FTSE 100 Falls as BP Suspends Buyback and Miners Retreat
Published by: Chris Beauchamp, Chief Market Analyst
Date: February 10, 2026
Market Overview
The FTSE 100 index experienced a decline in early trading, primarily driven by significant losses in heavyweight stocks. Despite a supportive backdrop from global equity markets, the index's performance was negatively impacted by BP's decision to suspend its share buyback program.
Key Developments
BP Suspends Share Buyback
BP's shares fell over 4% following the announcement that it would halt its share buyback program to prioritize debt reduction. Analysts view this move as a prudent step for managing the company's balance sheet, although it is seen as detrimental to short-term shareholder returns. This shift in capital allocation marks a notable change from BP's recent strategies.
Barclays Reports Profit Beat
In contrast, Barclays reported profits that exceeded market expectations and announced a £1 billion share buyback program, which boosted its stock price. The bank's strong performance was attributed to robust results across its core divisions, reflecting management's confidence in its capital position and future outlook.
Standard Chartered Faces Leadership Concerns
Standard Chartered's shares dropped sharply following the unexpected resignation of its finance chief, raising concerns about the bank's leadership stability. The lack of detailed explanation for the departure has left investors anxious about potential strategic implications, especially given the bank's significant presence in Asian markets.
AstraZeneca Provides Positive Outlook
AstraZeneca emerged as a bright spot in the index, with its shares rising due to a positive profit forecast driven by its cancer medicine portfolio. The company reaffirmed confidence in its development pipeline, helping to mitigate some of the broader market weaknesses stemming from energy and mining sectors.
MONY Group Slumps on AI Concerns
Shares of MONY Group, which owns Moneysupermarket.com, fell to their lowest levels since 2013 amid renewed fears that AI could disrupt insurance comparison platforms. This decline extends a trend of underperformance for the company, which operates various price comparison websites.
Mining Stocks Decline
Mining stocks faced pressure from falling commodity prices, with major players like Rio Tinto, Antofagasta, Glencore, and Fresnillo all experiencing declines. The drop in prices for gold, silver, and industrial metals contributed significantly to the overall weakness of the FTSE 100 index.
Housebuilders Gain on Improved Demand
In a positive development, Bellway reported improved demand in the early spring selling season, which lifted the wider housebuilding sector. Other companies in this sector, including Taylor Wimpey, Persimmon, and Barratt Developments, also saw their shares rise, reflecting a potential recovery in the UK housing market.
Mixed Signals from Retailers
Retail performance was mixed, with Dunelm recovering some ground after reporting improved trading conditions. Coca-Cola HBC also saw its shares rise following an earnings beat, driven by strong performance in emerging markets. However, overall consumer spending patterns remain uncertain amid ongoing economic challenges.
Currency and Gilt Markets
During morning trading, gilt yields edged lower, with the 10-year gilt yield falling slightly. The British pound slipped below $1.37 against the US dollar, remaining range-bound after a period of strength. Currency movements were relatively stable, with a quieter forex trading backdrop compared to previous sessions.
Conclusion
The FTSE 100's decline reflects a complex interplay of corporate decisions, market sentiment, and external economic factors. Investors will be closely monitoring developments in key sectors, particularly energy, banking, and housing, as they navigate the current market landscape.