Market Live Email
Energean ordered to suspend production at Karish gas field, Bunzl FY operating profits fall as margins contract
By Iain Gilbert
Date: Monday 02 Mar 2026
(Sharecast News) - LONDON PRE-OPEN
The FTSE 100 was expected to open 79.1 points lower ahead of the bell on Monday, after wrapping up the previous session 0.59% firmer at 10,910.55.
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Energean said the Israeli government had ordered it to suspend production at its floating gas production, storage and offloading facility near the country's coast in response to the war with Iran which began on Saturday. The middle-East and Mediterranean gas producer said it was maintaining a close dialogue with the Ministry of Energy and Infrastructure and other relevant stakeholders "to facilitate the safe resumption of production as soon as possible". The FPSO sits over the Karish gas field about 90km offshore and is connected to Israel's national grid.
Smith & Nephew posted a jump in annual revenues and profits on Monday, as new products helped bolster demand. Revenues in the year to 31 December rose 6.3% at the medical devices group, or by 5.3% on an organic basis, to $6.16bn. Trading profits spiked 15.5% at $1.21bn. Smith & Nephew said growth had been supported by robust demand across all divisions, as well the launch of new products and favourable currency effects.
Distribution firm Bunzl reported a drop in full-year adjusted operating profits on Monday despite posting higher revenues, as margins came under pressure over the year. Bunzl said adjusted operating profits fell 4.3% at constant exchange rates to £910.3m, despite group revenues growing 3% at constant exchange rates to £11.84bn, driven by acquisitions. Underlying revenues rose 0.4%, including 0.9% growth in the second half. The FTSE 100-listed firm said operating margins slipped 0.6% from 8.3% to 7.7%.
NEWSPAPER ROUND-UP
Rachel Reeves must reform the Office for Budget Responsibility to open the way to more public investment, an alliance of thinktanks has argued ahead of the chancellor's spring forecast on Tuesday. With Keir Starmer's government under intense pressure after Labour's defeat by the Greens in Thursday's Gorton and Denton byelection, the thinktanks called on Reeves to review the watchdog's remit. - Guardian
The boss of Rolls-Royce has said he would welcome Germany helping to build Britain's next-generation fighter jet, arguing that it would bring in more business for the project. The aircraft, designed to replace the Eurofighter Typhoon, is a joint effort between the UK, Italy and Japan. Rolls-Royce is building the engine for the jet, which has attracted fresh attention as plans for a rival Franco-German warplane edge towards collapse. - Guardian
A US senator has accused those close to Donald Trump of "profiting off war and death" in the wake of suspiciously timed bets predicting a US strikes on Iran. Chris Murphy, a US senator for Connecticut, said he would launch a crackdown on so-called prediction markets after analysts raised concerns about bets on Polymarket. - Telegraph
Property investment firms including the mammoth Grosvenor have been accused of "bad tactics" after choosing not to attend a parliamentary session on the controversial subject of capping ground rents this week. While critics of rocketing ground rents, including Angela Rayner, the former deputy prime minister, and Lord Gove, the former Tory housing secretary, will be giving evidence, neither Grosvenor nor Time Investments, another property company invited to attend, will be at the hearing on Tuesday. - The Times
Small businesses are increasingly restricting their growth to avoid being dragged over the £90,000 VAT threshold, new figures suggest. Data from HM Revenue & Customs shows the number of British businesses earning under the tax threshold increased to 683,700 in the year ending December 2025, up from 671,000 the year before. In the same period the number earning just above with turnover of between £90,000 and £150,000 declined to 280,400 from 306,300. - The Times
US CLOSE
Major indices finished firmly in the red on Friday as an unexpected acceleration in wholesale inflation hit sentiment, along with rising geopolitical tensions overseas.
At the close, the Dow Jones Industrial Average was down 1.05% at 48,977.92, while the S&P 500 shed 0.43% to 6,878.88 and the Nasdaq Composite ended the session 0.92% softer at 22,668.21.
Reporting by Iain Gilbert at Sharecast.com
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