The FTSE 100 is called to open lower this morning following the news overnight that over 61% of Greek voters rejected the conditions attached to an extension of the country's bailout which has seen Asian markets drop. The economic diary today aside from any further news coming out about Greece sees the release of US ISM non-manufacturing PMI data only. Commodity prices are lower and on the foreign exchanges, the pound is higher against both the dollar and the euro in the wake of the Greek referendum result.
Company Announcements
Rolls-Royce
Guidance Update for 2015 and implications for 2016 reveals that a number of market developments this year are now expected to have a more significant impact in 2016. These mainly relate to the civil aerospace markets, particularly its Trent 700 engines, business and regional jets and in the offshore markets for its marine business. For 2015 civil aerospace guidance is unchanged as is overall revenue, however group underlying PBT is now expected to be between £1.325bn-£1.475bn (previously £1.4bn-£1.55bn) reflecting a further deterioration in offshore and hence impacting marine. Free cashflow is now expected to be weaker with 2015 underlying PBT to be more H2 weighted. For 2016, it now expects civil aerospace headwinds of around £300m due to the Trent 700, business jet and regional jet aftermarket weakness.
Bovis Homes
Trading Update notes that it has delivered a record half year volume of 1,525 homes, a 3% increase on the previous year with the average sales price on legal completions rising by 6% to £222,000. It intends to raise the interim dividend by 14% to 13.7p, adding that it is on track to achieve its expectations for 2015 against a positive backdrop of robust market conditions.
Contributed by SVS Securities
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