• UK stock market morning note (September 16, 2015)

    The FTSE 100 is called to open higher this morning following the overnight performances on Wall Street and in Asia although investor sentiment may well be cautious as the Federal Reserve begins its two-day meeting culminating in its announcement tomorrow evening UK time on interest rate policy. The economic diary today sees the release of domestic unemployment figures followed at lunchtime in the US with inflation data. Commodity prices are mixed and on the foreign exchanges, the dollar is slightly weaker against the pound, euro and yen but all are within narrow trading ranges ahead of these data releases.

    Company Announcements

    Galliford Try

    Final Results sees revenue including JVs up 31% to 2.4bn and group revenue +33% at 2.3bn with PBT ahead 20% at 114m. The full year dividend is raised 28% to 68p a share with it noting another record year with its housebuilding and construction businesses buoyed by encouraging market trends. Linden Homes average private selling price rose 7% to 327,000 with current sales per outlet up 20% on last year and conditions remain positive with 8% growth in sales reserved or contracted to 413m. In construction the margin rose to 1.2%, with it having a 3.8bn order book and 90% of this year's planned revenue now secured. It noted that all businesses saw high levels of build cost inflation but early signs indicate the situation may be moderating. It added that housebuilding and construction are in a position to grow with a significant landbank and order book with robust demand giving it continued confidence in prospects for the forthcoming financial year.

    JD Sports

    Interim Results sees revenue up 21% at 809.9m with PBT ahead 88% at 44.7m. The interim dividend is raised 4.3% to 1.2p. It noted that given the importance of Christmas in the context of the overall result, it did not believe it appropriate to issue an update on trading to date in H2. However, given the demanding comparatives following 2 years of strong revenue growth, it is encouraged by the positive nature of trading in H2 across its core fascias. It added that further out, the impact of the new Living Wage Premium will impact earnings across the retail sector from its implementation in April 2016.

    Contributed by SVS Securities
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