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LONDON (Alliance News) - Shares have opened lower in London Wednesday ahead of a key eurozone finance ministers meeting to discuss Greece's debt programme.
Sky shares lead FTSE 100 losers at the open, down 4.9%, after the broadcaster agreed to pay 83% more for English Premier League football rights.
Here is what you need to know at the UK market open:
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MARKETS
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FTSE 100: down 0.2% at 6,817.53
FTSE 250: down 0.1% at 16,650.14
AIM ALL-SHARE: down 0.1% at 699.30
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Hang Seng: closed down 0.9% at 24,315.02
Nikkei 225: closed for National Foundation Day holiday.
DJIA: closed up 0.8% at 17,868.76
S&P 500: closed up 1.1% at 2,068.59
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GBP-USD: up at USD1.5263
EUR-USD: down at USD1.1314
GOLD: up at USD1,235.88 per ounce
OIL (Brent): down at USD56.53 a barrel
(changes since end of previous GMT day)
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ECONOMICS AND GENERAL
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Wednesday's Key Economic Events still to come
(all times in GMT)
12:00 US MBA Mortgage Applications
13:00 US Fed's Richard Fisher speech
15:30 US EIA Crude Oil Stocks
19:00 US Monthly Budget Statement
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Greek Prime Minister Alexis Tsipras vowed to renegotiate the terms of the country's debt deal on the eve of tough negotiations with its eurozone partners on Wednesday, saying there was "no turning back". "We want a new agreement that is in the mutual interest of Greece and its lenders - one which will end punishing conditions and the destruction of the Greek economy ... there is no turning back," he told parliament just before his leftist coalition-led government survived its first confidence vote. Lawmakers voted 162-137 for Tsipras' coalition government. Eurozone finance ministers are to hold an emergency meeting Wednesday before an EU summit on Thursday on the Greek crisis.
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Eastern Ukraine was ravaged by fresh fighting on Tuesday, as leaders of France, Germany, Russia and Ukraine geared up for a summit to discuss a new peace plan. At least eight people were killed and 63 injured in an artillery attack on Kramatorsk, Ukrainian authorities said. The government-held city in the Donetsk region hosts the headquarters of Ukraine's military operation in the east, and President Petro Poroshenko accused the separatists of the attack.
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The National Institute of Economic and Social Research said on Tuesday that the U.K economy advanced at an accelerated rate in the November to January period. The think tank estimates that the GDP grew 0.7% in the three months ended January after the 0.5% increase in the three months ended December. NIESR also revised its annual growth estimate to 2.9% in 2015 and 2.3% in 2016 and said that the jobless rate is set to decline to 5.2% by the end of 2015.
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The G20 finance ministers and central bank governors called for accommodative monetary and fiscal policies as the global growth remains 'uneven' with subdued progress in Eurozone and Japan. According to a communique released after the two-day meeting of G20 finance ministers and central bank governors in Istanbul on Tuesday, officials expressed determination to overcome challenges to achieve the common objective of strong, sustainable and balanced growth and to add jobs and foster inclusiveness.
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Chinese President Xi Jinping is to pay his first state visit to the US in September, state media announced. Xi Wednesday held phone talks with US President Barack Obama where he formally accepted the latter's invitation to pay a state visit, Xinhua reported.
