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Reports UK

UK stock market morning note (April 28, 2014)

April 28, 2014, Monday, 07:09 GMT | 02:09 EST | 10:39 IST | 13:09 SGT
Contributed by SVS Securities

The FTSE 100 is called to open slightly higher this morning although sentiment is likey to be influenced by the ongoing situation in the Ukraine. The economic diary begins the week with the release of US pending home sales this afternoon. Commodity prices are mixed and on the foreign exchanges, the dollar is slightly higher against the pound, euro and yen but all are within narrow trading ranges.


Company Announcements

AstraZeneca

Pfizer has confirmed that it made a preliminary indication of interest to the AstraZeneca board in January regarding a possible merger which after limited discussions AstraZeneca declined to pursue. Pfizer contacted AstraZeneca again on 26 April in light of recent market developments, seeking to renew discussions. However, AstraZeneca again declined to engage and Pfizer is now considering its options with respect to the company.

BG Group

It has announced the resignation of Chris Finlayson as Chief Executive with immediate effect for personal reasons. Until a permanent replacement is appointed, Andrew Gould, Non-Executive Chairman will take over as Executive Chairman. It noted that the Board felt it was in the best interests of the Group to accept the resignation and seek fresh leadership as it seeks to accelerate the creation and delivery of longer term value for shareholders whilst delivering on its business plans. BG will announce Q1 Results on 1 May 2014 which wil include an update on its key projects which remain on schedule. It added that production guidance for 2014 remains unchanged at 590-630 kboed, although this is now expected to be at the lower end of the range due to the situation in Egypt (deteriorating reservoir performance and high level of diversions to the domestic market). The deterioration in Egypt will also impact production in 2015.