The FTSE 100 is called to open flat to slightly higher this morning despite the weaker overnight performances on Wall Street and mixed outcome in Asia on expectations of an increase in US interest rates sooner than anticipated and ongoing concerns over the Greece situation. The economic diary today sees the State Opening of Parliament with the Queen's Speech setting out the government's agenda for the forthcoming session and the start of the G7 meeting of countries. Commodity prices are firmer and on the foreign exchanges, the dollar is weaker against the pound, euro and yen ahead of any news coming out from the G7.
Company Announcements
Rolls-Royce
It has received an order to supply MTU engines for use in the new SCOUT specialist vehicle for the British Army from General Dynamics UK. The contract value is EUR80m and delivery of the engines will start next year with the last of these being delivered in 2022.
Card Factory
Trading Update from the specialist cards and gifts retailer reports that in the 3 months to end 30 April 2015, revenue rose by 7.5%, driven by a mix of lfl sales growth, new store roll-out and further growth in its complementary online division. It noted strong cash generation with a further reduction in net debt and expects to return surplus cash to shareholders towards the end of the current financial year. It added that with a positive start to the new financial year, it remains confident that it will achieve the Board's expectations for the full year.
Contributed by SVS Securities
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