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LONDON (Alliance News) - Tullow Oil is the worst-performing stock in the FTSE 100 Monday morning after it warned that it could be hit by a racheting up of tensions in a maritime border dispute between Ivory Coast and Ghana, and it looks set to drop out of the FTSE 100 at this week's FTSE index review.

Tullow said it has been advised by the government of Ghana that Ivory Coast has requested that provisional measures be put in place until the Special Chamber of the International Tribunal of the Law of the Sea has given a full verdict on the boundary dispute, which is expected towards the end of 2017.

The provisional measures include suspending all ongoing exploration and exploitation operations in the disputed area, where Tullow's TEN project is situated. The company said it expects a decision on whether the provisional measures will be enforced before the end of April.

The arbitration was launched by Ghana in 2014 in an effort to resolve a dispute with regard to the maritime boundary between Ghana and the Ivory Coast.

As it stands, Tullow Oil could lose its place in the FTSE 100, dropping down to the FTSE 250. The next FTSE index review takes place this week, based on the closing prices on Tuesday. Tullow currently has the smallest market capitalisation in the bluechip index.

Intertek Group reported lower profits for 2014, as the strength of the pound and weakness in its oil and gas business that's expected to continue into this year offset growth in its consumer products business.

The quality and safety testing company reported a pretax profit of GBP252.2 million for 2014, down from GBP281.8 million in 2013, as revenue fell to GBP2.09 billion, from GBP2.18 billion.

Despite the profit drop, Intertek raised its full-year dividend to 49.1 pence, up from 46.0p in 2013, and it shares have risen. Analysts said the results missed forecasts, but they were more encouraged by the outlook and Intertek remains a solid business.

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Markets: London stock indices are mixed. The FTSE 100 reached a new intraday record high of 6,974.26 earlier, but is now flat on the day. The FTSE 250 is trading up, reaching a new intraday record high of 17,335.01.

Wall Street is set for a higher start, with stock futures indicating that the DJIA and S&P 500 will open up 0.1% and Nasdaq 100 up 0.2%.

