UK equities dipped slightly on Tuesday, even as the pound moved higher against the dollar, while most major European indices traded firmly in positive territory.

By 08:27 GMT, the FTSE 100 was down 0.08%. Sterling strengthened, with GBP/USD up 0.07% at 1.33. Germany’s DAX gained 0.4%, and France’s CAC 40 added 0.2%.

UK market highlights

Ashtead Group PLC (LSE:AHT) reported modest top-line growth for the half-year ending 31 October and reiterated its full-year guidance. Group revenue rose 1% to $5.76 billion, while rental revenue increased 2%. Adjusted EBITDA fell 2% to $2.66 billion and adjusted operating profit declined 5% to $1.47 billion, reflecting a 3% rise in depreciation compared with last year.

Moonpig Group PLC (LSE:MOON) jumped more than 6% after announcing adjusted EPS of 6.9 pence for the first half, up 13.1% year-on-year. Adjusted EBITDA climbed 7.7% to £45 million, driven by improved trading, operating leverage, and a £30 million share buyback programme.

Moonpig also disclosed changes in leadership: CEO Nickyl Raithatha will step down on 31 December, with Catherine Faiers assuming the role on 2 March 2026. The board said Raithatha leaves “the business in excellent shape and well positioned to continue to deliver against its strategic objectives.”

British American Tobacco PLC (LSE:BATS) reaffirmed its 2026 growth ambitions but warned that performance is likely to fall at the lower end of its 3%–5% revenue growth target. For 2025, BAT anticipates roughly 2% revenue and adjusted profit growth, alongside an acceleration to double-digit gains in its New Category segment in the second half.

Chemring Group PLC (LSE:CHG) declined 2.2% after disclosing higher-than-forecast costs connected to its Norwegian expansion. Even so, full-year results remained solid: revenue for the year to 31 October rose 1.9% to £497.5 million, while underlying operating profit increased 6% to £73.5 million.

In pharmaceuticals, Novartis AG (BIT:1NOVN) announced a partnership with UK-based Relation Therapeutics Ltd. worth up to $1.7 billion. The collaboration aims to accelerate the discovery of drug targets for allergic diseases by combining Novartis’s immuno-dermatology expertise with Relation’s AI-powered platform, which interprets patient-derived data to uncover genetic disease drivers. Relation CEO David Roblin said the partnership will enhance their ability to translate biological insights into breakthrough therapies.

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