The FTSE 100 resumed its upwards charge after well-received results from HSBC reenergised the market.
The UK index hit a new intraday high of 10,778 in early trading as HSBC did some heavy lifting alongside Shell, and RELX extended yesterday’s recovery rally after a nasty AI-related sell-off last month.
The strong showing from the UK stock market so far in 2026, on top of a major success in 2025, bodes well for changing its reputation from unloved to admired.
It wasn’t all strawberries and cream. Haleon slipped 3.6% as 2026 revenue growth guidance was weaker than its medium-term goals.
Photobooth operator ME Group dived 20% after delaying the publication of its results. That’s never a good look and it has left investors worried about why this has happened and what the auditor might have found, despite ME Group saying no material issues had been identified.
HSBC
HSBC has a spring in its step after saying business is going well and it can do even better in the future. Investors are lapping it up, sending the share price to a new all-time high.
The bank has slimmed down to focus on fewer regions, and to pay greater attention to wealthier individuals. This strategy appears to be working as it reported a strong performance from its wealth division.
Dividends are flowing but share buybacks won’t be back on the menu until its capital ratios have improved. That would normally put investors in a bad mood, but there is enough good news elsewhere to keep spirits high.
Trainline
The unscheduled departure of Jody Ford as CEO of Trainline has derailed shares in the ticketing platform. News of Ford’s exit intentions has wiped £51 million off the company’s market value, implying investors are troubled by the sudden leadership change.
Shares in Trainline have been volatile in recent years amid fears of growing competition. The prospect of a UK government-run ticketing platform has troubled investors, while market transformation in mainland Europe is paving the way for new booking operators and apps.
The fact Trainline doesn’t have someone else lined up to become its next CEO leaves investors wondering what’s going on. Ford’s comments imply it was a mutual decision for him to leave and at least he will stay in place until a successor is appointed. Investors hate uncertainty and this announcement poses more questions than answers.
Russ Mould: Investment Director
Russ Mould is AJ Bell's Investment Director. He has a Master's degree in Modern History from the University of Oxford and more than 30 years' experience of the capital markets.
He started out at Scottish...