FTSE 100: flat at 6,945.67
FTSE 250: up 0.1% at 17,288.86
AIM ALL-SHARE: down 0.1% at 714.04
GBP-USD: down at 1.5401
EUR-USD: up at 1.1224
GOLD: up at USD1,215.74 an ounce
OIL (Brent): down at USD61.20 a barrel
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Other Top Corporate News
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British Land said it has bought the Surrey Quays Leisure Park in Canada Water for GBP135 million, completing its strategy of snapping up assets in the area as part of a regeneration plan. The property developer has now spent GBP250 million on property in Canada Water over the last five years, and is adding the leisure park to the Surrey Quays Shopping Centre and Harmsworth Quays, the former Daily Mail General Trust printing works, it already owns. The land it owns covers nearly 50 acres.
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Marks and Spencer Group outlined its investment plans for Asia this year, including modernising its stores in Hong Kong, and entering key cities in China including Beijing and Guangzhou. The British retailer opened its first store in China in 2008 and its first Hong Kong store at the Ocean Centre shopping mall in May 1988. Now, M&S has 18 wholly-owned stores in Hong Kong. The group said that it plans to enter Beijing and Guangzhou this year and will continue to invest in its existing store portfolio, including the complete modernisation of its flagship store on West Nanjing Road in Shanghai during the autumn.
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GlaxoSmithKline said it will set out its 2015 earnings guidance and longer-term prospects when it reports its first quarter results on May 6, after it completed its three-part deal with Novartis and reiterated that it will return GBP4 billion of the proceeds from the deal to shareholders.
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Building products supplier Wolseley said it has struck a deal to buy a substantial stake in UK-based online bathroom retailer BathEmpire.com. Wolseley did not provide any financial details on the deal, but said it has the option to acquire the remainder of the company. For the year to the end of December 2014, BathEmpire.com generated GBP26 million in revenue.
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HellermannTyton Group said its pretax profit more than doubled in 2014 due to revenue growth that was particularly driven by automotive demand and a sharp drop in finance costs, and said 2015 had got off to a strong start. The maker of ties, insulation and protection systems for cables reported a pretax profit of EUR72.2 million for 2014, up from EUR35.1 million in 2013, as revenue grew to EUR596.9 million, from EUR538.0 million, and finance costs dropped sharply. HellermannTyton said it would pay a final dividend of 5.63 euro cents for 2014, up from 5.23 cents in 2013, bringing its total dividend to 8.45 cents, up from 6.55 cents.
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Oxford Instruments said it has agreed with its bank lenders to increase its revolving credit facility and extend its term for nearly two years, also increasing the net debt to earnings ratio covenant on the facility for a year. The maker of tools and systems for industry and research said it has agreed with the unnamed banks to increase its existing GBP100 million revolving credit facility by about GBP25 million and extend the tenor to February 2020 from the current maturity date of December 2018.
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Keller Group reported a fall in pretax profit in 2014 on the back of a charge taken for a contract dispute, though its adjusted pretax profit and revenue both increased in the year despite being held back by the strength of sterling. Keller said its pretax profit for the year was down to GBP28.2 million from GBP52 million in 2013, primarily due to a GBP56.9 million charge taken on a historical contract in the UK. Excluding exceptional items, its pretax profit for the year rose to GBP85.1 million from GBP74.1 million, although it said it would have been up 24% if exchange rates had remained constant through the year.
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Alent reported a fall in 2014 pretax profit on the back of lower revenue and a doubling of its one-off costs, but shares in the group rose after as its underlying profit came in ahead of 2013. Alent, which supplies surface treatment plating chemicals and electronics assembly materials, said its underlying operating profit, excluding exceptional costs, rose to GBP91.5 million from GBP88 million in 2013. Including the exceptional costs, which totalled GBP20.6 million in 2014 against half that in 2013, pretax profit fell to GBP73.4 million from GBP77.7 million. Alent said it would hike its total dividend for the year to 9 pence per share from 8.6 pence, with its final dividend at 6 pence per share.
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Hiscox reported a 6% fall in pretax profit in 2014 as challenging market conditions persisted for specialty insurers due to pricing pressure, abundant capital in reinsurance and a tough environment for investment returns. The Lloyd's of London insurer said it made a GBP231.1 million pretax profit in 2014, compared with GBP244.5 million in the prior year. The group increased its dividend to 22.5 pence per share from 21.0 pence, while also raising its special distribution to 45.0 pence from 36.0 pence.
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Amlin reported a drop in pretax profit in 2014 amid pressure on investment returns and a lower underwriting result. Nevertheless, Amlin said it would increase its ordinary dividend for the year by 3.8% to 27.0 pence per share, while also moving to declare a special dividend of 15.0 pence per share, citing confidence in its capital position. Amlin said it made a GBP258.7 million pretax profit in 2014, compared with GBP325.7 million in 2013.
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Ultra Electronics Holdings posted a massive fall in pretax profit for 2014, hit by the early termination of a contract in Oman, though the group said that excluding the impact of the Oman contract, its results were broadly in line with its expectations. The company's statutory pretax profit fell to GBP21.5 million from GBP49.3 million in 2013. Excluding the termination of its Oman Airport IT contract, pretax profit rose to GBP68.4 million from GBP45.1 million. Ultra said it will pay a final dividend of 31.1 pence per share, against 29.5 pence a year earlier, and said its total dividend for the year would rise 5.0% to 44.3 pence from 42.2 pence in 2013.
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Senior reported a fall in pretax profit in 2014 despite a rise in revenue, dragged back by the strength of sterling against the euro and the dollar over the year. The manufacturing and engineering company said its pretax profit for the year was GBP80.6 million, down from GBP83.8 million in 2013, although profit would have risen 2% if exchange rates had remained the same. Revenue rose to GBP820.8 million, from GBP775.1 million in 2013, but operating profit fell to GBP89.6 million from GBP93.3 million due to acquisition costs and a weaker operating margin of 13.6% against 13.9% a year earlier.
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AIM Movers
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Rurelec shares are up by a third after it said it will pay off its short term loan agreement with Radix Investment UK, and would now work towards the resumption of dividend payments. Red Emperor Resources has gained more than a quarter of its value after it signed a farm-in agreement with the subsidiary of Australia's Otto Energy, Otto Energy Philippines Inc, for the SC55 block, offshore the Philippines, while a drillship has been secured with Maersk to drill the Hawkeye-1 exploration well. Manx Financial Group is doing well after it reported a jump in pretax profit in 2014, after strong growth in net interest income and net trading income helped to bolster the company's operating performance. Castleton Technology is up after it acquired social housing managed services provider Keylogic and software provider Opus Information Technology, for a total consideration of GBP5.5 million, while selling its Montal consultancy business to management for GBP600,000. RTC Group shares are down even though it posted higher 2014 pretax profit on the back of an improvement in revenue and said it would pay a maiden final dividend.
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Top Economics And General
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British manufacturing activity was the strongest in seven months during February with growth in output and new orders strengthening further, creating more jobs, results of a survey by Markit Economics showed. The seasonally adjusted Markit/CIPS Purchasing Manager's Index for the manufacturing sector climbed to 54.1 in February. Economists had forecast a score of 53.3. January's reading was revised up to 53.1 from 53. A PMI reading above 50 suggests expansion in the manufacturing sector. The index has now remained above the 50 mark for two years, the report said.
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UK mortgage approvals increased to a four-month high in January, data from the Bank of England showed. The number of approved housing loans increased to 60,786 in January from 60,349 in the prior month. This was the highest since September but below the expected level of 61,000. Total lending to individuals increased GBP 2.4 billion versus last month's GBP 2.1 billion increase. Within total lending, lending secured on dwellings grew again by GBP 1.6 billion. Economists had forecast secured lending to rise by GBP 1.7 billion. Consumer credit increased by GBP 0.8 billion from December, faster than a GBP 0.5 billion rise seen a month ago. It was forecast to grow by GBP 1 billion.
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UK house prices grew at the slowest pace in seventeen months in February, survey figures from the Nationwide Building Society showed. The annual house price inflation eased to 5.7% from 6.8% in the prior month. This was less than the 6.2% increase expected by economists and the slowest pace since September 2013. Annual house price inflation eased for the sixth successive month. The house price index fell by a seasonally adjusted 0.1% month-over-month in February, partially reversing January's 0.3% growth. Economists expected house prices to rise at the stable rate of 0.3%.
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The euro area jobless rate declined to the lowest since April 2012, data from Eurostat showed. The unemployment rate dropped marginally to 11.2% in January from revised 11.3% in December. It was forecast to remain at December's originally estimated rate of 11.4%. This was the lowest rate recorded since April 2012.
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Eurozone manufacturing sector growth remained stable in February, final data from Markit Economics showed. The final Purchasing Managers' Index came in at seasonally adjusted 51, unchanged from January's six-month high. The reading was below the flash score of 51.1. "Coming months will hopefully see all countries' manufacturing sectors pick up speed, as business and consumer confidence is buoyed by ECB stimulus," said Chris Williamson, chief economist at Markit.
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Chinese policymakers are likely to show willingness to further boost economic growth, after recent economic indicators signaled moderation in activity, at the annual legislative session starting this week. The People's Bank of China reduced its benchmark rate by a quarter point in a surprise move on Saturday. The central bank lowered its one-year loan rate to 5.35% from 5.6% and the one-year deposit rate to 2.50% from 2.75%, effective Sunday. The central bank raised the deposit-rate ceiling to 1.3 times from 1.2. The bank aims to bring down financing costs for borrowers.
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Russia-backed rebels in eastern Ukraine claimed to have withdrawn all heavy weaponry from the front lines in the districts they control, thereby fulfilling a key condition of a peace deal hammered out in Minsk last month. Eduard Basurin, a spokesman for the self-declared Donetsk People's Republic said that as the last step separatist militias withdrew six "Grad" howitzers. The separatists in the neighbouring "Luhansk People's Republic" also said that they finished withdrawal, Interfax reported. The OSCE, which monitors the withdrawal on both sides, did not confirm the move on Sunday. Alexander Hug, deputy head of the 450-strong OSCE mission in Ukraine, reiterated that while both sides were moving weapons, it was unclear if they were withdrawing.
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Tens of thousands of people marched through central Moscow to mourn opposition leader Boris Nemtsov, who was killed in a drive-by shooting. The crowd lined the Bolshoi Moskvoretsky bridge near the Kremlin, where the veteran politician was hit by four bullets fired by an unknown gunman late Friday. They clutched flowers and waved Russian flags draped in black ribbons to honour Nemtsov. Organizers, among them Nemtsov, had originally planned to protest the policies of President Vladimir Putin on Sunday. They had agreed to move the event to a Moscow suburb after the city government did not allow it to be held in the centre. After Nemtsov's killing, however, authorities granted permission for the march to be relocated to the centre.
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Afternoon Watchlist (all times in GMT)

