Gresham Share News (GHT)

LONDON (Alliance News) - UK shares have opened lower Tuesday amid continued worries about the US economy.

Ocado shares are down 4.5% as it reported a wider pretax loss for 2013, though the online grocer said it expects to reach profitability this year.

Brokers Bernstein have raised J Sainsbury to Outperform from Market Perform. Last week Sainsbury CEO Justin King announced he would step down in July.

Here is what you need to know at the UK market open:

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MARKETS
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FTSE 100: down 39.10 at 6,426.56
FTSE 250: down 95.09 at 15,463.14
AIM ALL-SHARE: down 3.80 at 852.77
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DJIA: closed down 326.05 or 2.1% at 15,372.80
S&P 500: closed down 40.70 or 2.3% at 1,741.89
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GBP-USD: down at USD1.6288
EUR-USD: down at USD1.3502

GOLD: down at USD1,258.40 per ounce
OIL (Brent): flat at USD105.95 a barrel

(changes since end of previous GMT day)
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ECONOMICS AND GENERAL
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Tuesday's Key Economic Events still to come

09:30 UK PMI Construction
10:00 Italy Consumer Price Index
10:00 EU Producer Price Index
13:30 US Fed's Lacker speech
13:55 US Redbook index
14:45 US ISM New York index
15:00 US Factory Orders
15:00 US IBD/TIPP Economic Optimism
16:30 US 52-week and 4-week Bill auction
17:30 US Fed's Evans Speech
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UK small and medium sized manufactures' plan to increase investment improved in the three months to January, survey results from the Confederation of British Industry showed. According to the latest SME trends survey, business confidence fell to +21 in January from +35 in October. But optimism remained solid, it said.
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IMF Managing Director Christine Lagarde said Monday that global central banks should display greater cooperation and must be aware of the potential impact of their policies on other economies. Lagarde's comments come a few days after Reserve Bank of India Governor Raghuram Rajan said that international monetary cooperation had "broken down." His criticism was apparently aimed at central banks in advanced economies, particularly the Federal Reserve.
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The monetary base in Japan spiked 51.9% on year in January, the Bank of Japan said, coming in at JPY200.414 trillion. That follows the 46.6% surge in December, which stood at JPY193.459 trillion. Banknotes in circulation were up 3.9% on year, while coins in circulation collected 1.1%.
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A key faction of Ukrainian anti-government protesters on Monday said they would vacate occupied territory in Kiev in exchange for the release of detained activists. The offer came two days after a law granting amnesty to rally participants after they vacate administrative buildings was passed by Ukraine's parliament in an attempt to defuse two months of political chaos and civil unrest. The amnesty, which has a 15-day deadline, has yet to be implemented. Protest leaders last week refused to meet the key condition of retreating from government buildings.
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The US is consulting with the EU about financial aid for Ukraine, but a US official made clear Monday that a new government would have to be formed before any money would flow. State Department spokeswoman Jennifer Psaki said that Victoria Nuland, assistant secretary of state for European and Eurasian affairs, would return this week to Kiev. EU foreign policy chief Catherine Ashton, who has made repeated visits to Ukraine in recent weeks, has indicated that Washington and Brussels were working on a financial plan.
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Anti-government protesters retreated Monday from two of the key Bangkok intersections they have occupied since January 13 as part of their effort to paralyze the government, but vowed to keep their demonstration going. Protest leader Suthep Thaugsuban said the regrouping was necessary to protect demonstrators from expected attacks by the caretaker government of Prime Minister Yingluck Shinawatra.
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Two people have died of the H7N9 bird flu virus in China, reports said, bringing the year's death toll to 25, and raising concerns as millions prepare to travel for the end of the new year holiday. A 59-year-old man died in the town of Louding on Monday, after coming into contact with live poultry, state-run news agency Xinhua reported. It was the first fatality from the disease in the south-eastern province of Hunan. On Sunday, a woman died in Foshan, in the central province of Guangdong. A total of 113 cases have been reported across the country this year.
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US President Barack Obama is to visit Saudi Arabia in March including a meeting with King Abdullah, the White House said Monday. The visit will come months after the kingdom expressed frustration with Washington's policies in Iran and Syria. White House spokesman Jay Carney denied that Obama's trip was intended for damage control.
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BROKER RATING CHANGES
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BARCLAYS CUTS PREMIER FARNELL TO 'EQUAL WEIGHT' ('OW') - TARGET 210 (260) PENCE
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BERNSTEIN RAISES SAINSBURY TO 'OUTPERFORM' ('MARKET-PERF.') - TARGET 430 PENCE
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BARCLAYS CUTS BERKELEY TO 'UNDERWEIGHT' ('EW') - TARGET 2561.50 (2454.70) PENCE
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COMPANIES - FTSE 100
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BP PLC posted lower fourth-quarter 2013 profit attributable to BP shareholders of USD1.04 billion, or USD5.54 a share, versus last year's USD1.49 billion, or USD7.75 a share, with pre-tax profit plunging year-over-year to USD1.199 billion, from USD3.3 billion. For the quarter, replacement cost or RC profit attributable to BP ordinary shareholders totaled USD1.51 billion, down from USD2.0 billion reported in the 2012 period.
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BG Group PLC reported lower pretax profit in its full year 2013 as expected and swung to a pretax loss in its fourth quarter. The FTSE 100 oil and gas giant said its full year pretax profit fell 39% in 2013 to USD3.89 billion from USD6.35 billion in the previous year and it posted a fourth quarter pretax loss of USD1.58 billion compared from a pretax profit of USD1.55 billion in the same period in 2012.
