Johnson Matthey Share News (JMAT)

LONDON (Alliance News) - Positive UK company news has supported London shares at the open Wednesday, overcoming continued concerns about Ukraine and Gaza.

Engineering company Renishaw PLC leads the FTSE 350, up a whopping 14%, after reporting an increase in profit for the recent full year, boosted in part by the sale of Declam PLC and a strong performance from its metrology division.

Among FTSE 100 stocks, Capita is leading gainers, up 3.2%, after raising its interim dividend for the half year to end-June and expressed confidence in its full-year performance.

Here is what you need to know at the UK market open:
----------
MARKETS
----------
FTSE 100: up 0.1% at 6,804.55
FTSE 250: up 0.3% at 15,699.51
AIM ALL-SHARE: up 0.1% at 773.37
----------
Hang Seng: up 0.6% at 23,927.27
Nikkei 225: closed down 0.1% at 15,328.56
DJIA: closed up 0.4% at 17,113.54
S&P 500: closed up 0.5% at 1,983.53
----------
GBP-USD: flat at USD1.7072
EUR-USD: down at USD1.3457

GOLD: flat at USD1,307.17 per ounce
OIL (Brent): up at USD107.21 a barrel

(changes since end of previous GMT day)
----------
ECONOMICS AND GENERAL
----------
Wednesday's Key Economic Events still to come
(all times British Summer Time)