12:30 US Personal Income/Spending
14:45 US Markit Manufacturing PMI
15:00 US Construction Spending
15:00 US Former Fed's Bernanke speech
15:00 US ISM Manufacturing PMI
15:00 US Philadelphia Fed's Plosser speech
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Tuesday's Key UK Corporate Events

Clinigen Group - Half Year Results
Johnson Service Group - Q3 Results
Ashtead Group - Full Year Results
Barclays - Full Year Results
Glencore - Full Year Results
Costain Group - Full Year Results
Impellam Group - Full Year Results
Breedon Aggregates - Full Year Results
Devro - Full Year Results
Direct Line Insurance Group - Full Year Results
Jardine Lloyd Thompson - Full Year Results
James Fisher & Sons - Full Year Results
Laird - Full Year Results
Moneysupermarket.com - Full Year Results
Stagecoach Group - Interim Management Statement
Taylor Wimpey - Full Year Results
Travis Perkins - Full Year Results
Tullett Prebon - Full Year Results
Regus Group - Full Year Results
Vesuvius - Full Year Results
Partnership Assurance - Full Year Results
Pace - Full Year Results
McColl's Retail Group - Full Year Results
Rotork - Full Year Results
Foresight Solar Fund - Full Year Results
Total Produce - Full Year Results
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Tuesday's Key Economic Events (all times in GMT)

01:30 Japan Labor Cash Earnings
05:30 US FOMC Member Mester speech
07:00 Germany Retail Sales
08:00 UK Halifax House Prices
09:30 UK PMI Construction
10:00 EU Producer Price Index
14:45 US ISM New York index
15:00 US IBD/TIPP Economic Optimism
n/a US Total Vehicle Sales
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