London, February 23, 2026, 17:18 GMT — Trading after-hours.
- FTSE 100 edged down 0.02% by the close, while the FTSE 250 dropped 0.9% as tariff concerns reemerged.
- Miners moved up as gold advanced; software and data stocks trailed, hit by AI worries.
- All eyes shift to major UK earnings this week, with Rolls-Royce set to report on Feb. 26.
London’s main equities barely budged on Monday. Mining stocks managed to claw higher, but losses in software and paper names kept the FTSE 100 (.FTSE) almost flat—off just 0.02% at 10,684.74. The FTSE 250 (.FTMC) dropped 0.9%. Sterling crept up, settling at $1.3505. “This latest shake-up to global trade no doubt provides a fresh degree of uncertainty going forward,” Scope Markets analyst Joshua Mahony said. London South East
The FTSE 100 tracks the largest 100 companies by market value on the London Stock Exchange, and its composition leaves it sensitive to global shifts in commodities, currencies, and international trade. A change in tariffs can quickly shuffle sector leaders: one moment, miners and oil stocks lead; the next, exporters or retailers take the spotlight.
Tariffs pushed their way back into the spotlight as U.S. President Donald Trump announced plans for a fresh 15% global import tax, a move following the Supreme Court’s decision to overturn much of his earlier tariff increases. Unicredit analysts flagged that the UK’s tariff rate climbed to 15% from 10%, while packaging group Mondi ended up among the session’s underperformers.
Some of London’s biggest stocks continued to benefit from favorable commodity conditions. Brent crude climbed to $72.44 a barrel on Monday—its highest mark in six months. European oil and gas shares notched a record, boosted lately by surging crude and concerns over potential U.S. military moves in Iran.
Mid-caps stumbled again, with Johnson Matthey tumbling more than 17%—marking its steepest slide in over four years—after slashing the sale price of its catalyst technologies business to Honeywell by 26%, landing at 1.33 billion pounds ($1.80 billion). The company’s updated outlook puts the expected shareholder return at 1 billion pounds, less than it previously projected, and pushed the deal’s deadline out to July.
JD Sports rolled out a 200 million-pound share buyback plan for FY27, laying out details Wednesday. The initial phase covers up to 100 million pounds, with purchases slated through July 31. Merrill Lynch International is handling the buyback, per an agreement revealed in the filing.
MONY Group, which owns MoneySuperMarket, posted full-year revenue of 446.3 million pounds. Adjusted EBITDA came in at 145.1 million pounds. The company also unveiled a fresh 25 million-pound buyback slated for 2026. CEO Peter Duffy called 2025 “another year of great progress for the Group,” adding: “we’re delighted to have helped households save an estimated £2.8bn.” Investegate
Rate expectations didn’t move front and center, though they’re hardly out of the picture. Bank of England’s Alan Taylor believes those hefty U.S. import tariffs, as he put it, are probably “here to stay” and might take years to fully play out. Taylor also flagged that the central bank is eyeing “two or three” more quarter-point rate cuts—unless some new shock forces a change of course. Reuters
London managed to hold steady, bucking the broader decline in global markets. “Investors looking for a safe haven from tariff madness and worries about Iran could do a lot worse than the FTSE 100 right now,” said Chris Beauchamp at IG, noting the index’s resilience as Wall Street slid. Proactiveinvestors NA
UK shares face a clear risk: tariff skirmishes could morph into a wider levy regime, pressuring demand and margins as tit-for-tat measures loom. If geopolitics take a sharper turn, that safe-haven bid lifting gold and oil-linked names may fade, cutting down the market’s support.
All eyes now turn to major earnings, with Rolls-Royce set to deliver its full-year numbers on Feb. 26. According to a Sky News report, the company might unveil a share buyback program that could reach 1.5 billion pounds when it posts results, but Rolls-Royce hasn’t said anything about that so far.
