Next shares rose on Tuesday after the retailer announced a solid Christmas trading period driven by online and overseas sales.

The market has become accustomed to strong results from Next, but that does not make their festive trading period any less commendable.

Shares in the retailer were 3% higher after announcing a 10.6% increase in full-year sales and issuing profit before tax guidance of 

“Next has revealed it had a very merry Christmas. The high-street stalwart reported stronger-than-expected Christmas trading, with full-price sales up 10.6% in the nine weeks to 27 December,” said Garry White, Chief Investment Commentator at Charles Stanley.

“This is ahead of (albeit usually conservative) guidance of 7% and has resulted in management upping its expectations for full-year pre-tax profits by £15m to £1.150bn. Profits exceeded £1bn for the first time in Next’s last financial year, making it only the fourth UK retailer to hit this milestone after Tesco, Kingfisher and Marks & Spencer. Guidance for the next financial year to the end of January 2027 is for sales and profits to be up 4.5%. As usual, this is likely to be conservative.”

Although Next is traditionally known for Boxing Day queues across the UK, the changing behaviour of the consumer and Next’s strategy to attack digital channels mean the group is now driven by online sales and a notable increase in overseas sales.

“Unwrapping some of the headline figures, sales growth continues to be driven by its online channel, which already accounts for more than half of group sales,” said Aarin Chiekrie, equity analyst, Hargreaves Lansdown.

“Within that, overseas sales have continued to grow at an eyewatering pace, up 38.3% over the festive period, helping to buoy the more sluggish growth of just 1.4% in its retail stores.”

“Next also gave a sneak peek into its outlook for the new financial year, with pre-tax profits forecast to grow by 4.5% to around £1.2bn.

“The slowdown comes as this year’s numbers have benefitted heavily from both favourable summer weather and major disruption at M&S. But with Next’s track record of under-promising and over-delivering, this growth target looks a touch conservative. Next remains one of the brightest sparks in the UK retail scene, and there’s potential for more success if it can continue nailing its overseas expansion.”

The FTSE 100 rose on Monday as traders reacted to the US strike on Venezuela and prepared for a busy week of festive trading updates from the UK’s leading retailers.

London’s leading index was trading 0.1% higher at the time of writing – just beneath the 10,000 level. The index hit 10,022 earlier in the session before easing back.

“The FTSE 100 hovered just under the 10,000 level as investors loaded up on shares in gold miners and defence contractors off the back of US strikes on Venezuela,” says Russ Mould, investment director at AJ Bell.

“Heightened geopolitical tensions like the ones we’ve seen over the weekend would normally spook investors, but global markets have avoided a sell-off. Investors appear to be taking the view that events in Venezuela will not lead to full-blown war. This situation is still fluid, which means that investor sentiment could quickly change.

“Defence stocks often move higher when there are heightened tensions between two countries as investors believe events could spur governments to spend more on military protection. It was only natural to see the sector in demand after Venezuela’s leader was captured. BAE Systems jumped 4.4% while on the German stock market, Rheinmetall moved 6.1% higher.”

Babcock was the FTSE 100’s top riser at the time of writing, adding 4.7%.

Rising gold prices drove traders into the shares of precious metals miner Endeavour Mining, which rose over 4% on Monday.

Interestingly, away from gold and defense stocks, other traditionally ‘safer’ sectors, such as utilities, tobacco, and consumer staples, were also lower, suggesting undertones of optimism in the first full week of trading in 2026.

This was reinforced by the upbeat session for cyclical mining and banking sectors. Glencore, Anglo American, and Antofagasta were all higher on the session, with Latin American copper miner Antofagasta jumping 3.4%.

Retailers were slightly weaker ahead of a raft of trading updates this week. Next was down 1% while Marks & Spencer fell 1.7%.

The first full week back after Christmas always provides an insight into the health of the UK consumer through the release of trading updates from FTSE 100 retailers.

“Next kicks off a big week for UK retail on Tuesday, with investors looking for another strong update after October’s sales update smashed expectations and profit guidance was lifted to £1.1 billion,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.

“Marks & Spencer reports on Thursday, hoping a solid Christmas can help it move past last year’s cyber-attack and rebuild confidence. Sainsbury’s follows on Friday, with festive trading likely to support its upgraded profit target of more than £1 billion. Together, these updates will help to paint a picture of consumer spending and whether retailers kept the tills ringing over Christmas.”

Touchstone Exploration got off to a storming start to the new year with shares surging on positive drill results. The firm has reported encouraging results from its Carapal Ridge-3 development well in Trinidad and Tobago, the first well drilled into the pool in nearly two decades.

The well encountered approximately 1,082 feet of net sand, including around 1,000 feet of net Herrera sand, with wireline logging and drilling data indicating hydrocarbon-bearing sands throughout the interval.

CR-3 targeted both producing Herrera sands above a 30-foot shale marker and previously untested sands below it. The well discovered roughly 635 feet of net sand in the developed reservoir and 365 feet in the unproduced section, with drilling terminated at 8,200 feet whilst still in clean sand.

During drilling, the well naturally built angle and approximately 341 feet was drilled horizontally into the unproduced Herrera package, optimising reservoir exposure. The horizontal section will be produced initially, with uphole sands potentially perforated later.

“The CR-3 well is our inaugural development well on the Central block and the first well drilled on the field in over 17 years. The well was executed successfully by our drilling team and represents our first horizontal well drilled into the Herrera reservoir,” said Paul R. Baay, President and Chief Executive Officer.

“As anticipated, CR-3 encountered hydrocarbon-bearing sands both below and above a key shale marker. We intend to initially produce from the lower horizontal section of the well, with significant volumes of uphole sands available for potential future perforation. While the well has resulted in thick pay zone across multiple horizons, the ultimate deliverability will not be known until the well is completed and tied into the facility. Several variables will influence performance, including the fact that the formation has not previously been produced from a horizontal well and the management of downhole pressures.”

Auction Technology Group has unanimously rejected eleven unsolicited proposals from its largest shareholder FitzWalter Capital Limited, calling the approaches “opportunistic” and undervaluing the online marketplace operator.

The proposals, received since 11 September 2025, culminated in the most recent offer of 360 pence per share in cash dated 23 December. ATG’s board concluded that each proposal “fundamentally undervalued” the company and its future prospects.

The board believes the repeated approaches – many at identical prices – demonstrate FitzWalter is attempting to acquire the company whilst its public market valuation remains “disconnected from the company’s fair value” rather than working towards a recommendable transaction.

Given the proposals never reached recommendable levels, FitzWalter was not granted access to non-public due diligence. ATG is in a difficult position because FitzWalter is a major shareholder and it is obliged to engage, even though it rejects the proposals.

ATG remains confident in its standalone prospects as a publicly listed company, highlighting its recent acquisition of Chairish in August 2025 and ongoing platform enhancements.

“ATG remains confident about achieving its ambitions as a publicly listed company and delivering significant shareholder value. As a sector leader, ATG is in a strong position to extend its leadership and expand its footprint to capture more of the under-served and significant TAM for curated second-hand goods,” said Scott Forbes, Chair of ATG.

“The Board has undertaken significant engagement with FitzWalter over the past four months. The Board believes FitzWalter’s proposals fundamentally undervalue the business and that it is time for FitzWalter either to make a proposal which reflects fair value, or otherwise allow the business to dedicate its full focus and resources on the execution of its strategy.”