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LONDON (Alliance News) - Legal & General and Imperial Tobacco are the best-performing stocks on the FTSE 100 at the open Tuesday after the companies put out statements, while Glencore is performing poorly despite reporting higher third-quarter production.
Oil producers are amongst the worst performers in general as the oil price has fallen again.
Here is what you need to know at the UK market open:
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MARKETS
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FTSE 100: down 0.2% at 6,474.04
FTSE 250: down 0.1% at 15,441.49
AIM ALL-SHARE: down 0.1% at 719.60
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Hang Seng: closed down 0.2% at 23,855.18
Nikkei 225: closed up 2.7% at 16,862.47
DJIA: closed down 0.1% at 17,366.24
S&P 500: closed flat at 2,017.81
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GBP-USD: up at USD1.5991
EUR-USD: up at USD1.2503
GOLD: flat at USD1,165.45 per ounce
OIL (Brent): down at USD83.35 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 in GMT)
09:30 UK PMI Construction
10:00 EU European Commission Releases Economic Growth Forecasts
10:00 EU Producer Price Index
13:30 Canada International Merchandise Trade
13:30 US Trade Balance
13:55 US Redbook index
14:45 US ISM New York index
15:00 US Factory Orders
15:00 US IBD/TIPP Economic Optimism
n/a US Loan Officer Survey
15:30 Canada BoC Governor Poloz Speech
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Japan's manufacturing sector growth was revised to show slower increase in October, the latest survey from Markit Economics showed Tuesday. The Markit/JMMA manufacturing purchasing managers' index, or PMI, was revised to 52.4 from 52.8 in October. This is more than the 51.7 score in September. The latest reading was highest since March and also marked the fifth consecutive month of expansion. A reading above 50 indicates expansion in manufacturing activity.
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Japan's automobile sales continue to fall in October, the Japan Automobile Dealers Association said Tuesday. Auto sales totaled 240,511 units in October, down 9.1% from the same period of last year. Sales were down 2.8% in September. At the same time, car sales declined 12.1% annually in October.
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The leaders of the pro-Russian separatist movements in eastern Ukraine were Monday declared the elected "heads" of the Donetsk People's Republic and the Luhansk People's Republic after winning disputed elections. Alexander Zakharchenko won 78.93% of 1.01 million votes cast in Donetsk, while Igor Plotnitsky received 63% of the almost 699,000 votes cast in neighbouring Luhansk, the separatists said on their official websites. The Ukrainian government in Kiev, the EU and the US have all called the vote illegal, pointing out that it contradicts the ceasefire protocol signed on September 5 in Minsk, which stipulates that local elections must be held under Ukrainian law.
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Things are not looking good for US President Barack Obama's Democrats as voters prepare to cast ballots in US by-elections Tuesday. Even as the White House stresses it remains optimistic that Democrats can retain control of the upper Senate, spokesman Josh Earnest seemed to lower expectations. Candidates for the centre-right Republican Party hope dissatisfaction with Obama will carry them to control of the Senate as they make their final electoral push. Republicans must gain six seats to take control of the 100-member chamber, and the electoral map favours their party with key races in traditionally conservative states like Arkansas, Georgia and Alaska. A Republican-controlled Senate would make it even more difficult for Obama to push forward his agenda.
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The multifront fight against the Syrian regime and the Islamic State is taking a toll on the moderate Syrian rebels, the White House says. Spokesman Josh Earnest says he cannot confirm reports of a rout of the Free Syrian Army in northern Syria, but stressed the need for the US to quickly ramp up its assistance to moderates in the fight against Islamic State.
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BROKER RATING CHANGES
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TRADERS: NUMIS RAISES WEIR GROUP TO 'ADD' ('HOLD')
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Numis Upgrades B&M European Value Retail To Add From Hold, PT 280p
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TRADERS: JEFFERIES CUTS REGUS PLC TO 'HOLD'
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TRADERS: UBS RAISES HISCOX TO 'BUY' ('NEUTRAL')
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TRADERS: UBS CUTS AMLIN TO 'NEUTRAL' ('BUY')
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TRADERS: LIBERUM INITIATES E2V TECHNOLOGIES WITH 'BUY' - TARGET 200 PENCE
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CREDIT SUISSE RESUMES MAN GROUP WITH 'OUTPERFORM' - TARGET 138 PENCE
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CREDIT SUISSE RAISES SCHRODERS TO 'OUTPERFORM' ('NEUTRAL')
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CREDIT SUISSE CUTS ASHMORE GROUP TO 'UNDERPERFORM' ('NEUTRAL')
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CREDIT SUISSE CUTS HARGREAVES LANSDOWN TO 'NEUTRAL' ('OUTPERFORM')
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CREDIT SUISSE RAISES JUPITER FUND TO 'NEUTRAL' ('UNDERPERFORM')
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EXANE BNP CUTS NATIONAL GRID TO 'UNDERPERFORM' ('NEUTRAL') - TARGET 830 PENCE
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COMPANIES - FTSE 100
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Glencore said oil, coal and copper production increased during the third quarter as new wells came into production and output from some mines rose, although zinc and nickel production dropped. The company's entitlement oil production rose to 5.1 million barrels during the third quarter ended October 31, a 50% increase from the same period in 2013, thanks to the start of production at two wells during 2013. During the quarter, own sourced copper production totalled 1.1 million tonnes, up 8% from a year earlier, mainly driven by a 48% increase in production at the Mutanda mine in the Democratic Republic of Congo.
