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LONDON (Alliance News) - UK shares have opened higher Friday, bolstered by the ceasefire agreement worked out on Thursday for Ukraine and by a rise in Brent oil above USD60 a barrel.
Tullow Oil leads FTSE 100 gainers, up 4.2%.
German fourth-quarter GDP also came in better than expected.
Here is what you need to know at the UK market open:
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MARKETS
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FTSE 100: up 0.7% at 6,875.92
FTSE 250: up 0.2% at 16,838.00
AIM ALL-SHARE: flat at 698.21
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Hang Seng: closed up 1.1% at 24,682.54
Nikkei 225: closed down 0.4% at 17,913.36
DJIA: closed up 0.6% at 17,972.38
S&P 500: closed up 1.0% at 2,088.48
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GBP-USD: slightly up at USD1.5385
EUR-USD: up at USD1.1429
GOLD: up at USD1,227.76 per ounce
OIL (Brent): up at USD60.21 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 GMT)
09:00 Italy GDP preliminary
10:00 UK CB Leading Economic Index
10:00 EU GDP preliminary
10:00 EU Trade Balance
13:30 US Export and Import Price indices
13:30 Canada Manufacturing Shipments
14:55 US Reuters/Michigan Consumer Sentiment Index preliminary
18:30 US Fed's Richard Fisher's speech
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The EU agreed to press ahead with sanctions aimed at eastern Ukrainian separatists and their Russian backers, amid wariness over an agreement brokered hours earlier to halt the escalating violence. The deal, struck between Moscow, Kiev and pro-Russian separatists after 17 hours of talks in Minsk, is widely seen as a last chance to end the conflict between Ukrainian government troops and pro-Russian separatists, in which more than 5,400 people have died. EU leaders later stressed at a summit in Brussels that actions must now follow, after a previous Minsk agreement - struck in September - was never implemented.
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European and Greek officials are headed for "very difficult" negotiations on Greece's bailout, a top eurozone official said, with the two sides locked in a standoff that observers worry could destabilize the currency area. "Don't get your hopes up yet...We are politically far apart," Jeroen Dijsselbloem, chief of the Eurogroup panel of eurozone finance ministers, told journalists in Brussels after meeting with new Greek Prime Minister Alexis Tsipras at an EU summit. "We still need to unravel serious political problems. But it helps to know how far apart we are."
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Germany's economic growth accelerated more than expected in the fourth quarter, data released by Destatis showed. Gross domestic product advanced 0.7% sequentially, much faster than a meager 0.1% rise in the prior quarter. The growth rate also exceeded a 0.3% rise forecast by economists. The calendar-adjusted GDP advanced 1.4% on a yearly basis in the fourth quarter, following last quarter's 1.2% expansion. Economists had forecast the rate of expansion to remain at 1.2% in the fourth quarter. The statistical office raised its whole year growth for 2014 to 1.6% from 1.5% estimated on January 15. The European Commission expects the largest Eurozone economy to grow 1.5% this year and 2% in 2016.
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Germany's wholesale prices decline accelerated for the third straight month in January, figures from Destatis showed. The wholesale price index fell 2.6% year-on-year in January, faster than December's 2.3% decline. In November, prices dropped 1.1%.
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The French economic growth slowed as expected in the fourth quarter, the statistical office Insee reported. Gross domestic product rose 0.1% sequentially, in line with forecast, but slower than third quarter's 0.3% expansion. In 2014, the economy expanded 0.4%, the same rate of growth as seen in 2013. The European Commission has forecast the French economy to expand 1% in 2015 and 1.8% next year.
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A leading indicator of economic activity in China rose at a slower pace in January, the results of a survey by the Conference Board showed. The Conference Board's leading economic indicators index for China increased 0.9% month-on-month in January following the 1.1% rise in December.
