HDY.L Share News (HDY)

LONDON (Alliance News) - Shares have opened slightly lower Thursday amid a flurry of corporate results.

RBS, RSA Insurance and WPP are competing to be the biggest FTSE 100 losers following earnings announcements and, in the case of RSA, the announcement as expected of a rights issue.

Here is what you need to know at the UK market open:
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MARKETS
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FTSE 100: down 0.99 at 6,798.16
FTSE 250: down 3.19 at 16,468.47
AIM ALL-SHARE: down 0.73 at 886.45
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DJIA: closed up 18.75 at 16,198.41
S&P 500: closed up 0.04 at 1,845.16
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GBP-USD: down at USD1.6640
EUR-USD: down at USD1.3655

GOLD: down at USD1,323.90 per ounce
OIL (Brent): down at USD109.30 a barrel

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

08:55 Germany Unemployment Rate
09:00 EU M3 Money Supply
09:00 EU Private loans
10:00 EU Consumer Confidence
10:00 EU Business Climate
10:00 EU Economic Sentiment Indicator
10:00 EU Industrial Confidence
10:00 EU Services Sentiment
13:00 Germany Consumer Price Index
13:30 US Durable Goods Orders
13:30 US Initial Jobless Claims
15:00 US Fed's Yellen Speech
15:30 US EIA Natural Gas Storage change
16:00 US Kansas Fed manufacturing activity
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The British economy is set to grow at a faster pace in 2014, supported mainly by strong improvement in business investment, Howard Archer, Chief UK and European Economist at IHS Global Insight, said. According to the economist, fourth quarter's broad-based growth would do little to change expectations that the Bank of England (BoE) will start inching interest rates up from the second quarter of 2015. IHS Global Insight expects the UK economy to expand 2.7% in 2014, following last year's 1.8% gain.
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German Chancellor Angela Merkel is to be given the red carpet treatment in Britain on Thursday, as Prime Minister David Cameron hopes to win her support for his EU reform campaign. The German leader is to become the first to address both houses of the British parliament since 1986 and will also have lunch with Cameron and tea with Queen Elizabeth II at Buckingham Palace.
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Germany's import prices decreased further in January, but at a slightly weaker rate than expected by economists, latest data showed. The import price index dropped 2.3% year-on-year in January, which was unchanged from December's rate of fall, the Federal Statistical Office said. Economists were looking for a 2.4% decrease for January.
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Germany's unemployment rate declined in January, figures published by the Federal Statistical Office revealed. The seasonally adjusted ILO unemployment rate dropped to 5% in January from 5.1% in December. In January last year, the jobless rate was 5.4%. The number of unemployed persons in Europe's largest economy decreased to around 2.14 million from about 2.17 million at the end of 2013. Year-on-year, unemployment fell by 6.6%.
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Switzerland's economic growth slowed for the second consecutive quarter due to the negative contribution to gross domestic product from the balance of trade, the State Secretariat for Economic Affairs (SECO) said. Real GDP growth slowed more-than-expected to 0.2% from 0.5% seen in the third quarter. Growth was forecast to slow to 0.4%.
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Two Muslim extremists were on Wednesday sentenced to life in prison for the brutal murder of a British soldier in broad daylight on a London street last year. Judge Nigel Sweeney sentenced Michael Adebolajo, 29, to a whole-life tariff, meaning he can only be released at the discretion of the home secretary under exceptional circumstances. His accomplice Michael Adebowale, 22, was handed a life sentence with a minimum of 45 years before he can apply for parole.
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The Ukrainian parliament was due to appoint Arseniy Yatsenyuk, a key figure in the protests that led to the ousting of president Viktor Yanukovych, as interim prime minister on Thursday. Yatsenyuk, 39, and other proposed cabinet members were nominated by anti-government protest leaders on Wednesday who presented them from the stage on Kiev's Independence Square, the base for the demonstrations that led to the departure of Yanukovych on the weekend. The political developments in Kiev come after Russia announced a combat-readiness drill along the border with Ukraine. Russian Defence Minister Sergei Shoigu said the drills were "by and large" not linked to events in Kiev.
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The Syrian military killed more than 175 rebel fighters Wednesday in an ambush near Damascus, state news agency SANA reported. Syrian television showed pictures of rows of bodies that it claimed were the remains of rebels killed at Otaiba Lake in the Eastern Ghouta area.
