FTSE 100 shares round-up: UK banks, Burberry, insurers, Astra

Fresh losses for US-exposed names in a much weaker FTSE 100 index today overshadowed price upgrades for Barclays (LSE:BARC) and NatWest Group (LSE:NWG) and the return of blue-chip takeover action.

London’s top flight reached midday down more than 100 points or 1% lower, broadly in line with losses on the Continent after US President Donald Trump reiterated his Greenland demands and European leaders mulled retaliation on his threatened 10% tariffs.

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Sunbelt plant hire firm Ashtead Group (LSE:AHT), which is weeks away from switching its primary listing to New York, has been the worst-performing FTSE 100 stock so far. The company, which generates more than 90% of its revenues in North America, has lost 6% of its value since Monday.

Top-performing Diploma (LSE:DPLM) and Games Workshop Group (LSE:GAW) have also fallen back by more than 5%, having previously traded in record territory during strong starts to this year.

The selling of Games Workshop came as investors reflected on the company’s previous guidance that US tariff changes could impact pre-tax profits by £12 million in 2025-26.

Half-year results last Tuesday showed it incurred £6 million in the six months to 30 November, but that the gross margin impact has been more than offset by efficiencies, price rises of about 3.5% on its miniatures and books, and more stable commodity prices.

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Diploma generated more than 50% of its revenues in North America last year, including through Chicago’s Windy City Wire.

The company, which operates a portfolio of businesses in seals, controls and life sciences, recently reported a “great” start to its new financial year after underlying revenues rose 14%.

It has previously said that the impact of tariffs is limited by its local-for-local business model, where businesses source and sell products within the same regions to ensure availability and competitive advantage.

Recent figures showed that the company’s US businesses sourced over 80% of their products domestically and generated over 85% of their revenues in the US.

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The shares of fellow quality compounder Halma (LSE:HLMA) are also off a record high, having fallen by about 5% so far this week. The group of life-saving technology companies generated about 48% of its total revenues in the US in the first half of its financial year.

Global uncertainty and the potential impact of tariffs on stocks in the luxury goods sector have also added to jitters around Burberry Group (LSE:BRBY) shares ahead of tomorrow’s third-quarter results.

Biggest fallers this week

Source: ShareScope. Past performance is not a guide to future performance.

Other big fallers in the FTSE 100 have included the market’s biggest stock AstraZeneca (LSE:AZN), which is down by 4%. The company recently secured a three-year exemption from tariffs, having pledged that all its medicines sold in America will be made in America.

The trade developments have overshadowed optimism ahead of the UK banking sector’s results season, which is due to begin on 29 January when Lloyds Banking Group (LSE:LLOY) posts figures.

In their earnings preview, analysts at JPMorgan Chase today named Barclays (LSE:BARC) and NatWest Group (LSE:NWG) as their most preferred.

They have Overweight recommendations on both after lifting the bank’s NatWest price target to 750p and Barclays to 570p. The pair were at 647p and 478p respectively this afternoon.

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The support for Barclays comes as the lender prepares to unveil strategic targets for the period up to 2028, including for the key industry benchmark of return on tangible equity.

The bank has outperformed expectations in its current plan, with particular strength in the UK thanks to the structural hedges that help to smooth out interest rate volatility.

The shares have risen more than 60% in the past year, although they are flat so far in 2026 after President Trump said he intended to call for a one-year cap on credit card interest rates at 10%.

Barclays has 20 million retail customers in the US, working with some of the largest US brands on a range of partner cards in the world’s largest credit card market.

Biggest risers this week

Source: ShareScope. Past performance is not a guide to future performance.

The return of FTSE 100 bid action follows yesterday’s disclosure that Zurich Insurance is interested in buying Lloyd’s of London insurer Beazley (LSE:BEZ) in a deal worth £7.7 billion.

Its latest 1,280p-a-share approach represented a chunky premium of 56% on Friday’s night closing price and stood more than 30% above Beazley’s record high set last June.

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Bank of America said interest in Lloyd’s and specialty underwriting players increased during 2025 as property and casualty and commercial lines have shown signs of price softening.

It added: “Beazley’s appeal lies in scaling specialty capabilities: particularly in cyber, marine, aviation, political risk and deeper corners of the specialty market where micro-cycle pricing holds firmer.”

The read-across to other names in the sector means Hiscox Ltd (LSE:HSX) shares are up by 8% since the start of the week, while the developments also boosted hopes for more blue-chip takeover activity after 2025 failed to see a single FTSE 100 deal.