• UK stock market morning note (October 01, 2015)

    The FTSE 100 is called to open higher this morning following the performances on Wall Street and in Asia although in the latter, China and Hong Kong are shut for bank holidays. Overnight we had economic data out of China showing that the official manufacturing PMI came in slightly above forecast at 49.8, but still below the key 50 level expansion mark with the non-manufacturing PMI reading at 53.4, however the Caixin final manufacturing PMI remained unchanged at 47.2 and its services PMI was below forecast at 50.5. The economic diary today also sees the release of domestic manufacturing PMI, FPC meeting minutes followed by the latest US weekly jobless claims and the US ISM manufacturing PMI in the afternoon. Commodity prices are mixed and on the foreign exchanges, the pound is slightly higher against both the dollar and the euro but all the key currencies are trading within narrow ranges ahead of these data releases.

    Company Announcements


    Trading Update from the food producer reports that revenues during H1 were slightly ahead of the Board's expectations with total revenues up 10% on the prior year and underlying sales +7% with corresponding volumes ahead 10%. It is continuing to invest across its asset base to raise capacity and drive further operating efficiencies with it in a sound financial position. It noted that with a broadening product portfolio and an anticipated strong Christmas trading period, it remains very well placed to deliver further growth this financial year, adding it remains confident in the continued long term success and development of the business.

    Avon Rubber

    It has announced the appointment of Rob Rennie as Chief Executive Officer with effect from 1 December 2015 who joins the company after holding a number of senior positions at Invensys. Adam Lewis the current Finance Director has been appointed interim Chief Executive with immediate effect following the retirement of Peter Slabbert from the Chief Executive role on 30 September 2015.

    Contributed by SVS Securities
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