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LONDON (Alliance News) - Aggreko is leading the FTSE 100 in early trading Tuesday after the temporary power company said it has seen mixed results in its first quarter, with strong underlying revenue growth in two of its three regions being impacted by adverse currency movements as previously expected.
Aggreko said its underlying group revenues, which exclude pass-through fuel and the impact of currency movements grew 5% in the three months ended March 31, while its reported revenues decreased 4% as a result of changes the foreign exchange rates which were anticipated in the company's full-year results announced in March.
Also gaining is GKN after reporting a first quarter trading profit of GBP166 million Vs GBP139 million and pretax profit of GBP145 million Vs GBP119 million. The firm noted that it was hit by sterling strength, wiping 6% off of sales growth, which came in at GBP1.92 illion Vs GBP1.89 billion.
Here is what you need to know at the UK market open:
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MARKETS
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FTSE 100: Flat at 6,583.60
FTSE 250: Up 0.3% at 15,757.24
AIM ALL-SHARE: Up 0.4% at 827.59
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Hang Seng: Down 1.4% at 22,718.93
Nikkei 225: closed Up 0.6% at 13,996.81
DJIA: closed Flat at 16,173.24
S&P 500: closed Up 0.8% at 1,830.61
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GBP-USD: Down at 1.6696
EUR-USD: Down at 1.3813
GOLD: Down at USD1,312.65 an ounce
OIL (Brent): Down at USD108.73 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
(all times British Summer Time)
09:30 UK Core Consumer Price Index
09:30 UK Producer Price Index
09:30 UK Retail Price Index
10:00 EU Trade Balance
10:00 Germany ZEW Survey - Economic Sentiment
10:00 EU ZEW Survey - Economic Sentiment
13:30 US Consumer Price Index
13:30 US Fed's Lockhart speech
13:30 US NY Empire State Manufacturing Index
13:45 US Fed's Yellen Speech
13:55 US Redbook index
15:00 US NAHB Housing Market Index
21:00 US Federal Reserve Bank of Boston President Rosengren Speech
21:00 US Philadelphia Fed's Plosser speech
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Like-for-like retail sales in the UK tumbled 1.7% on year in March, the British Retail Consortium said - falling into the red for the second straight month. The headline figure was well shy of forecasts for an increase of 1.0% following the 1.0% decline in February. Among the individual components of the survey, sales improved for dresses, blouses and slippers, as well as men's shorts and children's clothing, but food sales were a key drag, shedding 2.7%.
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As pro-Russian protesters fuelled concerns about the country's possible break up by storming more government buildings in eastern Ukraine, the pro-western leadership in Kiev offered a referendum on federalization and suggested deployment of UN peacekeepers. Having vowed Sunday to launch military action unless the separatists layed down their arms by Monday morning, interim President Oleksandr Turchynov signed a decree allowing law enforcement agencies to start an "anti-terror operation" in restive areas. In a telephone call late Monday, Russian President Vladimir Putin urged US President Barack Obama to use Washington's influence in Kiev "to prevent the use of force and bloodshed" in Ukraine. Putin rebuffed Obama's concerns about Russian interference in eastern Ukraine as speculation based on inaccurate information, according to a statement released by the Kremlin.
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Former army chief Abdel-Fattah al-Sissi submitted his papers Monday to run for Egypt's presidential election in late May. Lawyer Mohammed Bahaa Abu Shuqa presented the official documents on his behalf at the headquarters of the election commission in Cairo, the campaign said. Candidates need endorsements from 25,000 voters, including at least 1,000 in each of 15 provinces. The filing also includes medical documents.
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The government of Italian Prime Minister Matteo Renzi have put new faces onto the boards of the country's biggest state-controlled companies, as part of efforts to reform the eurozone's third-largest economy. Outgoing bosses of energy companies Eni and Enel, defence conglomerate Finmeccanica and postal company Poste Italiane would not be confirmed, the government said in a statement. The Renzi administration released the names of new board members, but did not indicate which ones would be chosen for the key positions of chief executive and president. The decisions were due to be formalized in upcoming shareholders' meetings.
