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LONDON (Alliance News) - Shares have opened modestly but broadly higher Friday, following stock-market gains in the US and Asia. UK company news is in the foreground amid a dearth of significant economic data.
Coca-Cola HBC leads FTSE 100 gainers, up 2.8%, after the world's second largest Coke bottler said its net sales revenue rose in the first quarter, with volumes higher due to extra selling days and an early Easter.
Shares in BT Group are down 0.5% after regulator Ofcom said it has tabled proposals which would allow companies looking to provide high-speed telecoms lines for businesses to be granted access to BT's fibre networks using their own equipment, and said it has tabled new service requirements for BT's Openreach arm.
Toy company Hornby is up 1.9% after saying it will relaunch Thomas the Tank Engine model railway sets in time for Christmas.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: up 0.2% at 6,989.78
FTSE 250: up 0.2% at 17,961.14
AIM ALL-SHARE: up 0.3% at 761.46
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Hang Seng: up 1.6% at 27,712.57
Nikkei 225: closed up 0.8% at 19,732.92
DJIA: closed up 1.1% at 18,252.24
S&P 500: closed 1.1% at 2,121.10
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GBP: flat at USD1.5777
EUR: flat at USD1.1409
GOLD: flat at USD1,220.92 per ounce
OIL (Brent): down at USD66.33 a barrel
(changes since end of previous GMT day)
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ECONOMICS AND GENERAL
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Friday's Key Economic Events still to come
(all times in BST)
13:30 US NY Empire State Manufacturing Index
13:30 Canada Manufacturing Shipments
14:15 US Industrial Production and Capacity Utilization
14:30 UK CB Leading Economic Index
15:00 US Reuters/Michigan Consumer Sentiment Index Preliminary
21:00 US Total Net TIC Flows
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Foreign direct investment in China increased at a faster than expected pace in April, the Ministry of Commerce reported. FDI increased 10.5% in April from last year to USD9.6 billion. Economists had forecast the growth rate to slow to 2% from 2.2% reported in March.
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Japanese consumer sentiment fell unexpectedly in April, survey results from the Cabinet Office showed. The consumer confidence index dropped to a seasonally adjusted 41.5 in April from 41.7 in March. It was forecast to rise to 41.8.
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US President Barack Obama pledged an "iron-clad commitment" to the US' Gulf allies following talks meant to reassure the region amid concern about an Iran nuclear deal. After a summit with the Gulf Cooperation Council members at Camp David outside Washington, Obama said the US would work with the GCC countries to deter and confront external threats and said the US would increase security cooperation with the region.
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A temporary humanitarian truce appeared to largely hold in Yemen on Thursday, its second full day, despite reported breaches from a Saudi-led military alliance and its enemies, the Houthi rebels. However Saudi Foreign Minister Adel al-Jubeir, who was at Camp David, Maryland, for a US-Gulf Cooperation Council summit, pointed to Houthi ceasefire violations and called for them to stop their behaviour. The Saudis would continue to monitor the situation as they weigh whether to extend the humanitarian ceasefire, he said.
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The opposition-led US Senate paved the way for consideration of fast-track trade authority for US President Barack Obama, overcoming opposition from within the president's own party. The vote, with 13 of Obama's own left-leaning Democrats joining 52 conservative Republicans in the 100-member Senate, overcame a filibuster by Senate Democrats earlier in the week. The parliamentary manoeuvre requires 60 votes before allowing legislation to be considered. With the legislative blockage ended, debate can begin, with possible fast-track package as early as next week. Trade promotion authority (TPA) is key to negotiations in two of President Barack Obama's top economic priorities - trade deals with the Pacific Rim and Europe.
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Islamic State released a message attributed to its leader, Abu Bakr al-Baghdadi, in which he calls on Muslims to join and fight along with his extremist militia that controls large territory of Syria and Iraq. "No-one should think that the war being led by Islamic State is that of Islamic State alone," al-Baghdadi said in the audio message posted on the jihadist website al-Furqan. "It is the war of all Muslims wherever they are. Islamic State is only spearheading it." If verified, the message would be the first by al-Baghdadi since November.
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BROKER RATING CHANGES
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TRADERS: BARCLAYS CUTS ITV TO 'EQUAL WEIGHT' ('OVERWEIGHT')
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GOLDMAN CUTS LONMIN TO 'SELL' ('BUY') - TARGET 100 (225) PENCE
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UBS CUTS DS SMITH TO 'NEUTRAL' ('BUY') - TARGET 390 (355) PENCE
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COMPANIES - FTSE 100
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UK media and communications regulator Ofcom said it has tabled proposals which would allow companies looking to provide high-speed telecoms lines for businesses to be granted access to BT Group's fibre networks using their own equipment, and said it has tabled new service requirements for BT's Openreach arm. The service is often referred to as 'dark fibre', as the cables would not be 'lit' using BT's electronic equipment, but rather by using the competitors' own equipment installed at either end of the cable. The measures are part of the Business Connectivity Review undertaken by Ofcom, under which the regulator also will propose placing new, minimum quality of service requirements on BT's Openreach network infrastructure division.
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Coca-Cola HBC said its net sales revenue rose in the first quarter, with volumes higher due to extra selling days and an early Easter, though it faced a mixed effect from currency fluctuations across its operations. The company, the second-largest bottler of products made by US drinks group The Coca-Cola Co, said its net sales revenue in the first quarter to the end of March was EUR1.35 billion, up from EUR1.33 billion a year earlier. The group's volume rose by 7.2% in the quarter, up to 439 million unit cases from 409.6 million a year earlier, though its net sales revenue per unit case fell to EUR3.08 against EUR3.25.