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BROKER RATING CHANGES
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UBS RAISES GLAXOSMITHKLINE TO 'BUY' ('SELL') - PRICE TARGET 1700 (1250) PENCE
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TRADERS: NUMIS CUTS ITV TO 'ADD' ('BUY')
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COMPANIES - FTSE 100
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Rolls-Royce Holdings reported a drop in pretax profit and revenue for the year, hit by negative currency translation, reduced defence spending and world macroeconomic uncertainty. The FTSE 100-listed aerospace group said its reported pretax profit for the year to the end of December was GBP67 million, a massive decline against the GBP1.7 billion reported a year earlier. Its reported revenue for the year declined to GBP13.74 billion from GBP14.64 billion in 2013, hit by a decline in defence spending in governments in many countries and a weaker performance from its land and sea business, owing to weaker end markets. The drop was partially offset by growth in its Civil Aerospace business and by an improvement in its Defence aerospace services unit.
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Anglo American reported an expected drop in underlying earnings on the back of weaker commodity prices and reported a USD3.9 billion impairment charge, mainly related to its iron ore mine in Brazil, but the company retained its dividend. For the year ended December 31, the miner reported underlying earnings before interest and tax of USD4.9 billion, a 25% reduction from GBP6.62 billion in 2013 due to weaker commodity prices which were partially offset by foreign exchange gains and increased production and sales. Anglo American retained its dividend at USD0.85 per share, flat from 2013.
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Fresnillo said a number of items including foreign exchange and write-downs will impact its financial results for 2014. The silver producer said foreign exchange movement in 2014 between the dollar and the Mexican peso will lead to a deferred tax charge of around USD55 million, but said it will have "no corresponding effect on cashflow during the period". Fresnillo also is expecting to record a USD25 million foreign exchange loss on the devaluation of the Mexican peso, which also is not expected to effect cashflow in the period.
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Shire is understood to be in preparations towards making a bid for US drugmaker Salix Pharmaceuticals and is working with advisers on a potential offer, Reuters reported. Citing people familiar with the matter, Reuters said Shire is evaluating how to finance a bid for Salix, which makes drugs to treat gastrointestinal disorders, though they cautioned the Irish pharmaceuticals company could still decide against proceeding due to the complexity of the deal and owing to a potential rival offer set to emerge from Valeant Pharmaceuticals International.
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Severn Trent said it is on track to meet its expectations for the full year, despite a forecast for top-line growth to moderate in the second half. The FTSE 100-listed water utility said it expects to meet its expectations for pretax profit in the year to March 31, though it does expect growth to moderate in the second half. Consumption across its measured income base is expected to be slightly higher year-on-year owing to the warmer weather conditions in the UK.
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British Land Co said it has started development work on the 4 Kingdom Street site near Paddington Station in London. The FTSE 100-listed property group acquired the site in 2013 and said the core of the nine-storey building has been relocated in order to increase space and efficiency in the building. British Land expects practical completion of the scheme to occur in early 2017.
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St James's Place is planning to open its first offices in the Middle East by the end of the year in order to win business from wealthy European expatriates and gain an foothold in the Gulf market, the Financial Times reported. St James's Place told the FT it is in talks with regulators in the United Arab Emirates about establishing new offices in the area, likely to be located in Dubai and Abu Dhabi, though it is also considering a base in Qatar.
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COMPANIES - FTSE 250
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Riverstone Energy said its net asset value grew during 2014 despite falling oil prices hitting the energy sector. Riverstone said the low world price of crude will allow the company to continue to invest on favourable terms. The investment company with a focus on the energy sector said its net asset value at December 31, was USD1.24 billion, up from USD1.13 billion at the same point in 2013. That represents a net asset value per share of USD16.31 from USD16.04 per share a year earlier.
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Jardine Lloyd Thompson Group said it has struck a deal with French private equity house Ardian to sell its 26.2% stake in Milestone, the holding company of JLT's French associate, Siaci St Honoré. The sale of the stake will provide an exceptional gain for JLT of GBP21 million in 2015, the company said, with the net proceeds of the sale of GBP82.1 million to be paid in cash and to be used to repay debt.