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Legal & General Group reported a jump in net cash generation in the first nine months of the year, boosted by cash generation at the operating level. In a statement, the savings and investments business reported GBP827 million of net cash generation in the first nine months of the year, compared with GBP740 million in the corresponding period last year. Operational cash generation rose by 8% to GBP844 million.
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Imperial Tobacco Group reported a fall in both volume and revenue in its last financial year, but its pretax profit rose as it continued to strip out costs across the business. Its pretax profit for the year rose to GBP1.52 billion, up from GBP1.22 billion the prior year, as its stripped out costs in the business as part of its cost optimisation programme. Last year's results were also knocked back by a GBP580 million impairment charge. The tobacco firm said its focus on cost optimisation will help it free up funds to invest in growth, although it warned that trading in some of its markets remains tough.
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AstraZeneca said its biologics research and development arm MedImmune has agreed to buy imaging and data analysis technology company Definiens for an initial payment of USD150 million plus additional milestone payments. In a statement, the drugs giant said Definiens is a privately-held company that has pioneered Tissue Phenomics, an imaging and data analysis platform which "dramatically" improves the identification of biomarkers in tumour tissue.
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UK housebuilder Persimmon said it has around GBP696 million in sales reserved for 2015, an increase on last year's performance, and has sold its stock for the current year, buoyed by continued low interest rates which is fueling demand for new houses. Persimmon said forward sales are up 12% on the same period in 2013 and selling prices remain strong as buyers return after the traditionally slower summer months.
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Associated British Foods reported a higher pretax profit for its last financial year, despite a drop in revenue, but warned on its outlook for the year ahead, citing further heavy falls in its sugar business, limited growth in earnings per share and a marginal decline in its operating profit.
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Weir Group reported a rise in order growth in the third quarter, as aftermarket orders in Oil & Gas offset sluggish performance in other divisions. Third-quarter orders rose 14% on a constant currency basis. Revenue and operating profit are higher than last year with double digit revenue growth offset somewhat by a strong pound, estimated to lower earnings by around GBP38 million in the full year, Weir said.
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COMPANIES - FTSE 250
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Greene King said it has reached an agreement with the board of Spirit Pub Company to acquire the company, potentially bringing an end to the takeover battle for the pub company. FTSE 250-listed pub group Greene King said that under the terms of the deal, Spirit shareholders will get 0.1322 new Greene King shares per Spirit share, plus 8 pence per share in cash payable by Spirit in dividends. Spirit will pay 1.5 pence per share in its proposed final dividend for 2014 and will pay a special interim dividend to shareholders of 6.5 pence per share to cover the remainder of the consideration. The deal values Spirit shares at 115 pence per share and values the entire company at around GBP773.6 million.
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SOCO International said an exploration well on a block offshore Republic of Congo that it has been testing "significantly" exceeded pre-test expectatons, reaching a post stimulation frac peak rate of 5,174 barrels of oil per day and 3.65 million standard cubic feet of gas per day. In a statement, the oil and gas explorer and producer said the Lidongo X Marine 101 ST1 well on the Marine XI block encountered oil in a clastics sequence in the Djeno sand formation with drilling shows and early log interpretation indicating approximately a 50 metre gross interval.
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Jardine Lloyd Thompson Group said it was trading broadly in line with expectations, but that it remained cautious on its full year outlook given the difficult trading conditions. The FTSE 250 insurance broker said trading in the third quarter has been broadly in line with its forecasts, with organic revenue growth in the period in line with the first half. It said its performance came amid a backdrop of a marked decline in the insurance and reinsurance rating environment in the second quarter. It added that while the impact of the strength of sterling on its results was less pronounced in the third quarter, currency movements will nevertheless hit its full year results.
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DCC has lowered its full-year earnings expectations, as very mild weather in autumn hampered performance in its main energy unit. "The group now expects that the year to 31 March 2015 will show growth in operating profit and adjusted earnings per share in the range of 5%-10% over the prior year," down from a range of 10%-12%, Chief Executive Tommy Breen said.
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Balfour Beatty said Duncan Magrath is to leave his role as chief financial officer of the company in 2015. Magrath has held the role of chief financial officer at the company for six years and will remain in the position while a successor is identified. Balfour said the search to find a new chief financial officer has started.
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HomeServe said its US arm has signed an affinity agreement with non-profit social welfare group AARP Inc. Under the terms of the deal, HomeServe USA will offer home emergency cover to AARP members. Initial test marketing for the new provision will start in December this year, with the roll out of the programme due to start in 2016 and into 2017. HomeServe didn't say how much the deal is worth, but said it expects a net investment cost of GBP6 million in marketing in its full year 2016.