09:30 UK Bank of England Minutes
09:30 UK BBA Mortgage Approvals
n/a France 10-y Bond Auction
11:00 UK CBI Distributive Trades Survey
11:00 Italy Trade Balance non-EU
12:00 US MBA Mortgage Applications
12:45 UK BOE's Governor Carney speech
13:30 Canada Retail Sales
15:00 EU Consumer Confidence Preliminary
15:30 US EIA Crude Oil Stocks change
----------
US intelligence has found no evidence of direct Russian government involvement in the crash of a Malaysian airliner last week, but Washington blames Moscow for creating conditions that led to the plane being shot down, unnamed officials tell US media. The plane was likely shot down by an SA-11 surface-to-air missile by pro-Russian separatists in eastern Ukraine, the US says. The plane was likely targeted by accident, an official says. "We're still working to determine whether there was a direct link, whether there were Russians on the ground, whether they trained these separatists," Ben Rhodes, deputy national security advisor, tells CNN in an interview.
----------
The Netherlands was expecting the first remains of victims in the flight MH17 disaster to arrive Wednesday from Ukraine, where Dutch officials received the plane's flight recorders overnight. Pro-Russian rebels in eastern Ukraine had allowed the first bodies of passengers killed in the downing of the Malaysia Airlines plane to begin their journeys home, as Russian President Vladimir Putin vowed to exert influence amid mounting international pressure. The rebels turned over the flight data and cockpit voice recorders to Malaysian officials in rebel-held Donetsk, five days after the Thursday crash in which all 298 people aboard were killed.
----------
United Nations Secretary-General Ban Ki-moon on Tuesday urged both Israelis and Palestinians to stop the fighting that has been raging for the past two weeks in the Gaza Strip, and pleaded with the two sides to return to dialogue with the aim of addressing the underlying causes of the repeated cycles of violence. Ban arrived in Israel from Egypt, where he met with President Abdel Fattah Al Sisi and thanked him for his leadership role in the current efforts to establish a ceasefire in Gaza. His tour also included stops in Qatar and Kuwait. It will also take him to Jordan and Saudi Arabia.
----------
FRANCE JULY OVERALL ECONOMY SENTIMENT INDEX 93 VS 93 JUNE
----------
The quantitative and qualitative monetary easing, or QQE, policy introduced by the Bank of Japan, or BOJ, to reach target inflation rates has been having its intended effects, BOJ Deputy Governor Hiroshi Nakaso said in a speech. Speaking at a meeting with business leaders in Shizuoka, the deputy governor said though the current inflation rate of 1 1/4% is only half of the 2% target, the desired rate will be reached in or around 2015. Nakaso remarked that the domestic economy has been growing at a pace above its potential, as a trend despite being hit by the front-end loading of, and subsequent decline in, demand due to the consumption tax hike.
----------
The Brazilian government trimmed its economic growth projection as activity remained weak so far this year. Gross domestic product is forecast to grow 1.8% in 2014, down from the prior estimate of 2.5%. Meanwhile, inflation outlook was lifted to 6.2% from 5.6%. Last week, the central bank trimmed its 2014 GDP outlook to 1.6% from 2%.
----------
BROKER RATING CHANGES
---------
JEFFERIES RAISES BSKYB PRICE TARGET TO 940 (860) PENCE - 'HOLD'
----------
JPMORGAN CUTS ROYAL MAIL PRICE TARGET TO 695 (745) PENCE - 'OVERWEIGHT'
----------
JEFFERIES CUTS SERCO PRICE TARGET TO 340 (435) PENCE - 'HOLD'
----------
DEUTSCHE BANK INITIATES POUNDLAND GROUP WITH 'HOLD' - TARGET 330 PENCE
----------
CREDIT SUISSE CUTS AVEVA GROUP PRICE TARGET TO 2100 (2450) PENCE - 'NEUTRAL'
----------
JPMORGAN CUTS PETROPAVLOVSK PRICE TARGET TO 20 (70) PENCE - 'UNDERWEIGHT'
----------
COMPANIES - FTSE 100
----------
Mining giant BHP Billiton Ltd reported a 19% year-over-year increase in iron ore production for the fourth quarter, and a 15% growth from the previous third quarter. Production of metallurgical coal grew 9%. Total iron ore production for the full-year 2014 also increased 20%, delivering its fourteenth consecutive annual production record. Smaller rival Rio Tinto PLC reported on July 15 that its global iron ore production for the second quarter grew 11% from last year.
----------
Imperial Tobacco PLC said the stabilisation period on the IPO of Compañía de Distribución Integral Logista Holdings, or Logista, has ended. Imperial also said Credit Suisse Securities, the stabilisation agent on the IPO, has fully-exercised its over-allotment option on the deal. The price of the shares on the over-allotment option is the same as the offer price for the IPO of EUR13 per share. The shares are being sold through Altadis, an indirect wholly-owned subsidiary of Imperial. Following the IPO and the full exercise of the over-allotment option, Imperial will hold a stake of approximately 70% in Logista.