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Energy consultancy RPS Group said it has acquired Texas-based Klotz Associates Inc in a USD24.1 million all-cash deal. Klotz provides engineering, planning and environmental consultancy services. For the year to the end of December, Klotz reported a pretax profit of USD3.6 million on revenue of USD26.2 million, RPS said.
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Property, residential, construction and services firm Kier Group it has secured new contracts worth GBP177 million. GBP89 million of these contracts were awarded under the Procure 21+ framework, the company said.
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COMPANIES - LONDON MAIN MARKET AND AIM
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Intel Foundation sold its 4.9% interest in Imagination Technologies for GBP32.8 million, according to a statement from JP Morgan Securities PLC. The 13.4 million shares were placed at a price of 245 pence per share, JP Morgan said. Shares in the company are untraded at 251.00p, down 5.3% Friday morning.
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Fitbug Holdings it expects to post a wider full-year loss in line with its forecasts, as increased investment in the development of its products offset a near quintupling of product sales in its second half. The health and fitness wearables and online services company expects to post a 2014 loss of GBP3.6 million, compared to a pretax loss of GBP2.7 million in 2013. Fitbug said its sales in the second half were GBP1.4 million, taking its full year sales to GBP2.34 million compared to just GBP749,000 in all of 2013. Sales growth was boosted by a particularly strong performance from its Fitbug Orb product in the fourth quarter.
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Trinity Mirror said it is increasing its provision for settling phone hacking claims with individuals by 50%, as it has become evident that the costs to settle the claims will be "higher than previously envisaged". The company has raised its provision to GBP12 million from the GBP8 million it had previously guided. The company's subsidiary Mirror Group Newspaper admitted liability to four individuals who had sued it for intercepting their voice-mails last September. At that time, it had agreed to pay out GBP125,000 in total to settle six phone-hacking claims against individuals.
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COMPANIES - INTERNATIONAL
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JPMorgan Chase & Co pushed out two senior executives connected to an investigation into its hiring in Asia, the Wall street Journal reported citing people familiar with the matter. Quoting the people, the report said that Todd Marin, vice chairman of Asia Pacific investment banking, and Catherine Leung, vice chairwoman of Asia investment banking, will leave the bank in coming weeks but will stay on to transition out of their roles.
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American International Group reported a plunge in fourth-quarter profit, hurt by debt charges, workers' compensation expense, and reserves provision. The insurer's operating earnings, which exclude one-time items, came in short of Wall Street estimates. AIG announced an additional share buyback of up to USD2.5 billion and declared a dividend of USD0.125 per share. AIG posted fourth-quarter net earnings of USD655 million, compared with USD1.98 billion the year before.
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Liberty Global reported a fourth-quarter loss from continuing operations of USD502.6 million, compared to a loss of USD104.2 million the prior year. The company said the year-over-year increase in losses was driven to a large extent by the net increase in foreign currency transaction losses, the lower operating income and lower gains related to changes in fair values of certain investments, partly offset by positive movements related to derivative instruments. Revenue increased to USD4.62 billion from USD4.47 billion last year.
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Kraft Foods Group reported a loss for the fourth quarter from a profit last year, hurt largely by post-employment benefits plan, notwithstanding a growth in revenues. Kraft also said its Chief Financial Officer and two other senior executives would leave the company. Northfield, Illinois-based Kraft reported a fourth-quarter loss of USD398 million, compared to a profit of USD931 million a year earlier.
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German steel giant ThyssenKrupp said first-quarter attributable profit was EUR50 million, compared to a loss of EUR65 million in the same quarter of the previous fiscal. Net sales grew to EUR10.044 billion from EUR9.088 billion in the previous year.
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Steel giant ArcelorMittal reported a narrower net loss attributable to equity holders of the parent of USD955 million for the fourth quarter 2014, versus a loss of USD1.23 billion the year before.
On the other hand, the company clocked sales of USD18.72 billion in the quarter, down compared with the prior-year figure of USD19.85 billion.
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Friday's Scheduled AGMs/EGMs
3legs Resources
Galileo Resources
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By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite
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