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BROKER RATING CHANGES
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HSBC RAISES UNITED UTILITIES TO 'NEUTRAL' ('UNDERWEIGHT') - TP 1000 (860) PENCE
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HSBC CUTS SCHRODERS TO 'UNDERWEIGHT' ('OVERWEIGHT') - TARGET 2810 (2675) PENCE
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TRADERS: MORGAN STANLEY RAISES VEDANTA TO 'EQUAL-WEIGHT' ('UNDERWEIGHT')
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GOLDMAN RAISES SHAFTESBURY TO 'BUY' ('NEUTRAL')
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GOLDMAN CUTS CREST NICHOLSON TO 'BUY' ('CONVICTION BUY LIST')
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BERENBERG CUTS ESURE GROUP TO 'HOLD' ('BUY') - TARGET 249 PENCE
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COMPANIES - FTSE 100
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ARM Holdings upped its dividend as it 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. ARM expects both its licence and royalty revenues to meet market expectations expectations in the current year. It expects its dollar revenues in its first quarter to be up 10% compared to the previous year, based on improving royalty revenue growth. The chip designed proposed a final dividend of 4.5 pence per share, taking its total dividend for the year to 7.02 pence, up from a total dividend of 5.7 pence a year before. ARM posted a pretax profit of GBP316.5 million for the year, compared to GBP162.6 million a year before, as revenues rose to GBP795.2 million from GBP714.6 million, and exceptional costs did not recur.
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Glencore said it has revised down its capital expenditure budget for 2015 in response to "the volatile market backdrop" and said production rose across the board during 2014, as it announced it will divest its stake in Lonmin in the first half of 2015. Glencore said it will divest from its 23.9% stake in platinum miner Lonmin during the first half of 2015 by distributing Lonmin shares to Glencore shareholders. Glencore acquired the stake in Lonmin through its acquisition of Xstrata PLC in May 2013.
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Reckitt Benckiser Group reported higher profit for 2014, despite a fall in revenue, helped by price increases and its cost optimisation initiatives, as well as like-for-like revenue growth in the fourth quarter. The British consumer goods giant reported an adjusted operating profit of GBP2.19 billion for 2014, excluding its RB Pharmaceuticals business, compared with GBP2.14 billion last year, up 11% at constant currency rates and 2% growth at actual rates. Its pretax profit for the year came in at GBP2.13 billion, up from GBP1.86 billion in 2013. Reckitt recommended a final dividend of 79 pence per share, giving a total dividend for 2014 of 129 pence, up 1% on 2013.
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Tullow Oil said it swung to a pretax loss in 2014 after booking significant impairment charges, which - combined with falling production and revenue - caused the FTSE 100 oil exploration and production company to suspend its final dividend for the year. Tullow swung to a USD2.04 billion pretax loss for 2014 from a USD313 million pretax profit in 2013. The loss was caused by impairment charges and losses on the company's disposal of assets, as well as lower revenue and production.
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Glaxo Acquires Remaining Share In GlycoVaxyn AG For USD190M
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The English Premier League said late Tuesday it has signed a GBP5.13 billion deal for the broadcasting rights for its football matches covering the three years from 2016 to 2019, significantly more money than analysts were expecting. 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 secured two packages, or 42 live games a season for a cost of GBP320 million per year. Sky said the price equates to an 83% increase from the cost of its existing contract, noting that it has won Friday evening games for the first time. The new deal will see Sky broadcast 126 fixtures a season compared to 116 games under its current contract. The new deal results in BT showing 42 games a season, up from its current 38 games. BT has secured a live Saturday evening game each week during the Premier League season.
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COMPANIES - FTSE 250
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Telecity Group has agreed to take over European data centre services provider Interxion Holding in an all-share deal, as it posted a lower profit for 2014 due to exceptional costs mostly relating to its Turkish business. Telecity proposed a final dividend of 9.0 pence per share, taking its total dividend to 13.5 pence compared to 10.5 pence a year before. The company also will begin a GBP400 million share buy-back programme over three years. Telecity will acquire New York Stock Exchange-listed Interxion in an all-share deal, with Interxion shareholders receiving 2.3386 new Telecity share per Interxion share. Telecity shareholders will own around 55% of the combined group. The combined company will be primarily listed in London, with an NYSE listing for Telecity's existing American Depositary Receipt programme contemplated.
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Travel operator Thomas Cook Group said it cut its first quarter operating loss by more than 40% on the year before, as it continued to cut out costs across the business, but cited pricing and competitive pressures, and tough trading in continental Europe. Thomas Cook reported a seasonal loss before interest and taxes of GBP73 million for the three months to end-December, smaller than the GBP122 million loss it reported a year earlier. Its pretax loss for the quarter was GBP115 million, down from last year's GBP161 million loss.