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BROKER RATING CHANGES
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JPMORGAN RAISES GLENCORE XSTRATA PRICE TARGET TO 370 (350) PENCE - 'NEUTRAL'
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GOLDMAN RAISES APR ENERGY TO 'BUY' ('NEUTRAL') - TARGET PRICE 1039 (1165) PENCE
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DEUTSCHE BANK CUTS OCADO PRICE TARGET TO 350 (440) PENCE - 'SELL'
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DEUTSCHE BANK CUTS G4S TO 'SELL' ('HOLD') - TARGET 210 (221) PENCE
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BARCLAYS CUTS CARACAL ENERGY TO UNDERWEIGHT (OVERW.) - TARGET 550 (690) PENCE
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BARCLAYS CUTS SAINSBURY PRICE TARGET TO 365 (410) PENCE - 'OVERWEIGHT'
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COMPANIES - FTSE 100
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British supermarket chain Tesco PLC will open the first franchise stores for clothing brand F&F in the US this year, just under a year after it had to leave the country with its Fresh & Easy grocery business. F&F, which launched in the UK and Ireland in 2001, will be opening seven stores on the east coast of the US this year, Tesco said, in partnership with its US franchise partner Retail Group of America. It said the first store opening will be near Boston in May, followed by four stores in New York, and stores in Philadelphia and Newport.
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Sports Direct International PLC, the sportswear retailer controlled by Mike Ashley, is poised to begin selling on credit via its website, as it seeks to emulate the model successfully used by fashion chain Next PLC, the Financial Times reports.
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Drinks giant Diageo PLC said it would launch an offer to buy up to 26% more of India's United Spirits Ltd in a deal estimated to be valued at about USD1.9 billion. In a regulatory filing the company said it plans to buy 37.79 million shares, or 26% of the company's share capital, at a price of 3,030 rupee per share. Diageo currently has a 28.78% stake in United Spirits.
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Anglo-Australian mining giant Rio Tinto PLC reported that global iron ore production for the first quarter grew eight percent from last year, reflecting the continuing ramp up of mining operations in the Pilbara region. The company reported record first-quarter iron ore production, shipments and rail volumes. The company also maintained its full-year 2014 production guidance.
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Sky, TalkTalk And CityFibrehave created a new broadband firm for York. Each hold 33.3% in the JV, with plans to leverage CityFibre's existing Metro Fibre Infrastructure in York for the venture.
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SABMiller said FY group net producer revenue up 3%, NPR per hectolitre, up 2% on an organic, constant basis; total beverage volumes were 2% higher on an organic basis; total lager volumes up 1%; soft drinks volumes up 5%. SABMiller said depreciation of the US dollar against key currencies is expected to hit reported results and that there is improvement in Europe but challenging conditions remain. Firm remains confident in delivering higher revenue growth in the longer term.
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Capita has agreed to acquire AMT-SYBEX Group for GBP82M on a cash and debt free basis with a contingent consideration of up to GBP23M if specific targets are met over the next 12 months.
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COMPANIES - FTSE 250
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Michael Page International said it expects to meet full-year gross profit expectations of around GBP538.5M with investment costs this year rising by GBP4 million as it continues investment in China, Germany, US, Southeast Asia, LatAm. The firm warned of FX headwinds in Brazil, Japan, Australia which hit reported results. Gross profit for the first quarter was up 6%
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JD Sports Fashion full-year like-for-like sales in the UK and Ireland combined core retail fascias were up 6.7%. FY revenue came in at GBP1.33B Vs GBP1.26B. The firm notes that its outdoor business turnaround it progressing, and records a strong performance in Sport, while Fashion had a difficult year as operating losses increased. FY pretax profit came in at GBP57.9M Vs GBP55.1M; the total dividend was upped 3% to 27.10P Vs 26.30P.
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Segro has agreed new and amended banking facilities totalling EUR460M. Its Finance Director said the refinancing will make its committed bank facilities more cost effective.
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Micro Focus says it plans to separate its Chairman, CEO roles over the next 1-2 years.
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African Barrick Gold has recorded more positive results from West Kenya exploration project.
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Kentz Corporation has secured a scope of work on telecommunications contract for Fort Hills Oil Sands Project in Canada, valued at USD64M. The project is due to run to July 2017.
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Debenhams CEO said he remains cautious about the strength of UK consumer recovery and that the firm is focused on more competitive multi-channel offerings. The retailer reports half-year pretax profit lower at GBP85.2M Vs GBP112.8M, with statutory group revenue GBP1.30Bn Vs GBP1.28Bn. Gross transaction value up 2.1% for the half-year and like-for-like sales rose 1.5%.
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WS Atkins has been made the preferred bidder on Sellafield Decomissioning Contract.
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COMPANIES - ALL-SHARE AND AIM
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Tertiary Minerals Draws Down GBP178,800 More From Equity Facility
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Hochschild Mining increased production in its first quarter due to higher grades and recoveries at its Arcata mine in Peru, while it achieved strong cashflow savings but was hit by lower metal prices. The precious metals producer, with operations in South and Central America, said its attributable silver equivalent production increased 26% to 5.9 million ounces for the three months ended March 31 from 4.7 million ounces the previous year, putting it on track to achieve its 2014 production target of 21.0 million ounces.