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The US late Wednesday condemned Syria for targeting the relatives of opposition members attending talks in Geneva. "Such actions blatantly disregard the international community's welcome, through unanimously approved UN Security Council Resolution 2139, of the Geneva talks," State Department spokeswoman Jen Psaki said in a statement. Damascus this month labelled as terrorists the delegates of the opposition coalition attending the so-called Geneva II peace talks.
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The Iceland government's plans to withdraw its application to join the EU generated protests Wednesday from the opposition and voters. Accession talks were put on ice a year ago, ahead of elections that resulted in a change of government that opposes EU membership.
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Millions of people were without power in the southern Philippines on Thursday but authorities have yet to determine a cause of the problem. The blackout hit the entire island of Mindanao, home to more than 21 million people, before dawn, according to Energy Secretary Jericho Petilla.
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Five Venezuelan intelligence agents have been arrested and charged in the deaths of two people on February 12, when the ongoing wave of protests against the government started, the Attorney General's office said Wednesday. The five were charged with premeditated homicide, unlawful use of an official weapon and obstruction of justice and other counts in the deaths of Bassil Da Costa and Juan Montoya, who were shot after an opposition protest turned violent, the Attorney General's office said. Three people died and 66 were injured in the February 12 rally, sparking protests that continue against the government of Venezuelan President Nicolas Maduro.
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BROKER RATING CHANGES
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TRADERS: JPMORGAN RAISES KAZAKHMYS TO 'OVERWEIGHT' ('UNDERWEIGHT')
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TRADERS: Morgan Stanley RAISES CSR TO 'OVERWEIGHT' ('EW') - TARGET 850 (650) PENCE
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TRADERS: LIBERUM CUTS RIO TINTO TO 'HOLD' ('BUY')
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COMPANIES - FTSE 100
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RBS FY Pretax Loss GBP8.24B Vs GBP5.28B Pretax Loss; Q4 Pretax Loss At GBP8.98B; FY Impairment Losses GBP8.43B; RBS FY Basel III Common Equity Tier 1 Ratio 8.6%; Still Targeting 12% fully loaded Basel III Common Equity Tier 1 ratio; Completes Direct Line Stake Sale For GBP1.11B Gross, 263p A Share
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RSA Insurance Group PLC unveiled a plan to raise GBP1.08 billion in order to plug a hole in its balance sheet, while also reporting a swing to a 2013 pretax loss following mounting claims from weather losses and the effects of an accounting scandal at its Irish business. The capital raising plan is made up of a planned GBP775 million rights issue, representing 20% of its market value, and a plan to raise GBP300 million from business disposals. New boss Stephen Hester, who joined the insurer in February, told journalists the pricing of the underwritten rights issue is likely for "later in March". Pretax losses amounted to GBP244 million, compared with a GBP448 million pretax profit in 2012, after a surge in weather-related claims because of severe flooding in parts of southern and south-west England, bad weather across Europe, and losses from the Irish business.
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Standard Life FY Pretax Operating Profit GBP751M, Down 13%; FY Assets Under Administration Up 12% To GBP244.2B; FY Net Inflows Up 92% To GBP9.6B; FY Dividend 15.8p Vs 14.70p; Yet To Make CFO Appointment
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Reed Elsevier FY Adjusted Pretax Profit GBP1.57B Vs GBP1.47B; Raises FY Dividend 7% To 24.60P For PLC, Up 8% For NV; Confident Of Underlying Revenue, Profit, Earnings Growth In 2014
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Whitbread Says Will Deliver Full-Year Results Towards Top End Of Current Expectations; Like-For-Like Total Sales Up 6.8% In 11 Weeks To 13 Feb; Total Sales Up 14% In 11 Weeks To 13 Feb; Raises Dividend To 34.21P Vs 28.51P; Costa Sales Up 18% In Recent 11 Weeks, Up 7.3% Like-For-Like
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British American Tobacco FY Profit From Operations GBP5.53B Vs GBP5.37B; Revenue GBP15.26B Vs GBP15.19B; Raises FY Dividend To 142.2P Vs 134.9P; Says Challenges Persist In 2014, But Pricing Environment Still Good
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WPP PLC reported a near 20% rise in pretax profit to GBP1.3 billion and a 6% boost in revenue after making good progress despite currency headwinds and tough market conditions. Revenue for the full-year rose 6.2% to over GBP11.01 billion, supported by like-for-like growth of 3.5% and following a strong period for acquisitions, specifically boosting revenue 2.2%. The firm said 0.5% of revenue growth is attributable to currency. Pretax profit rose to GBP1.3 billion from GBP1.09 billion in 2012.
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COMPANIES - FTSE 250
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UDG Healthcare Buys Healthcare Communications Provider KnowledgePoint360 For USD144M Cash
