Fenner PLC Share News (FENR)

LONDON (Alliance News) - Share prices opened flat to slightly higher in London Monday, supported by firm oil prices, as the US East Coast dug out from a major winter storm dubbed 'Snowzilla'.

Oil prices had rallied since Friday, peaking at USD32.78 a barrel about 0615 GMT Monday, but have since retreated again, though still above USD30.

Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: flat at 5,9101.45
FTSE 250: up 0.1% at 16,147.70
AIM ALL-SHARE: up 0.2% at 688.73
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Hang Seng: closed up 1.3% at 19,321.58
Nikkei 225: closed up 0.9% at 17,110.91
DJIA: closed up 1.3% at 16,093.51
S&P 500: closed up 2.0% at 1,906.90
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GBP: down at USD1.4270 (USD1.4320)
EUR: flat at USD1.0814 (USD1.0808)

GOLD: up at USD1,103.70 per ounce (USD1,098.90)
OIL (Brent): up at USD31.65 a barrel (USD31.37)

(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Monday's Key Economic Events still to come
(all times in GMT)

09:00 Germany IFO
09:00 Italy Industrial Sales and Orders
10:00 Italy Retail Sales
10:00 Ireland Retail Sales
11:00 Italy Trade Balance
11:00 UK CBI Industrial Trends Survey
15:30 US Dallas Fed Manufacturing Business Index
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Skies cleared Sunday over the US Mid-Atlantic and north-east regions after a winter storm system dumped record-setting amounts of snow, bringing transportation to a near standstill and forcing millions of Americans to hunker down in their homes. New York City, Philadelphia, Baltimore and Washington were among the worst hit by the weekend onslaught of snow and blizzard conditions. West Virginia, Virginia, Maryland, Pennsylvania, New Jersey and New York also received heavy snow over a 36-hour period, the National Weather Service said. After a full moon on Saturday night, Sunday brought sun, and the clear skies and calm conditions were ideal for digging out.
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The People's Bank of China plans to broaden the pilot program that helps companies to tap cross border resources. Accordingly, the central bank will permit 27 financial institutions registered in the free-trade zones of Shanghai, Tianjin, Guangzhou and Fujian to conduct cross-border financing in both yuan and foreign currencies up to a limit linked to their assets or net assets. These institutions will not require prior approval for borrowing from abroad, the bank said.
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Japan posted a merchandise trade surplus of JPY140.3 billion in December, the Ministry of Finance said. That beat forecasts for a surplus of JPY117.0 billion following a JPY381.3 billion deficit in November. Exports were down 8.0% on year to JPY6.337 trillion, missing forecasts for a decline of 7.0% following the 3.3% contraction in the previous month. Imports tumbled an annual 18.0% to JPY6.197 trillion versus expectations for a fall of 16.4% following the 10.2% drop a month earlier.
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France's interior minister said several attacks similar to the November 13 terrorist attack in Paris had been foiled in recently years. In 2015 alone, 11 attacks like the one on November 13 were prevented, Interior Minister Bernard Cazeneuve said. "One of them threatened to attack a concert in an event hall. Others threatened attacks against French people with massive fatalities on streets and cities, Cazeneuve said on French television.
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Syrian government forces backed by Russian airstrikes pushed further into key rebel territory, ahead of peace talks planned to take place this week. Government forces took the north-western town of Rabia, a key rebel stronghold in the mountains overlooking the regime's coastal heartland, the opposition Syrian Observatory for Human Rights said. State news agency SANA said that troops and pro-government militiamen had captured more than 20 other "villages and points of control" in the Jabal al-Turkoman mountain range.
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The officials of Iran and China have signed 17 documents and Memorandums of Understanding at the presence of President Hassan Rouhani and President Xi Jinping, who was visiting Tehran. The MoUs include agreement between Atomic Energy Organisation of Iran and China Nuclear Energy Association for peaceful use of energy. The countries also signed MoUs on investment cooperation, establishment of Silk Road scientific fund, media cooperation, Tehran-Mashhad express railway, and joint cooperation between Qeshm Free Zone of Iran and Pilot Free Zone of China.
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BROKER RATING CHANGES
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TRADERS: CREDIT SUISSE CUTS GKN TO 'NEUTRAL' ('OUTPERFORM')
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TRADERS: CREDIT SUISSE CUTS FENNER TO 'UNDERPERFORM' ('NEUTRAL')
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TRADERS: CREDIT SUISSE CUTS SPECTRIS TO 'NEUTRAL' ('OUTPERFORM')
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TRADERS: CREDIT SUISSE CUTS IMI TO 'UNDERPERFORM' ('NEUTRAL')
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Liberum Initiates Cranswick With Buy, Price Target At 2,200p
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COMPANIES - FTSE 100
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Kingfisher announced a five-year plan to deliver a GBP500 million annual profit uplift by the end of the fifth year and a capital return of GBP600 million over the next three years. The DIY retailer said it will deliver the GBP500 million profit uplift on top of the profit it will generate from normal business. It expects its performance pre-transformation to be broadly in line with the macroeconomic backdrop in its respective markets, the company said. Kingfisher reported pretax profit of GBP644 million in the financial year to January 31, 2015.
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Sky said it has invested USD10 million in Boston-based marketing analytics and data management software firm DataXu. Sky said its advertising sales division Sky Media will work closely with DataXu to explore a "number of new opportunities", in particular extending the reach of its advertising product Sky AdVance.
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Tesco is to close down its two food-to-go stores as it beats a retreat just over a year after it made an attempt to challenge the likes of Pret-a-Manger, The Daily Telegraph reported. Tesco confirmed to the paper it will shut down its two food-to-go outlets, located in the City of London and near London Charing Cross Station, after they failed to gain traction with consumers.