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Sweett Group Expects FY Results Slightly Ahead Of Market Expectations, Order At Year End Increases GBP6M To GBP105M, Expects Material Charges For Exceptional Admin Expenses In Full Year Results.
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Parallel Media Group Appoints AIA Korea As Asia Agency For AIA Real Life:NOW Festival
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Berkeley Mineral: Processing Proposals For Kabwe Project Cleared At Public Meeting.
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ReNeuron Plans To Commence Relocation To New Site In April 2015, Signs Agreement With Welsh Government To Lease Building At Pencoed Technology Park.
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Synety Integrates CloudCall With Recruitment Software System Influence.
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Manx Telecom FY Pretax Profit GBP364,000 Vs GBP3.16M, FY Revenue Up 5% To GBP76M
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Communisis Contract Extension With Procter & Gamble Europe SA For External Brand Building Services.
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Walker Greenbank Relaunches Brand Websites, Launches New Site Style Library.
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Ruspetro Starts Drilling Operations From Pad23b, Extends Vostochno-Inginsky Licence For 20 Years Until June 2034.
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Surgical Innovations FY Pretax Profit GBP796,000 Vs GBP1.2M,FY Revenue GBP8.55M Vs GBP7.64M.
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MDM Engineering Still Expects Foster Wheeler Merger To Be Completed Late August.
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Trifast FY Results To Beat Market Expectations.
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Weatherly International Q3 Production 1,067t Copper, Down On Previous Q,Tschudi Mining Plan Now Set To Start At End April.
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Europa Oil & Gas H1 Pretax Profit GBP0.45M Vs GBP0.20M, Revenue GBP2.1M Vs GBP2.2M.
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Nationwide Accident Repair: We Have Made An Encouraging Start To 2014, Early Indications Of A Recovery Period; We Are Well Positioned For Growth After Recent Pressure Within Industry. FY Pretax Profit Lower At GBP3.1M Vs GBP5.5M.
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Cohort Subsidiaries Win Contracts Worth Total Of GBP6M.
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CareTech Says H1 Trading Was In Line With Its Own Expectations.
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Victoria Says Integration Of Acquisition Globesign On Target For Producing Benefits, To Beat Market Expectations For FY Pretax Profit, Excluding Exceptional Items.
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Punch Taverns: Disposal Programme On Track; 140 Pubs, Other Assets Disposed Of For GPB51M; Returned Core Estate To Growth, Average Profit Per Pub Up 4% Across Entire Estate.H1 Pretax Loss GBP174.9M Vs GBP16.7M Loss, H1 Revenue GBP233.5M Vs GBP243.3M.
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Zanaga Iron Ore Expects Feasibility Study Results At Its Zanaga Iron Ore Project To Be Published May, Says Feasibility Study At Its Zanaga Iron Ore Project Is In Final Stages Of Completion.
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Northern Petroleum FY Pretax Loss EUR27.3M Vs EUR6.2M.
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Shares in DDD Group dropped 21% after it swung to a pretax loss in 2013, hit by lower shipments of its 3D imaging technology in the ailing PC market, although it expressed confidence that it can return to growth in 2014.
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Etalon Group Q1 New Sales RUB9.08B Vs Q4 2013 RUB9.40B, Q1 Average Price RUB/Sqm 83,234 Vs 80,606, Q1 Number Of New Contracts 2,300 Vs 1,454.
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Amara Mining 2014 Production Guidance Of 60,000-70,000 Oz From Kalsaka/Sega At Cash Costs USD900-1,000/Oz. FY Revenues Down, USD52.4M vs USD91.3M. FY Pretax Loss USD52.0M Vs Pretax Profit USD8.5M.
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Helical Bar Acquires Mixed-Use Portfolio Of Properties From IM Properties In GBP40.14M Deal, Says Acquisition Reflects An 8.35% Net Initial Yield.
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Aureus Mining To Raise About GBP9.0M In Underwritten Offer.
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Energy Assets Group Says Business Outlook For 2014/15 Increasingly Positive,Expects Trading In FY In Line With Expectations.
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Blinkx In Partnership With GrindMedia To Offer Blinkx Users Transworld Channels.
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Immunodiagnostics Systems On Track To Launch New Mark II Instrument In Europe In H1 2015, Expects FY Results In Line With Guidance.
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Tangiers Petroleum Appoints David Wall As Managing Director With Immediate Effect.
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e2v Technologies Expects FY Return To Revenue Growth, Says Financial Position Remains Robust, Net Cash Of GBP1M As At March 31.
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Intandem Appointed Sales Agent To Two New Films, Now Has 26 Contracted Films On Its Slate.
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Tuesday's Scheduled AGMs/EGMs
Rio Tinto
HICL Infrastructure Company Limited
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By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.