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LONDON (Alliance News) - London stock investors digested a flurry of corporate announcements Wednesday morning, as they awaited the outcome of negotiations between Greece and European authorities over the country's debt programme.
Share prices are mostly lower, with the FTSE 100 down 0.2 at 6,817.58. The FTSE 250 is down 0.1% at 16,644.91. The AIM All-Share trades down 0.2% at 698.81.
European stocks are travelling in the same direction, with the CAC 40 in Paris down 0.6%, and the DAX 30 in Frankfurt down 0.3%.
Investors are wary of the meeting between the Greek finance minister and his European counterparts on Wednesday at 1630 GMT to negotiate the terms of Greek bailout package.
"Markets are priced for some kind of stop-gap deal which allows the ECB to continue financing Greek banks and lets talks continue. That would sustain the slight risk-friendly mood across markets," says SocGen analyst Kit Juckes.
Michael Hewson, chief market analyst at CMC Markets UK adds: "It is hard to be anything other than pessimistic about the outcome of what is unfolding in Europe, with respect to Greece and its negotiations with its creditors. But the hope is that we may get some form of deal by next week, and hopefully before the end of the month."
In the FTSE 100, Sky and BT shares are having significantly different days. Following the announcement of English Premier League football broadcast rights after the market close on Tuesday, Sky is the worst performer, falling 4.3%, while BT is among the biggest gainers, up 2.8%.
Sky secured five of the seven packages available, equating to 126 live games per season from a total 168 matches, for a cost of GBP1.32 billion per year, whilst rival BT Group PLC secured two packages, or 42 live games a season for a cost of GBP320 million per year.
IG market analyst Alastair McCaig says the two stocks' performance reflects that "BT has come out of the bidding in far greater shape than Sky as it has managed to maintain its share of coverage while avoiding the 70% increase in fees that Sky has had to fork out."
William Nicholls, dealer at London Capital Group, adds: "BT keeps the pressure up on Sky, securing only marginally more games than before but continually moving forward with their 'quad-play' plans. 1-0 to BT v Sky in the share price reaction".
ARM Holdings is the best performer in the blue-chip index, up 4%, after the chip designer upped its total dividend to 7.02 pence for 2014 from 5.70 pence the year before.
The company posted a rise in profit for 2014, boosted by strong licence revenue growth and improved royalty revenue growth in its fourth quarter, and said it expects to meet market expectations for dollar revenues in 2015.
Reckitt Benckiser trades as the second best performer in the FTSE 100 index, up 3.3%, after saying its fourth-quarter net revenue growth beat market expectations, and announcing further cost-cutting initiatives and plans to bolster its share-buyback programme in 2015.
The British consumer goods giant reported higher pretax profit for 2014 of GBP2.13 billion for 2014, compared with GBP1.86 billion in 2013. Its operating profit rose 15% to GBP2.16 billion. The figures exclude RB's pharmaceuticals business, which it spun off into new FTSE 250 constituent Indivior at the end of last year. The move left Reckitt solely focused on its consumer health and hygiene products.
Indivior on Wednesday posted lower pretax profit for 2014 due to generic competition in the US and price cuts in Europe hitting its revenue in the US and exceptional costs relating to the de-merger. Indivior shares are the worst performer in the FTSE 250, down 6.5%.
Telecity Group shares top the FTSE 250, up 14%, after agreeing to take over European data centre services provider Interxion Holding NV in an all-share merger that will leave Telecity shareholders with a 55% stake in the enlarged company. Telecity also said it will begin a GBP400 million share buy-back programme over three years.
In the AIM All-Share, DP Poland is the best performer, up 38%, after the company, which sub-franchises Domino's Pizza stores in Poland, reported a 35% jump in its system sales in the year to the end of December to PLN20.4 million from PLN15.1 million a year earlier.
Futures indicate Wall Street for a weak open. The DJIA is pointed down 0.1%, the Nasdaq 100 is indicated to open flat, while the S&P 500 is shown lower, down 0.1%.
In the economic calendar Wednesday, the US monthly budget statement for January is at 1900 GMT.
By Daniel Ruiz; danielruiz@alliancenews.com
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