The FTSE 100 is called to open higher this morning despite the mixed overnight performances on Wall Street and in Asia which saw the Nasdaq finish at a record high. The economic diary today sees an all day meeting of the Eurogroup and this afternoon in the US the release of durable goods orders data. Commodity prices are mixed and on the foreign exchanges, the pound is also mixed against the dollar and the euro although all the major currencies are within narrow trading ranges ahead of the Eurogroup meeting and US data news.
Company Announcements
Pearson
AGM/Q1 IMS reports that it has had a solid start to the year, in line with its expectations and continues to expect adjusted EPS of between 75p-80p for the full year. Pearson's profits are heavily weighted to H2 and it expects that its normal levels of restructuring charges in 2015 to be phased towards H1 of the year. It also separately announced that the Chairman Glen Moreno intends to step down from the role in the next 12 months.
Reckitt Benckiser
Q1 Trading Update reports a good start to the year against a backdrop of stable developed markets and mixed emerging markets. It noted a strong and broad-based performance from its Consumer Health brands helped by a strong flu season, in Hygiene, Dettol, Lysol performed well offset elsewhere by tough market conditions whilst there was a soft start in Home. It added that it was on track to achieve its full year targets of +4% lfl net revenue growth and a moderate to 'nice' operating margin expansion.
AstraZeneca
Q1 Results sees total revenue up 1% at constant exchange rates (CER) to $6bn with core operating profits at CER down 4% at $1.8bn although reported operating profit was ahead 15% at $933m and core EPS 3% lower. It added that the results support its reiterated 2015 guidance and separately announced it had entered into a strategic immuno-oncology collaboration with Celgene Corporation to develop the PD-L1 inhibitor programme for patients with serious blood cancers.
Contributed by SVS Securities
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