3i Group Share News (III)

LONDON (Alliance News) - UK shares have opened lower Thursday, following the decision of the US Federal Reserve to continue tapering its asset purchases.

A large number of UK company reports at the open have seen a positive statement from BSkyB, up 2.4% at the open, but the warning of a "challenging period" from Diageo, down 4.5%.

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

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MARKETS
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FTSE 100: down 20.04 at 6,524.24
FTSE 250: down 23.49 at 15,664.82
AIM ALL-SHARE: down 0.89 at 856.94
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DJIA: closed down 189.77 or 1.2% at 15,738.79
S&P 500: closed down 18.30 or 1.0% at 1,774.20
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GBP-USD: down at USD1.6515
EUR-USD: down at USD1.3615

GOLD: down at USD1,257.10 per ounce
OIL (Brent): up at USD107.80 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

09:30 UK Consumer Credit
09:30 UK Net Lending to Individuals
09:30 UK M4 Money Supply
09:30 UK Mortgage Approvals
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
n/a Italy 10-y Bond Auction
13:00 Germany Consumer Price Index
13:30 US Gross Domestic Product
13:30 US Jobless Claims
13:30 US Personal Consumption
15:00 US Pending Home Sales
15:30 US EIA Natural Gas Storage change
18:00 US 5-Year Note Auction
18:00 US 7-Year Note Auction
23:13 Japan Nomura/JMMA Manufacturing Purchasing Manager Index
23:30 Japan Jobs/applicants ratio
23:30 Japan National Consumer Price Index
23:30 Japan Tokyo Consumer Price Index
23:30 Japan Overall Household Spending
23:30 Japan Unemployment Rate
23:50 Japan Industrial Production
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The Federal Reserve on Wednesday announced another reduction in the size of its massive bond-bond plan. As expected, the central bank went ahead with a second USD10 billion reduction in its monthly bond buys, to USD65 billion. The decision came at the end of a two-day meeting that marked the end of the Ben Bernanke era. Bernanke is stepping aside as chairman after eight years, replaced by current Vice Chair Janet Yellen.
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An index monitoring manufacturing activity in China reflected contraction in January, the latest PMI from HSBC and Markit Economics revealed, coming in with a seasonally adjusted score of 49.5. That was even worse than the flash estimate from earlier this month that indicated a score of 49.6, and it was down sharply from 50.5 in December. A score above 50 signals expansion in a sector, while a score below 50 means contraction. The contraction in the sector was the first since July, due primarily to weakness in output and new business.
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Overall retail sales in Japan rose 2.6% on year in December, the Ministry of Economy, Trade and Industry said. That missed forecasts for an increase of 3.9% following the upwardly revised 4.1% gain in the previous month (originally 4.0%).
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Germany's unemployment rate held steady in December, while employment increased moderately, data released by the Federal Statistical Office revealed. The seasonally adjusted unemployment rate came in at 5.1% in December, which was unchanged from November. In December 2012, the jobless rate was 5.4%.
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House prices in the UK will likely continue their upward trend in the coming months, but will moderate in the long term as selling conditions improve, Capital Economics Property Economist Matthew Pointon said. While the Bank of England is unlikely to raise rates until late 2015, the recent increase in wholesale interest rates could push mortgage rates up in the coming months, helping to curb housing demand, the firm said.
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North Korea is expanding its nuclear facilities, US National Intelligence Director James Clapper told a congressional committee Wednesday in a report on threat assessments worldwide. The Pyongyang regime had vowed last year to make changes to its existing nuclear facilities, including a uranium-enrichment facility at Yongbyon and a plutonium-producing reactor that had been closed since 2007.
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The Ukraine Parliament approved amnesty for protesters jailed during recent demonstrations, with a majority present approving the measure during a special session, Kiev media reported. A condition for amnesty however is that all currently occupied administration buildings must be vacated by protesters - a condition that provoked opposition members of Parliament to boycott the vote. More than 100 protesters have been arrested and detained during weeks of demonstrations, and the protests continued through Wednesday night in Kiev and across the country. Ukraine opposition leader Vitali Klitschko declared that the measure would not bring calm to the streets of Ukraine, because of the conditions attached.
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Anti-government protesters staged their latest noisy procession in Bangkok early Thursday, amid heightened tension in the run-up to Sunday's general election. Several thousand protesters, many blowing whistles, marched along the capital's busy central Sukhumvit Road, calling on caretaker Prime Minister Yingluck Shinawatra to resign and urging a poll boycott.
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BROKER RATING CHANGES
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JEFFERIES STARTS STANDARD CHARTERED WITH 'UNDERPERFORM' - PRICE TARGET 1100 PENCE