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ARM Holdings PLC said it expects its dollar revenues for the full year 2014 to be in line with expectations, assuming the outlook for the semiconductor industry improves as generally anticipated, as it saw pretax profit decline despite rising revenue due to exceptional costs. ARM saw exceptional impairment charge of GBP59.5 million for the year, as well as indemnification, settlement and licence costs of GBP41.8 million. Additionally the company acquired Geomerics Ltd for GBP13.4 million, and Sensinode Oy for USD11.7 million in the period. As a result of these costs, under international financial reporting standards, ARM saw pretax profit for the year decline to GBP162.6 million, down from GBP221.0 million in the previous year.
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COMPANIES - FTSE 250
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Ocado FY Pretax Loss GBP12.5M Vs GBP0.6M; FY Revenue GBP792.1M Vs GBP678.6M; FY EBITDA GBP45.8M Vs GBP34M; Analysts Expected EBITDA To Be GBP42 Million; CEO: We Should Break Into Profit This Year; CEO: We Are Considering Overseas Expansion; CEO: Kitchen, Homeware, Baby And Beauty Are The Next Possible Categories We Will Focus On; Co-Founder Jason Gissing To Retire At May AGM
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UK-based exploration and production company Premier Oil PLC said Chief Executive Officer Simon Lockett has notified the board of his intention to step down. The company said that Lockett will remain in the role until a successor has been identified and appointed by the board, in order to ensure a seamless transition.
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TalkTalk Telecom Group PLC posted 5.1% growth in its revenue for the third quarter and said it is on track to deliver its full year 2014 guidance and medium term targets. For the third quarter, total revenue grew 5.1% to GBP436 million from GBP415 million.
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Carillion JV Appointed As A Framework Provider To Electrify 2,000 Miles Of Britains's Railway Over Next 7 Years
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African Barrick Gold Completes Transfer Of Licences To STAMICO
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Fusion IP Says It Is Posting Offer Details For Deal With IP Group To Shareholders Today
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St Modwen Properties FY Pretax Profit GBP94.7M Vs GBP64.5M; Revenue GBP161.1M Vs GBP219.1M; Declares Final Dividend Of 2.67 Pence
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Victrex Says Q2 Has Started Well, January Sales Volume Over 330 Tonnes, Ahead Of Last Year; Says It Has Had An 'Encouraging Start To 2014'; Q1 Performance In Line With Expectations, Followed By Stronger January
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COMPANIES - ALL-SHARE AND AIM
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Trinity Mirror Expects Adjusted 2013 Results To Be Ahead Of Expectations; Says Trading In November, December Was Better Than Anticipated; Expects Adjusted Operating Profit To Be 4% Ahead Of Market Expectations, EPS By 5%; Trading In New Year In Line With Company Expectations; Will Take GBP225M Non-Cash Impairment Charge For Goodwill, Intangible Assets; Will Take Separate Non-Cash GBP700M Balance Sheet Impairment For Investments In Subsidiaries; Will Seek Court Approved Capital Reduction To Eliminate Negative Balance
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Low & Bonar Chief Executive Steve Good To Retire In 2nd Half After Replacement Found; FY Pretax Profit GBP17.8M Vs GBP6.1M Year Before; Revenue GBP403.1M Vs GBP380.5M; Dividend Up 8.3% To 2.6p Per Share
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Alumasc H1 Pretax Profit GBP2.4M Vs GBP1.1M; Revenue GBP57.2M Vs GBP59.5M;Declares Dividend Of 2.2 Pence
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Tangiers Petroleum Executive Chairman Resigns Citing Loss Of Shareholder Support
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NWF Group H1 Pretax Profit GBP2.9M Vs GBP2.0M; Maintains Interim Dividend At 1.0 Pence Per Share
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Hurricane Energy Starts Trading On AIM Tuesday
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Mobile Streams Says Gaston Cerf, Chief Financial Officer Has Resigned From The Company With Immediate Effect
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Sportech Says GBP95M VAT Claim Appeal Hearing Set For 29-30 April; Says Discussions To Receive Advance Financing Based On VAT Claim Have Ended
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Gresham Computing Says Trading Strengthened As Expected During The Second Half Of 2013
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Tracsis Says Both Profit, Revenue For H1 Are In Line With Expectations; Says Trading Was Strong In H1 With Revenues In Excess Of GBP9M Vs GBP4.7M; Intends To Recommend An Interim Dividend In Due Course As Part Of Progressive Policy
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Vatukoula Gold Mines FY Loss GBP15.7M Vs GBP7.1M Loss Year Before; FY Revenue GBP38.1M Vs GBP54.9M Due To Lower Gold Production
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Plastics Capital Says Strong Sales Since H1; Says Trading In Line With Expectations; Says Margins Remain Strong
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Transense Technologies H1 Pretax Loss GBP84K Vs GBP1.0M Loss Year Before
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Walker Greenbank Says Continues To Perform Well Since H1 In October; Says Total Brand Sales Up 3.3%
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RapidCloud International Says FY Trading Was In Line With Market Expectations; Says FY Revenues, Post-Tax Profits To Be Significantly Ahead Of 2012
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Begbies Traynor Exec Chairman: 2013 Was A Difficult Year, Overall Volumes Down 10% On 2012
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Quindell Says Its Telematics Business Growth Has Exceeded Market Expectations; Says An Additional GBP200M Of Outsourcing Business Contracted Since Pre-Close Mid January 2014
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Tuesday's Scheduled AGMs/EGMs

Numis Corporation
Victrex
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By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite

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