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Bodycote FY Pretax Profit GBP98.4M Vs GBP90.0M; Revenue GBP619.6M Vs GBP587.8M; Declares Special Dividend Of 10.0 Pence
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Kazakhmys FY Pretax Loss USD681M VS Profit USD151M; Revenue Down, USD3.10B VS USD3.35B; 2014 Copper Output To Be In Line With 2013 Guidance Of 285,000t To 295,000t
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Merlin FY Pretax Profit GBP186M Vs GBP140M; Revenue Up 11% To GBP1.2B Vs GBP1.07B; Does Not Propose A Dividend, Intends To In Future
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Redrow H1 Pretax Profit GBP47.5M Vs GBP23.0M; Revenue GBP363.0M Vs GBP257.0M; Declares Interim Dividend 1Pence Per Share - First Dividend In 6 Years; Says Private Reservations Up 24% On Last Year
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Premier Oil FY Pretax Profit Down, USD285.4M Vs USD359.9M; Revenue Up, USD1.50B Vs USD1.41B
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Derwent London FY Pretax Profit GBP467.9M VS GBP228.1M; Revenue GBP160.5M Vs GBP150.6M; Says NAV Rose 24%, More Than Double That In 2012
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Barratt Developments H1 Pretax Profit GBP120.4M Vs GBP45.9M; Revenue GBP1.26B Vs GBP951.1M; Declares Dividend Of 3.2 Pence
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Countrywide CEO Grenville Turner To Step Down During 2014, To Become Non-Exec Chairman; 2013 Total Income GBP584.8M, Vs GBP524.7M In 2012; Pretax Profit After Items GBP38.1M, Vs GBP10.8M Loss In 2012; Final Dividend 6.0p, Making 8.0p Total Dividend; Says January Trading Indicates "Significant Growth In Profitability" To Be Sustained In 2014
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Man Group 2013 Pretax Profit USD56M Vs USD748M Loss; Adjusted Pretax Profit USD297M Vs USD275M; Net Outflows USD3.6B Vs USD7.3B, Q4 Inflows USD0.7B; Gross Sales USD16.1B Vs USD12.8B; To Pay Final Dividend Of 5.3 Cents, Total Dividend Is 7.9 Cents
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Kier Group Says FD Will Take Over From CEO In July; Pretax Profit GBP36.8M Vs GBP19.4M; Revenue GBP1.43B Vs GBP976M; Declares Dividend Of 22.5 Pence Vs 21.5 Pence
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Domino's Pizza FY FY Pretax Profit GBP21.6M Vs GBP42.4M; Pretax Pre-Items Profit GBP47.6M Vs GBP46.7M; System Sales GBP668.8M Vs GBP586.5M;Like-For-Like Sales In UK Mature Stores Up 7.0%; Raises Final Dividend To 8.80P Vs 7.90P; Says UK Like-For-Like Sales Up 14.6% So Far This Year
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National Express FY Group Revenue Up 3% To GBP1.89B Vs GBP1.83B; Proposes FY Dividend Of 10.0P, Up 3% YoY
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Spirent FY Pretax Profit USD39.1M Vs USD108.4M; Revenue Down USD413.5M Vs USD472.4M; Raises FY Dividend To 3.54C Vs 3.22C Per Share
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Jupiter Fund Management FY Pretax profit GBP114.1M Vs GBP73.6M; Net Inflows GBP1.2B Vs GBP1.0B; Raises Dividend To 12.6P Vs 8.8P
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Howden Joinery FY Pretax Profit Up, GBP133.9M vs GBP112.1M; Revenues Up, GBP956.5M vs GBP887.1M;Final Dividend Of 4.5p, Bringing Full Year To 5.5p From 3p In 2012
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Spectris FY Pretax Profit GBP271.7M VS GBP185.2M; Revenue GBP1.20B Vs GBP1.23B; Declares Dividend Of 42.75 Pence Vs 39.0 Pence
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COMPANIES - ALL-SHARE AND AIM
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Costain Group 2013 Reported Pretax Profit GBP12.9M Vs GBP24.7M In 2012; Adjusted Pretax Profit GBP31.0M Vs GBP28.1M; Revenue GBP960.0M Vs GBP934.5M; 2013 Dividend 11.5p Vs 10.75p In 2012; Proposes Placing And Open Offer Of 33.4M Shares At 225p, Raising GBP75.1M
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Rockhopper Exploration Says Stewart MacDonald Will Join As CFO March 10; Joins From Rothchild's Global Oil And Gas Group
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Hardy Oil H1 Pretax Loss Narrows, USD5.7M Vs USD12.7M; H1 Production Costs Down, USD35,335 Vs USD277,100
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H&T Group FY Pretax Profit GBP6.7M vs GBP17.0M; Revenue GBP99.3M Vs GBP129.7M; FY Dividend 4.80 Pence Vs 11.85 Pence; Says UK Pawnbroking Industry Has Experienced A Difficult Past Twelve Months
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Coms Says Has Won A Further GBP1.73M Worth Of Contracts
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Chemring Says Revenue In 3 Mos To Jan 31 Fell To GBP118.3M From GBP136.1M Year Before; Says Order Intake Up 2.1% Year-On-Year In Recent 3 Mos; Total Net Order Book GBP644.5M, Unchanged; Says Expectations For Full Year Remain Unchanged From Jan 23 Statement
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Plus500 Intends Placing Of 20M Shares At 500p, Representing 17.4% Of Share Capital
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Thursday's Scheduled AGMs/EGMs

IDOX
GCP Infrastructure Investments
Aberforth Smaller Companies Trust
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By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite

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