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TRADERS: INVESTEC CUTS PREMIER FOODS TO 'HOLD' ('ADD')
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TRADERS: HSBC CUTS LLOYDS TO 'NEUTRAL' ('OVERWEIGHT')
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GOLDMAN CUTS PREMIER OIL TO 'NEUTRAL' ('BUY') - TARGET 325 (430) PENCE
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TRADERS: JEFFERIES RESUMES OXFORD INSTRUMENTS WITH 'HOLD' - TARGET 1670 PENCE
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TRADERS: MACQUARIE RAISES ANTOFAGASTA TO 'NEUTRAL'
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TRADERS: SOCGEN RAISES PREMIER FOODS TO 'HOLD' ('SELL')
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TRADERS: CANACCORD CUTS BREWIN DOLPHIN HLDGS TO 'HOLD' ('BUY')
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COMPANIES - FTSE 100
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British Sky Broadcasting Group PLC raised its dividend and reaffirmed that it was on track for the full year, as it saw revenue rise in the half year ended December 31, 2013. However, pretax profit continued to be hit by a step-up in Premier League football broadcasting licensing costs as it weathered competition from BT Group PLC. The company raised its interim dividend to 12.0 pence, up 9.1% from 11.0 pence.
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Diageo H1 Pretax Profit GBP2.13Bn Vs GBP1.93Bn; H1 Sales GBP8.01Bn Vs GBP8.13Bn; Declares 9% Increase In Interim Dividend; CEO: Baiju Business In China Has Taken A Hit
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Royal Dutch Shell PLC announced negative results for its full year 2013 in line with its recent profit warning. The oil and gas giant said its pretax profit fell 33% to USD33.59 billion during the full year from USD50.51 billion the previous year with a particular 52% fall in its fourth quarter pretax profit by 52% to USD5.96 billion from USD12.45 billion in the same quarter the previous year.
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United Utilities Group PLC said revenue has increased since October 1, 2013, reflecting regulated price changes for 2013/14 as it continued to make good progress on its regulatory capital investment programme. In an interim management statement, the water firm said its revenue increase is only partly offset by higher depreciation and other operating costs, as it continues to tightly manage its cost base. United Utilities said it remains on track to invest at least GBP800 million in its asset base in 2013/14, delivering benefits for customers, the environment and the regional economy.
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Johnson Matthey CEO To Retire This Year, To Be Replaced By Robert McLeod; Says Outlook For Rest Of FY Has Improved Slightly From Guidance At Half Year; Q3 Underlying Pretax Profit Up 16% to GBP96.0M
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National Grid Reconfirms Positive Outlook for 2013/14; Good Operating Performance, Sustainable Dividend Growth; Reports "Further Progress In Line With Expectations Towards Good Full-Year Result"
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COMPANIES - FTSE 250
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Spirent Communications PLC, the communications technology company, appointed insider Rachel Whiting as Chief Financial Officer. Rachel Whiting will join the company's board as an Executive Director with effect from February 1 and will report to Spirent's Chief Executive Officer Eric Hutchinson. She will continue in her role as Company Secretary until a successor is appointed. Whiting has worked for the Group since 1986. During this time, she held several financial roles, including Head of Group Tax with special focus on business development and restructuring, most recently adding the role of Company Secretary.
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Cranswick Says Sales Strong In Last Three Months; Says Underlying Revenue 13% Up In 3 Months To End-Dec; Says Positive For Rest Of Year
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Playtech Says It Performed Strongly In Q4; Says FY Revenues, Adjusted EBITDA To Be Marginally Ahead Of Analyst Consensus
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Renishaw H1 Pretax Profit GBP25.6M Vs GBP45.1M; Interim Dividend Flat On 11.33p; Expects Improvement In Trading Activities And Revenue In H2
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888 Holdings FY Revenue For 2013 At USD401M Vs USD376M, Up 7%; Q4 Revenue USD107M Vs USD97M
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Euromoney Institutional Investor Q1 Revenue GBP98.4M Vs GBP95.4M; Says Trading Has Continued In Line With Expectations
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LondonMetric Property Buys Superdrug Distribution Centre In Doncaster For GBP13.0M
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Great Portland Estates Says Portfolio Valuation up 5.8% Over 3 Months; Says Vacancy Rate Lower At 4.0%; Says 29 New Lettings Signed Generating GBP5.3M Per Annum
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Kazakhmys FY Own Copper Cathode Equivalent Production Up At 294,000T, Top End Of Guidance; FY Silver Output 14MOz, Above Target; FY Gold Production 108,000Oz, Above Target
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ITE Says Trading Conditions In Core Markets Remain Positive, Has GBP121M Of Revenues Contracted For FY 2014
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3i Group Diluted NAV Per Share Up 3% In 3 Mos To 333p On Dec 31, Before Paying 6.7p Interim Dividend; Realised GBP29M In Recent Quarter, GBP557M For 9 Mos To Dec. 31
