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Reports UK

UK stock market morning note (April 14, 2014)

April 14, 2014, Monday, 07:18 GMT | 03:18 EST | 11:48 IST | 14:18 SGT
Contributed by SVS Securities

The FTSE 100 is called to open lower this morning following the weakness on Wall Street at Friday's close and the increase in tension overnight in Ukraine. In terms of domestic economic news, Rightmove has reported this morning that the average asking price for homes advertised on its website rose by 2.6% in a month to a new high of GBP262,594 in April, with prices up 7.3% on a year ago. The economic diary now shifts to the US with the release of domestic retail sales data at lunchtime. Commodity prices are mixed and on the foreign exchanges, the key currencies are range bound. It is a quiet start to the shorter UK trading week for major corporate news.

Company Announcements

Glencore Xstrata

The company has signed an agreement for the sale of its interest in the Las Bambas copper mine project in Peru for USD5.85bn in cash to a consortium owned 62.5% by MMG Limited, 22.5% by GUOXIN International and 15% by CITIC Metal. The proceeds from the sale will be used to de-gear Glencore's Balance Sheet with the transaction subject to certain regulatory approvals as well as MMG shareholders. The deal is expected to close prior to the end of Q3 2014.