----------
The Sage Group PLC said it is on target to achieve its 6% organic revenue growth goal in 2015, as it saw revenue rise 4.3% in its third quarter. The company said that in the first nine months of the year it had seen revenue rise 4.7%. It expects its performance in the fourth quarter to be stronger than its third. It maintained its guidance for operating profit margins for the year.
----------
Capita PLC raised its interim dividend for the half year to end-June and expressed confidence in its full-year performance, despite seeing pretax profit hit by exceptional costs. The outsourcing company proposed an interim dividend of 9.6 pence, up 10% from 8.7 pence in the previous year. Capita posted a pretax profit of GBP152.3 million, down from GBP157.5 million in the previous year, despite seeing revenue rise to GBP2.07 billion from GBP1.82 billion, as it was hit by GBP85.7 million in exceptional expenses, higher cost of sales, and higher administrative expenses.
----------
Johnson Matthey PLC said its guidance for the full-year remains unchanged, despite reporting a drop in pretax profit in its first quarter amid the further strengthening of sterling. In an interim management statement released ahead of its annual general meeting, Johnson Matthey said pretax profit declined 10% during the quarter to June 30, coming in at GBP95.0 million, compared to the GBP106.09 million recorded in 2013. Operating profit also fell, down 11% to GBP103.6 million from GBP116.1 million last year. While growth in Emission Control Technologies was offset by the expected softening in Process Technologies and Precious Metal Products, sales, excluding precious metals, during the quarter were flat at GBP749 million, compared to GBP745 million last year, said the company.
----------
Standard Chartered PLC is now pulling back in its heartland of Asia and losing deals to regional rivals, the Financial Times reported online on Tuesday, citing senior figures at the bank. The FT said that the bank has called a halt to its expansion as it seeks to conserve capital due to falling profits.
----------
COMPANIES - FTSE 250
----------
Engineering company Renishaw PLC reported an increase in profit for the recent full year, boosted in part by the sale of Declam PLC and a strong performance from its metrology division. The company, which designs, manufactures and sells advanced precision metrology and inspection equipment for the healthcare sector, posted pretax profit of GBP96.4 million for the year ended June 30, up from GBP82.1 million a year earlier.
----------
Phoenix Group Holdings unveiled a refinancing of its senior debt structure as it looks to simplify and strengthen its balance sheet with a view to achieving an investment grade rating further down the line. Phoenix also noted that the refinancing will support a sustainable dividend policy, and give it the financial muscle to continue to acquire closed life funds, while it also said that the move supports its plans to simplify group structure, including a potential future merger of its two largest UK life companies. In a statement, the closed life assurance consolidator said that its new GBP900.0 million, unsecured, five-year bank facility will refinance the entirety of its existing two bank facilities and PIK notes, replacing its two legacy debt silos - Pearl and Impala - with a single debt facility.
----------
Synergy Health Outlook For FY Remains Positive; Q1 Revenue Down 1.1% To GBP95.6M Vs GBP96.6M
----------
Provident Financial H1 Pretax Profit GBP90.1M Vs GBP72.0M; Interim Dividend 34.1p Vs 31.0p
----------
Paypoint Q1 Revenues Up 4% To GBP53M; CEO: Q1 Trading In Line With Expectations
----------
TalkTalk On Track For FY2015 Guidance, Medium Term Financial Targets; Q1 Revenue Up 3.1% To GBP434M Vs GBP421M
----------
Morgan Advanced Materials H1 Revenue GBP448.4M Vs GBP486.1M; Increases Interim Dividend To 3.9 Pence Vs 3.8 Pence; Says Revenue In Constant Currency Was Flat
----------
Entertainment One Says FY Earnings To Be In Line With Its Expectations; Q1 Revenues Up 4%
----------
Intermediate Capital Says EUR1.0B New Third Party Money Raised In Quarter To June 30; Says AuM Increased 2% To EUR13.3B In 3-Mo To June-end
----------
Brewin Dolphin Q3 Core Income GBP67M, Up 5% On Year Earlier But Lower Than Expected; Q3 Net Outflows From Advisory Services Of GBP0.4B Due To Repricing; Says GBP0.1B Of Advisory Outflow Converted To Discretionary Service; Q3 Total Managed/Advised Funds GBP29.3B, Up 2%; Says Outlook Positive Due To Strong Q3, Robust Balance Sheet
