• UK stock market morning note (September 29, 2015)

    The FTSE 100 is called to open lower this morning following the overnight performances on Wall Street and in Asia amid ongoing concerns over Chinese growth, emerging markets and falling commodity prices. The economic diary today sees the release of the CBI distributive trades survey, CB consumer confidence data in the US and this evening a speech from the Bank of England Governor Mark Carney. Commodity prices are lower 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 and Mark Carney's speech.

    Company Announcements


    Final Results sees revenue from the ongoing businesses up 10.1% at 13.3bn on last year at constant exchange rates, including lfl growth of 7.1% with the trading profit of the ongoing businesses ahead 11.4% at 857m. The trading margin for the ongoing businesses rose 10 bps to a record 6.4% with impairments and exceptional items amounting to 242m causing PBT to fall to 508m (676m). The total dividend is raised 10% to 90.75p and it announced a further 300m share buyback programme. It noted that it expects to generate lfl revenue growth of about 4% in H1. In the US it anticipates continued good growth in Blended Branches, Waterworks, HVAC, B2C and Fire & Fabrication underpinned by decent commercial and residential markets. However, industrial markets in North America (about 15% of revenue in the region) were challenging in Q4 and it expects this to continue. It expects a continued steady recovery in the Nordic markets, although the heating market in the UK is expected to remain very competitive with little growth. It added that overall it expects to make continued progress in 2016.

    Contributed by SVS Securities
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