London’s FTSE 100 ended Thursday, October 29, 2026, higher as strong quarterly earnings and a fresh share buyback from Shell lifted energy stocks. The blue-chip index advanced 0.26% to 10,722.07 points, while the FTSE 250 gained 0.14%. However, steep losses at consumer-health group Haleon and declines in banking shares exposed diverging fortunes across British equities.
Key Overview
- The FTSE 100 rose 0.26% to 10,722.07 points; the FTSE 250 added 0.14%.
- Shell climbed 2.1%, helping the energy sector gain approximately 1.64%.
- Shell reported $10.8 billion in adjusted third-quarter earnings and unveiled a $5 billion buyback.
- Haleon lost about 15% after lowering its 2026 organic revenue growth outlook.
- Lloyds fell roughly 5%, while WPP rose 5.4% and defence stocks also advanced.
Shell’s Earnings Drive Energy Stocks Higher
Shell shares gained 2.1% following the release of third-quarter financial results showing adjusted earnings of $10.81 billion, nearly double the $5.43 billion recorded a year earlier. Profit attributable to shareholders reached $12.06 billion, compared with $5.32 billion in the corresponding 2025 quarter.
The company attributed its improved adjusted performance partly to stronger refining margins, higher realised liquefied natural gas prices and increased integrated gas volumes. It also reported operating cash flow of approximately $21 billion and free cash flow of $16.32 billion.
Shell announced a new $5 billion share repurchase programme, reinforcing shareholder returns after completing its previous $4.2 billion buyback programme. The results helped energy shares rise roughly 1.64% despite a decline in oil prices, making the sector one of the session’s main supports.
Haleon and Lloyds Weigh on the Market
Haleon shares plunged about 15%, their sharpest one-day decline since the consumer-health company became independently listed in 2022. Its third-quarter trading statement showed organic revenue growth of 2.6%, with annual growth now projected at around 2.5%.
The company cited weaker demand for cough, cold and flu products, alongside disruptions affecting some Centrum products in China. Its oral-health business remained a bright spot, with organic revenue rising 8.8%, but this failed to offset broader investor concerns over slowing growth.
The sell-off contributed to a 0.46% decline in the pharmaceutical sector. Lloyds Banking Group, meanwhile, dropped approximately 5% after its third-quarter update disappointed investors, limiting gains in the banking sector.
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Defence and Advertising Shares Provide Support
Defence-related stocks extended gains following Britain’s October 28 budget and discussion of spending reprioritisation to address a £4.7 billion gap in defence investment plans. BAE Systems advanced 2.2%, while Rolls-Royce rose 1.4%. The 2026 budget statement also shaped investor expectations for banking and gambling-related taxes.
Advertising group WPP gained 5.4% after its third-quarter trading update indicated progress in its turnaround programme. Revenue less pass-through costs fell 2.1% on a like-for-like basis to £2.41 billion, but the company maintained its full-year margin guidance of 12%–13%.
Investors Assess Earnings and Interest-Rate Outlook
US economic releases and the Federal Reserve’s decision to hold interest rates steady remained part of the market backdrop. However, the FTSE’s modest advance was driven largely by company-specific developments rather than a broad-based rally.
The session illustrated how strong cash generation and capital returns can attract investors even as weaker sales forecasts trigger sharp repricing elsewhere. Further earnings updates and the outlook for monetary policy will remain important for the direction of UK equities.
Sources: Reuters / Shell / Haleon / London Stock Exchange / UK Government
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