APGN.L Share News (APGN)

LONDON (Alliance News) - Stock prices in London are set for a subdued start on Tuesday, following Asian equity markets lower, as the US Federal Reserve starts its two-day monetary policy meeting and with Brexit politics swirling in the background.In company news, miner Antofagasta reported a fall in annual earnings and trimmed its dividend, while online grocer Ocado Group reported continued revenue growth.IG futures indicate the FTSE 100 index is to open 8.09 points lower at 7,291.10. The blue-chip index closed up 70.91 points, or 1.0%, at 7,299.19 on Monday, its highest level since early October.The Japanese Nikkei 225 index closed down 0.1%. In China, the Shanghai Composite closed down 0.6%, while the Hang Seng index in Hong Kong is down 0.2%."Asian markets lacked direction overnight as traders await news from the Fed. European bourses are pointing to a lacklustre start," said London Capital Group's Jasper Lawler.The US Fed begins its two-day policy meeting later Tuesday, though no changes to monetary policy are expected given previous indications from Chair Jerome Powell of a "patient" approach to interest rate adjustments."Owing to a weaker run of economic data, the Fed is expected to rein in the number of expected interest rate rises, which currently sits at two across the year. Close attention will also be paid to any plans to run down the balance sheet and the Fed's economic forecasts. The prospect of low rates for longer is music to the ears of equities, as firms benefit from lower borrowing costs," Lawler added.Antofagasta reported a drop in annual earnings amid lower realised copper prices.In 2018, revenue fell 0.3% to USD4.73 billion from USD4.74 billion in 2017 as the decrease in the price of copper was "almost completely" offset by higher copper sales volumes and higher molybdenum revenue, the company said. Earnings before interest tax depreciation and amortisation in 2018 was USD2.23 billion, down 14% from USD2.58 in 2017. Pretax profit came in at USD1.25 billion, down 32% from USD1.83 billion the year before.Cash flow from continuing operations came in at USD1.88 billion, down from USD2.50 billion in 2017. The company declared a total dividend of 43.8 US cents, down from 50.9 US cents in 2017. "Capital expenditure is expected to be USD1.2 billion, which includes expenditure carried forward from 2018 and the Los Pelambres expansion project. Sustaining capital expenditure and mine development will remain at similar levels to 2018. The copper market was in slight deficit in 2018 and in 2019 the likelihood is that the deficit will increase as consumption growth remains positive and production growth constrained," the company said. Interdealer broker TP ICAP reported good operational progress and results in line with expectations, in a "mixed market environment".The company said financial markets experienced high volatility caused by the US-China trade war, Iranian sanctions, and US mid-term elections, resulting in a "difficult year" for clients.In 2018, pretax profit increased to GBP245 million from GBP233 million in 2017. Revenue was broadly unchanged at GBP1.76 billion. TP ICAP declared a final dividend of 11.25p, bringing the full-year payout to 16.85p."Some of our segments are showing positive trends, but there is significant variance across products and regions. The political and economic environment within which we operate continues to present us with both opportunities and challenges. While the Group is positive with regard to factors within its control and the proactive changes we are pushing through, there remain many uncertainties. However, I am confident that with a renewed strategy, founded on our strategic pillars, and renewed sense of purpose, we are in a good position to navigate these successfully and make the most of the many opportunities we have to grow," said TP ICAP Chief Executive Nicolas Breteau.Petrol station operator Applegreen said 2018 revenue was up 41% to EUR2.0 billion, and up 42% at constant currency. Pretax profit was down to EUR15.4 million from EUR22.0 million but on an adjusted basis pretax profit was up 15% to EUR28.3 million from EUR24.7 million.Applegreen raised its annual dividend 10% to 1.54 euro cent, giving a final payout 0.91 cent."Trading conditions remain generally good despite uncertainty caused by macro events. We anticipate another year of robust growth for the business. Our primary focus will be on the integration of Welcome Break and further reducing leverage but we will also continue to evaluate new opportunities to further expand the business in the future," the company said.Ocado Group reported continued revenue growth in the first quarter of the year, despite a fire at its Andover automated warehouse taking a toll on the company's sales.For the 13 weeks to March 3, the online grocer reported an 11% rise in revenue to GBP404.0 million from GBP363.4 million a year prior. This was despite the fire at the customer fulfilment centre at the beginning of February reducing revenue by 1.2% in the quarter, the company said.The average number of orders in the period rose 11% to 314,000 a week from 282,000 the prior year, while the average order size dipped by a miniscule 0.2% to GBP110.24 from GBP110.45. The pound was quoted at USD1.3262 early Tuesday, up from USD1.3227 at the London equities close Monday.UK Prime Minister Theresa May will convene a meeting of her Cabinet after her Brexit plans were dealt a significant blow by the Commons Speaker.John Bercow scuppered the chance of another Commons vote on the prime minister's deal before Thursday's EU summit, leading one minister to warn that the government faces a "major constitutional crisis".Bercow ruled that May cannot bring her EU Withdrawal Agreement back before MPs unless it is substantially different from the package that was decisively defeated last week.The speaker's ruling, announced in an unexpected statement to the Commons, throws a further obstacle in the way of the prime minister's scramble to get a deal agreed by the scheduled date of Brexit of March 29."Bercow blew out a key pillar of the prime minister's Brexit strategy in trying to force recalcitrant Brexiters to back her agreement. In closing off that part of the prime minister's strategy he has also made it much less likely that EU leaders will grant a short-term extension when they meet later this week. This is because any short-term extension would have been based on finally getting May's deal across the line. This is now unlikely to happen, though given the voting arithmetic the deal never looked likely to pass on a third reading anyway. In a way Bercow has put the deal out of its misery," said CMC Markets analyst Michael Hewson.The economic events calendar on Tuesday has UK unemployment data at 0930 GMT and eurozone construction output at 1000 GMT.The UK unemployment rate is expected to remain steady at 40-year lows of 4.0%, while average weekly wages, excluding bonuses are expected to come in at 3.4%, unchanged from December.