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COMPANIES - FTSE 250
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Electra Private Equity said it will kick off a review of its investment policy and structure which it expects to complete by the autumn. The private equity investor said the review will consider all options for maximising shareholder value. Its current structure and investment policy was approved back in October 2006 and some amendments to its fees, distributions and structure were made in February last year. The move comes after the public row between Electra and activist shareholder Edward Bramson, the head of the Sherborne Investors hedge fund.
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Oil and gas explorer Ophir Energy said it has signed heads of terms with US oil services group Schlumberger to be its upstream partner on the Fortuna floating liquefied natural gas project in Equatorial Guinea. Ophir said Schlumberger, subject to the agreement being definitively agreed and to government approval in Equatorial Guinea, will get a 40% economic interest in the project.
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LondonMetric Property said it has exchanged contracts for the sale of a Odeon multiplex cinema in Preston for GBP10.2 million. LondonMetric said it has sold the property to the BlackRock UK Long Lease Property Fund, with the sale price reflecting a net initial yield of 5.75%.
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Car dealer Vertu Motors said it has struck a deal to acquire three Honda dealerships from rival Lookers for GBP2.0 million in cash. Vertu will acquire the Nottingham, Derby and Stockton-on-Tees dealerships from Lookers and said the deal will consolidate Honda as the company's largest retail partner in Europe.
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COMPANIES - LONDON MAIN MARKET AND AIM
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Petra Diamonds said its production outpaced its guidance in the first half of its financial year, but revenue sunk due to lower prices for the diamonds it sold, although the group expects an improvement in the second half. Petra said its production for the half to the end of December rose 2.0% year-on-year to 1.6 million carats, ahead of its production guidance for the half of 1.5 million carats and leaving the group on track to hit its full year target of 3.3 million to 3.4 million carats. Revenue fell 28% in the half to USD154.0 million from USD214.8 million, as the number of diamonds sold fell 7.0% and the price of rough diamonds declined around 9.0% year-on-year.
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Chip-designer Imagination Technologies Group said it is reviewing strategic options for its consumer audio products division Pure. The update came after a report in The Times on Monday which said the company was set to sell the loss-making division. The company noted the recent press coverage, and said that, as it had stated at its interim results in December, it "recognises the challenges it is facing given the current economic backdrop of the industry in which it operates."
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Filtronic said it has received a large production order for its ultra wide band integrated antennas worth USD3.9 million. Filtronic, which makes microwave electronics products for the wireless telecoms infrastructure market, said the order follows on from and replaces a previous contract with an unnamed "major" European original equipment manufacturer, which was announced in October.
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An outdoor clothing retailer and a stem-cell research firm are both considering floating in London, according to press reports, while challenger bank Metro Bank is set to table its listing plans this week. The Sunday Times said Mountain Warehouse, an outdoor clothing firm, is eyeing a float which could value the business at around GBP200.0 million. The Sunday Telegraph reported that Thorn Medical, a biotechnology company which will soon start trialling stem cell research in human subjects, is planning to list with a valuation of around GBP340.0 million. And the Daily Mail reported that Metro Bank will launch its GBP2.0 billion float this week.
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COMPANIES - INTERNATIONAL
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Google parent Alphabet agreed to pay GBP130 million in a tax settlement with UK authorities. The company said it will adopt a new approach for UK taxes, and the settlement covers taxes going back to 2005. It will now pay tax based on revenue from UK-based advertisers, which reflects the size and scope of its UK business. The company has been criticized for paying a fraction of the taxes due on sales in the UK. The agreement divided politicians. While Chancellor of the Exchequer George Osborne said on Twitter that it was a "victory" for the government's policies, Shadow Chancellor John McDonnell reported said that the bill was "derisory" and looked like a "sweetheart deal," and that he would call for it to be investigated by the public sector watchdog.
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Johnson Controls and Tyco International are in advanced talks to merge, the Wall Street Journal reported citing people familiar with the matter. The report noted that the agreement, details of which could be announced as soon as Monday, comes as both companies struggle to bolster their stock prices. While exact terms couldn't be learned, Johnson Controls has a market value of about USD23 billion, while Tyco's was about USD13 billion as of Friday's close. A deal could value Tyco at between USD15 billion and USD20 billion.
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Authorized VW garages in Germany are facing a logistic nightmare in the coming weeks and months as carmaker Volkswagen prepares for its mass recall of diesel cars fitted with emissions-manipulation software. The first recall letters are expected to reach customers next week, with the actual recalls expected at the end of January. VW has 2,173 partner garages authorized to do the work nationwide. With 2.4 million cars being recalled, this means an average of 1,100 vehicles per garage.
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Monday's Scheduled AGMs/EGMs

Elegant Hotels Group
Sinclair Pharma
JPMorgan Chinese IT
Electra Private Equity
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By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite

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