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Intertek Group said it is trading in line with its expectations in 2015 so far, with good growth in the majority of regional operations and continued challenging conditions in its units exposed to the oil and gas and minerals markets. The FTSE 100-listed company, which provides testing, certification and inspection services, said revenue grew 3.3% in the four months to the end of April, pushed higher by sterling weakening against a number of currencies. At constant currencies, revenue grew 0.3%. Intertek said its operating margin in the period was broadly flat year-on-year.
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Brewer SABMiller said it has struck a deal to buy Greenwich, London-based craft beer company Meantime Brewing Co for an undisclosed amount. Meantime was founded in 1999 and now offers a range of beers sold in pubs across the UK, including London Lager and Meantime Pale Ale. SABMiller said it intends to grow sales of Meantime beers nationally and explore export opportunities in the European market.
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COMPANIES - FTSE 250
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Housebuilder Bovis Homes said it is on track to meet its targets for the year, with a robust forward sales position for the remainder of the year, which the company expects to be more second-half weighted than in 2014. Bovis said it has made solid progress in 2015 to date, with total forward sales for 2015 delivery at 3,049 homes at May 8, up 8% year-on-year.
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COMPANIES - LONDON MAIN MARKET AND AIM
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EnQuest said production in the first four months of 2015 was below its guidance but up from a year earlier as a decline in production from its North Sea projects was offset by its recently acquired Malaysian project. The oil and gas company said production in the four months ended April 2015 was below guidance, averaging 30,768 barrels of oil equivalent per day, but this is up 20.2% from the same period a year earlier. EnQuest reiterated its full-year production guidance of 33,000 to 36,000 barrels of oil equivalent per day.
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Distribution company John Menzies said it is trading in line with its expectations in the first four months of 2015 and left open its options regarding talks with an activist shareholder, Lakestreet. Menzies Aviation revenue grew 8% in constant currencies in the period, boosted by a 10% rise in cargo volumes and a 16% increase in ground handling turns, reflecting the momentum the business has secured in winning new contracts. The Menzies Distribution business is on track, the company said, with the volume decline in print media slowing in the period.
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Packaging company Powerflute Oyj said it anticipates its full-year results coming in significantly ahead of market expectations following a good start to the year in both its Coreboard and Cores and Packaging Papers businesses.
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Tyman said trading has been in line in the first four months of 2015, with an encouraging start to the year in its AmesburyTruth unit but more sluggish trading in its ERA business. The company, which supplies door and window components, said revenue for the four months to the end of April was up by 6.3%, boosted significantly by the strength of the dollar against other international currencies. On a constant currency basis, revenue was up 1.3%.
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Circassia Pharmaceuticals said it intends to acquire two separate companies for a combined GBP239 million and said it would raise GBP275 million through an open offer and a placing. Circassia, a bio-pharmaceutical company, did not reveal the placing price or any further details but said both the offer and placing have been underwritten in full by JP Morgan Securities and Peel Hunt.
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Belvoir Lettings said the joint franchisees of the Belvoir Oldham and Bury offices have acquired Rayson Wilshaw, an estate and lettings agent in Bury, north west England. The lettings and estate agency company said GBP250,000 will be paid for Rayson Wilshaw, with half of that amount being paid immediately in cash and the remainder being paid over four years.
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Models and collectibles group Hornby said it has appointed a new finance director and said it is to relaunch Thomas the Tank Engine model railway sets in time for Christmas. The company said it has appointed Steve Cooke as its finance director, effective from June 10. Cooke is the former finance director at LSL Property Services PLC. Current finance director Nick Stone will leave the company in the summer, following a handover period. Hornby also said it has agreed a new licensing deal with HIT Entertainment to relaunch the Thomas & Friends model railway range.
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COMPANIES - INTERNATIONAL AND OTHER
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An investment vehicle headed by South African billionaire Christo Weise is set to announce a deal on Friday to acquire high-street fashion retailer New Look for GBP1.9 billion, Sky News reports. Brait, the private equity fund headed by Weise, is set to announce it has agreed a deal to acquire the business from private equity firms Apax and Permira. The two owners had been understood to be considering floating the business on the London Stock Exchange, but Sky said New Look is thought to have cancelled planned meetings with potential advisers.
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US private equity group TPG has completed a deal to acquire UK discount store operator Poundworld for GBP150 million in cash, the Financial Times reports. Poundworld, which is headquartered in West Yorkshire and which owns the Poundworld and Bargain Buys brands, is the second-biggest single-price discount retailer in the UK, with around 280 stores. The deal comes as Poundland Group PLC, the largest company in the sector, is facing an in-depth review by UK competition authorities into its proposed GBP55 million acquisition of 99p Stores Ltd.
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Avon Products said that it has not received any offer or other communication from PTG Capital Partners and has not been able to confirm that such an entity exists. The US Securities and Exchange Commission enforcement division is reviewing the legitimacy of the offer, which sent Avon Products shares soaring Thursday, Bloomberg reported citing a person with knowledge of the matter said. The SEC filing included errors, including naming a law firm that doesn't exist.
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Bombardier said that it will reduce its production rate for Global 5000 and Global 6000 aircraft, due to current economic conditions and geopolitical issues in some market regions. As a result, Approximately 1,750 employees in Montréal, Toronto and Belfast will be impacted. Bombardier Business Aircraft confirmed that current economic conditions and geopolitical issues in some market regions, such as Latin America, China and Russia, have impacted order intake levels industry-wide.
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Friday's Scheduled AGMs/EGMs
Bovis Homes
Brammer
Chesnara
Derwent London
Intertek Group
Ocado Group
Restore
John Menzies
Tyman
Tribal Group
Hochschild Mining
Polyus Gold
Kier Group
Valirx
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By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite
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