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Lonmin Q1 Refined Production Up 45% To 196,249 Saleable Platinum Oz; Q1 Sales Volumes Up 24% To 134,804 Platinum Oz; Says Wage Negotiations Are Ongoing With AMCU In South Africa
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Centamin FY 2014 Production Guidance At Sukari Of 420,000 Gold Oz At Cash Operating Cost USD700/Oz
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Mitchells & Butlers Like-For-Like Sales In 3 Weeks To Jan. 4 Up 2.6%; Like-For-Like Food Sales In 3 Weeks To Jan. 4 Up 1.3%; Like-For-Like Christmas Day Sales Up 7.5%
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RPC Group Says Q3 Cumulative Profit Ahead Of Previous Year, In Line With Expectations; Says Q3 Adjusted Operating Profit Ahead Of Previous Year
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Kentz Says Valerus Business In US Wins USD62M Contract For West Virginia Shale Gas
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COMPANIES - ALL-SHARE AND AIM
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Fuller, Smith & Turner Like-for-Like Sales In Managed Pub, Hotels Up 7.7% In 43 Weeks To Jan. 25; Like-for-Like Sales In Managed Pubs, Hotels Up 7.2% In 10 Weeks To Jan. 25; Like-for-Like Sales In Tenanted Inns Up 2% In Period; Total Beer And Cider Volumes Up 1% In Period; Confident To Meet Expectations For Full Year
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Safestore Holdings FY Pretax Profit GBP48.6M Vs GBP19.5M Loss; FY Revenue GBP96.1M Vs GBP98.8M; Declares Final DiviDend Of 5.75 Pence Vs 5.65 Pence; To Place 18.6 Million Shares at 1 Pence Each
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Aminex To Raise GBP8M Via Placing, Plus GBP2M Via Open Offer, At 1p Per Share; Open Offer Is 1 For 4
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Haynes Publishing H1 Adjusted Pretax Profit GBP1.9M Vs GBP1.2M; Revenue GBP14.9M Vs GBP13.3M; Interim Dividend Flat At 3.5p; Will Use Strong Financial Position To Pursue Further Acquisitions
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Rare Earth Minerals Says Drilling Has Increased Potential Size Of Fleur-El Sauz; Results Come From Seven New Drilling Holes
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Newmark Security H1 Pretax Profit GBP19,000 vs GBP71,000; H1 Revenue GBP8.8M Vs GBP8.2M; Full Year Revenues Are Expected To Be Substantially Ahead Of Expectations
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Blavod Wines & Spirits Net Revenues From Owned Brands Up 43% In Quarter To Dec. 31 On Year Before; Margins Increased In Quarter, Overheads Down 44%, Finance Costs Down 74%; Trading Strongly, On Track To Achieve Monthly Break Even Early In FY
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Spectra Systems Says G8 Central Bank Customer Has Cancelled Sensor Development Programme; Says 2013 Results To be In Line With Expectations
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SolGold Says CSD-13-005 Hole At Cascabel Has Found High Grade Copper And Gold Mineralisation
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Angle H1 Loss GBP0.5M Vs GBP0.4M Loss
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CPL Resources H1 Pretax Profit Up 17%, EUR7.0M Vs EUR6.0M; H1 Dividend Up 19%, To 4.75 Cent
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Inspired Energy Expects 2013 Pretax Profit To Meet Market Expectations
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KBC Advanced Technologies Says 2013 Results To Be Slightly Above Own Expectations; Says 2014 Has Started Strongly; CFO To Step Down In Early April
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MartinCo Says Particularly Strong Trading In Final Quarter; Expects To Report Full Year Financial Results In-Line With Budgeted Expectations
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Vmoto Expects 2013 Profit To Be First, At Between USD300,000 To USD600,000; Says 2013 Trading In Line With Its Expectations
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COMPANIES - OTHER
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Search engine giant Google, Inc. agreed Wednesday to sell its Motorola Mobility smartphone business to China's Lenovo Group Ltd. for about USD2.91 billion in order to focus on Android. The deal is subject to regulatory approval by both US and China. The consideration includes USD660 million in cash, USD750 million in Lenovo ordinary shares, and the remaining USD1.5 billion to be paid in the form of a three-year promissory note.
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Facebook's fourth-quarter revenue rose a whopping 63%, the company said Wednesday, citing sales of advertising for mobile devices as a reason for the increase. Revenue in the fourth quarter rose to 2.585 billion dollars, compared with 1.585 billion dollars in the same period the year before. Net income was 523 million dollars compared with 64 million dollars in the fourth quarter 2012 - more than a seven-fold increase. Facebook, the world's largest social networking company, said revenue from mobile ads represented 53% of its total advertising revenue in the October-December period. That's up from 49% in the third quarter.
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Thursday's Scheduled AGMs/EGMs

Redefine International
JPMorgan Indian IT
Schroder Asia Pacific Fund
Euromoney Institutional Investor
ITE Group
Lonmin
Mitchells & Butlers
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By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite

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