----------
Balfour Beatty PLC said it has been awarded a GBP129 million contract to upgrade a 13 mile stretch of the M3 motorway through Hampshire and Surrey. The upgrade, for the UK Government's Highway Agency, will increase capacity, reduce congestion and shorten journey times for the 120,000 motorists using the road every day.
----------
COMPANIES - MAIN MARKET AND AIM
----------
Flybe Reports Encouraging Start To the Year; Q1 Passenger Revenue Per Seat Up 9.5% To GBP52.79; Load Factor Up 9.3% To 75.8% Vs 66.5%; Q2 Trading In Line With Expectations
----------
Assura Group Acquires Park Medical Services Ltd; Park Medical Owns Middlesbrough's The One Life Building - Key To Local Health Infrastructure; Assura Acquires Property From Original Developers For GBP12.3M
----------
Staffline Group Says EOS Awarded Northern Ireland Steps To Success Contract; H1 Pretax Profit GBP1.9M Vs GBP3.4M; Revenue GBP208.1M Vs GBP187.2M; Increases Interim Dividend To 5.0 Pence Vs 3.8 Pence
----------
Charles Stanley Q1 Total Revenue GBP37.3M, Up From GBP36.9M Year Earlier; Says Disappointed By Poor Performance Of Commission Income; Says Q1 Commission Income Hit By 16% Fall In Transaction Volume To GBP12.7M; Q1 Fee Income Up 13% To GBP24.6M; Total Client Funds GBP20.14B On June 30, Up 0.2% On March 31; Says Approaches Coming Months With "Considerable Caution"
----------
McKay Securities Buys Gainsborough House In Windsor For GBP6.85M
----------
RapidCloud To Raise GBP600,000 Equity To Acquire Singapore's Exxelnet For GBP0.95M; Has Placed 1.1M Shares At 54p Each
----------
Ruspetro Says Successful 10-Day Flow Test On First Multi-Stage Fractured Horizontal Well; Pottymsko-Inginsky Well Produced Average 1,350 BOPD Over Test Period
----------
EKF Diagnostics H1 EBITDA Up Slightly To GBP2.2M Vs GBP2.1M; FY Strongly Weighted To H2
----------
Augean CEO: Group Trades In Line With FY Market Expectations
----------
COMPANIES - INTERNATIONAL
----------
Apple reported a net profit of USD7.7 billion, or USD1.28 per share, for the third quarter of 2014, the Cupertino, California, company said Tuesday, citing strong iPhone sales. Revenue rose to USD37.4 billion, up 6% compared to the third quarter of 2013. "Our record June quarter revenue was fueled by strong sales of iPhone and Mac and the continued growth of revenue from the Apple ecosystem, driving our highest EPS growth rate in seven quarters," Apple's chief executive Tim Cook said.
----------
Microsoft's net income stood at USD4.6 billion for the fourth quarter, down 7% from USD4.96 billion a year earlier, according to the company's earnings report Tuesday. Sales rose by 18% to USD23.38 billion in the fourth quarter, said the company, based in Redmond, Washington. Expense discipline and success with cloud-based serviced helped the increase in revenue, Microsoft said. "We are galvanized around our core as a productivity and platform company for the mobile-first and cloud-first world, and we are driving growth with disciplined decisions, bold innovation and focused execution," Chief Executive Satya Nadella said.
----------
German car giant Daimler AG reported earning significantly lower net profit of EUR2.2 billion, or 1.97 euros a share, in the second quarter 2014, compared with EUR4.6 billion, or EUR2.65 a share, last year. Net income in the prior-year quarter was positively affected by the sale of EADS shares, according to the company. However, revenues for the latest quarter climbed 6% year-over-year to EUR31.5 billion from EUR29.7 billion. Adjusted for exchange-rate effects, revenue went up by 11%. Worldwide, 628,900 passenger cars and commercial vehicles were sold from April through June, a 4% growth from last year.
----------
Financial services giant JPMorgan Chase & Co is nearing a deal to sell half its stake in the portfolio of its private equity business One Equity Partners, the Wall Street Journal reported Tuesday, citing people familiar with the matter. The sale of the buyout arm is part of JPMorgan's efforts to focus more on its core businesses. According to the WSJ report, JPMorgan is in advanced talks with investment firms Lexington Partners LP and Carlyle Group LP's AlpInvest Partners unit to sell them half of the nearly USD4.5 billion in investments that One Equity manages for the bank.
----------
Wednesday's Scheduled AGMs/EGMs
----------
Johnson Matthey
Flybe Group
Intermediate Capital Group
Hogg Robinson Group
Norcros
PayPoint
TalkTalk Telecom Group
Synergy Health
Zanaga Iron Ore Co
----------
By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite

Copyright 2014 Alliance News Limited. All Rights Reserved.