• UK stock market morning note (September 22, 2015)

    The FTSE 100 is called to open flat this morning despite the positive overnight performances on Wall Street and in Asia where in the latter Japan remains shut for a public holiday as investor sentiment remains cautious on the global economic backdrop. The economic diary today focuses on the release of domestic public sector finances and the CBI industrial trends survey. Commodity prices are mixed and on the foreign exchanges, the pound is slightly higher against both the dollar and the euro but all the major currencies are within narrow trading ranges ahead of these UK data releases.

    Company Announcements


    It has announced the acquisition of the composites division of EDAC from Greenbriar Equity and other associated sellers for $340m in cash. The business produces highly engineered aerospace components for jet engine and airframe applications with over 85% of revenues in civil aerospace composites. Key customers include GE, Snecma and United Technologies. The acquisition is expected to complete by the end of 2015 and as a result of the deal and in order to retain flexibility for further bolt-on acquisitions, Meggitt is to suspend its buyback programme for the rest of the financial year.

    IG Group

    Q1 Trading Update reports that revenue in the period was 106m, 24% ahead of the same quarter a year ago, which was particularly subdued, noting that whilst performance was good in all months of the period, client activity levels were at their highest during H2 August. It added that whilst this strong start positions it well to deliver against full year expectations, it is impossible to predict market conditions for the rest of the year and hence too early to draw many conclusions. Priorities this financial year include rolling out its stockbroking offering to further countries, launching ETF portfolios, delivering further improvements in the client conversion process and moving the mobile interface forward.

    Card Factory

    Interim Results from the retailer sees revenues up 8% to 161.4m, lfl sales +2.7% with underlying EBITDA growth ahead 7.7% at 32.5m and underlying operating profit growth 6.5% at 27.8m. The interim dividend is raised to 2.5p (2.3p) and there is a special dividend of 15p a share, returning 51.1m of excess cash to shareholders. It added that it was well prepared for the important Christmas trading season and remains confident of future prospects both near and longer term.

    Contributed by SVS Securities
About us
StockMarketsReview.com provides news coverage, analysis and researches for world stock markets, commodities and currencies. We publish articles provided by experts of leading brokerage and investment companies. At our website investors can find daily, weekly and monthly reports, news, recommendations on the IPOs and fundamental analysis for stocks which are currently traded at the stock exchange.