven by lower ore grades, which balanced out gains from higher output at key sites. The company maintained its 2026 production forecast at 650,000–700,000 tons and signaled expected capital expenditure of $3.4 billion. 8
But early gains can evaporate quickly. A shift in the dollar, a drop in safe-haven buying, or a series of earnings misses would pressure the miners and cyclicals that have supported the FTSE 100 this week.
Wednesday served up a dose of caution. The FTSE 100 dropped 0.5%, dragged down by weakness in banks and healthcare stocks as investors shifted their focus ahead of the Fed’s decision, favoring U.S. tech instead. “There seems to have been a rotation out of European and U.K. stocks in favour of U.S. technology stocks,” noted Axel Rudolph, senior financial analyst at IG. 9
Global risk sentiment steadied Thursday, buoyed by optimism around earnings ahead of Apple’s report. Oil and precious metals remained elevated. Investors are focused on the length of the Fed’s pause and the timing of the next U.S. rate adjustment. 10
The Bank of England’s rate decision comes Thursday, Feb. 5, and traders will be quick to adjust their bets on how fast cuts might come—and how that impacts banks, sterling, and stocks focused on the UK market. 11
