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Reports UK

UK stock market morning note (April 11, 2014)

April 11, 2014, Friday, 07:25 GMT | 03:25 EST | 11:55 IST | 14:25 SGT
Contributed by SVS Securities

The FTSE 100 is called to open lower this morning after the tech led sell-off overnight on Wall Street and follow-through in Asia. The economic diary today focuses on the US with the release of its producer prices data and the preliminary reading of the University of Michigan consumer sentiment index. It is also day 2 of the G20 meetings. Commodity prices are flat to firmer and on the foreign exchanges, the pound is weaker against both the dollar and euro on profit-taking. It is again a quieter day for major corporate announcements but the Co-op Bank has reported a pre-tax annual loss of GBP1.3bn and confirmed that it would not pay GBP4.97m in deferred annual bonuses to its former executives, adding that it did not expect to make a profit in 2014 or 2015.

Company Announcements


Trading Update from the women's retailer reports that headline lfl sales rose by 13.5% in the 13 weeks to 29 March 2014 taking the figure for the year to 10.4%. Combining online sales growth with the lfl number raises the quarter's figure to 16.3% and the year to 13.1%. It added that it anticipates that the outcome for the full year will be slightly ahead of its expectations and enters the new financial year with a clean stock position.

Jupiter Fund Management

IMS reports that assets under management increased to GBP32.2bn in the 3 months to end March 2014 with overall net inflows for the quarter amounting to GBP547m, supported by the win of the F&C US Smaller Companies investment trust mandate. It added that it believes that its chosen savings markets offer the prospect of significant long-term growth and is confident of delivering continuing profitable growth at attractive margins.