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Indivior, which was spun-off from Reckitt Benckiser last year, posted a 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. The FTSE 250-listed pharmaceutical firm said that its outlook for 2015 is "very uncertain as to the timing, extent and impact of tablet price erosion." It is guiding net income of between USD130 million to USD155 million for 2015, on revenue of USD850 million to USD880 million. It noted however that the outcome could be higher in a more positive environment, or lower in a "very adverse scenario."
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Derwent London said it has struck a property swap deal with LaSalle Investment Management under which it will buy the leasehold on a property in Farringdon and will dispose of stakes in three other properties. Under the deal, Derwent will acquire a 175-year leasehold on 20 Farringdon Road in London's Tech Belt area. The passing rent is GBP3.6 million per annum or GBP3.2 million per annum net of the 10% ground rent. In return, Derwent will hand the 22 Kingsway property in central London and the Mark Square House property, in the City of London, to LaSalle.
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Design, engineering and project management consultant WS Atkins affirmed its full-year outlook and said the business is performing in line with expectations. The group said the performance in its UK business remains mixed. It said it has made progress in the resolution of contract variations in its rail business and said it has reshaped its aerospace business in line with the current market conditions.
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Homewares retailer Dunelm Group delivered a higher first-half profit, driven by a 14% increase in revenue helped by new store openings and strong growth online. However, the group cautioned that it expects benefits of top-line growth in the remainder of the financial year to be largely offset by higher operating costs, saying it expects to return to stronger profit growth next year. Dunelm declared a 10% increase in its interim dividend to 5.5 pence per share, and also proposed a special distribution of 70.0 pence per share.
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Home emergency services company HomeServe said it is performing in line with expectations and said it expects to meet its customer targets for the year following its increased marketing spend. HomeServe said it continues to make progress with its UK business, with a solid marketing and retention performance in the second half of its financial year ending March 31.
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QinetiQ Group affirmed its guidance for the full year, despite continued challenges in its markets. The defence services company said its Europe, Middle East and Africa services arm is performing well and has a high level of contracted revenue for the final quarter of its financial year to the end of March, despite of uncertainty in the UK defence market related to current spending overhauls at the Ministry of Defence. But it said the performance of its Global Products business is still being impacted by reduced funding for US military operations, which has reduced demand for conflict-related products.
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Housebuilder Redrow said its pretax profit nearly doubled in the first half of its financial year on the back of surging revenue, stronger margins, and a rise in house sales, resulting in it doubling its interim dividend.
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COMPANIES - INTERNATIONAL
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Dutch brewer Heineken reported its fiscal 2014 net profit increased 11% to EUR1.52 billion from last year's EUR1.36 billion. Group revenue edged up 0.1% to EUR21.19 billion. Revenue grew 3.3% organically, with group revenue per hl up 1.4%. Heineken premium volume increased 5.1% with growth across all regions.
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Dutch banking firm ING Group reported fourth-quarter net result of EUR1.176 billion, including results from discontinued operations of NN Group and Voya. This compared to EUR626 million reported last year. Total underlying income was EUR3.756 billion, compared to EUR3.815 billion in the prior year.
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Employees of Halliburton will be the latest to feel the pinch of collapsing energy prices, as the oilfield service provider confirmed Tuesday it is laying off up to 8% of its workforce. That means as many as 6,400 employees can expect pink slips in the coming days. "We are faced with the difficult reality that reductions are necessary to work through this challenging market environment," Halliburton spokeswoman Emily Mir wrote in a statement, according to Bloomberg Business.
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Wednesday's Scheduled AGMs/EGMs
Blackrock Frontiers Investment Trust
F&C Capital & Income Investment Trust
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By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite
Copyright 2015 Alliance News Limited. All Rights Reserved.