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LondonMetric Property said it has struck a deal to sell its One Carter Lane property in central London for GBP138.8 million. The group is selling the business to Vietnamese group Fubon Life Insurance Company Ltd, subject to regulatory approvals. The property, located opposite St Paul's Cathedral, is currently 73% let by floor area to MFS and SEB, with negotiations underway for another tenant to fill the remaining space, FTSE 250-listed property company LondonMetric said.
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Unite Group said it is performing well across all parts of its business, with a strong lettings performance for the new academic year, and said it expects to meet its earnings per share target on its net asset value early. The FTSE 250-listed student accommodation company said it has 99% of rooms occupied for the 2014-15 academic year, a slight improvement on the 98% occupation for the previous year. The group said it is on track to hit its like-for-like rental growth target of at least 3% for the full year.
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COMPANIES - LONDON MAIN MARKET AND AIM
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Online gaming company 888 Holdings said its expects earnings for 2014 as a whole to beat market expectations, after posting a 22% increase in third quarter revenue, leaving it confident in its outlook for the full year. 888 said group revenue in the third quarter ended September 30, reached USD114 million, an increase of 22% year-on-year, driven primarily by its casino operations.
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Physiomics Discloses Merck & Co As Customer
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TT Electronics said full-year earnings are expected to be at the low end of market forecasts and materially lower in 2015 as the company implements a review of its business, sending shares sharply lower. In morning trade, the shares were down 30% at 113 pence.
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COMPANIES - INTERNATIONAL
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German luxury car giant Bayerische Motoren Werke AG or BMW Group reported that its third-quarter net profit edged down 1.2% to 1.314 billion euros from last year's 1.330 billion euros, due to the higher income tax expense. Earnings per share were 1.99 euros, compared to 2.02 euros last year. Profit before tax, however, rose 1.2% to 2.013 billion euros from 1.989 billion euros a year ago, as revenues increased 4.5% to 19.600 billion euros from prior year's 18.751 billion euros, on the back of higher sales volume.
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German clothing maker Hugo Boss AG recorded higher sales and earnings for the first nine months of 2014. This performance was underpinned by sales growth in all regions and distribution channels in the third quarter. The firm expects a currency-adjusted 6% to 8% increase in sales for the year as a whole. Operating profit, ie. EBITDA before special items, is projected to grow between 5% and 7%. This adjusted outlook reflects the increasing challenges posed by macroeconomic conditions and the recent substantial slowdown in industry growth in Europe.
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Blackstone Group LP is reportedly nearing a deal to sell its unit IndCor Properties Inc to investors led by Singapore's GIC Pte. The deal could be worth over USD8 billion. IndCor, an owner of US industrial real estate, had planned to raise about USD1 billion in an initial public offering, which would have valued the company at about USD8 billion. The GIC partnership is said to be seeking USD5 billion in debt to finance the deal, and the two sides are believed to have reached an agreement in principle.
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JPMorgan Chase & Co said in a regulatory filing that the Department of Justice, or DOJ, is conducting a criminal investigation regarding its foreign exchange trading business. Various regulatory and civil enforcement authorities, including US banking regulators, the Commodity Futures Trading Commission or CFTC, the UK Financial Conduct Authority or the FCA, and other foreign government authorities, are conducting civil investigations into the same issue. These investigations are focused on the company's spot FX trading activities as well as controls applicable to those activities.
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Botox maker Allergan Inc, which is being pursued by Canadian drugmaker Valeant Pharmaceuticals International, said it has been approached by another party regarding a potential transaction. The company did not provide details about the approach, as it believes such disclosures could jeopardize continuation of any discussions or negotiation.
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French dairy giant Danone SA said that it will acquire an additional 21.75% interest in Centrale Laitière (Morocco) from SNI for an amount of 278 million euros. The transaction will raise Danone's equity stake in Centrale Laitière to 90.86%. The operation follows a transaction in 2013 that made Danone Centrale Laitière's majority shareholder.
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American International Group Inc Monday reported an increase in third-quarter profit, led by growth in its life insurance and mortgage guaranty businesses, and with some contribution from property-casualty business. Earnings for the quarter topped Wall Street estimates, as did revenues. AIG announced an additional share buyback program of up to USD1.5 billion, and declared a dividend of USD0.125 per share. AIG repurchased about USD1.5 billion of shares during the third quarter, and for this year, has bought back a total of USD3.4 billion.
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Sprint Corp said Monday after the markets closed that its second quarter loss widened from last year, as the third largest US wireless carrier continued to lose postpaid subscribers. The company also said it would eliminate about 2,000 more jobs as part of its efforts to reach its target of USD1.5 billion of annualized cost reductions. The company had said last month that it would cut an unspecified number of jobs. Looking ahead, the company lowered its calendar 2014 adjusted EBITDA guidance to a range of USD5.8 billion to USD5.9 billion from its prior guidance of USD6.7 billion to USD6.9 billion, citing continuing loss of postpaid subscribers.
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Tuesday's Scheduled AGMs/EGMs
Monitise
DX Group
NextEnergy Solar Fund
Mobile Streams
Powerflute Oyj
Strategic Equity Cap
Premaitha Health
Akers Biosciences
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