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Reports UK

UK stock market morning note (April 29, 2013)

April 29, 2013, Monday, 08:46 GMT | 03:46 EST | 12:16 IST | 14:46 SGT
Contributed by SVS Securities

The FTSE 100 is called to open flat this morning as markets look ahead to a raft of economic data due throughout the week in order to determine sentiment. Today's economic diary is focused on the US with the release of pending home sales this afternoon. Commodity prices are mixed and on the foreign exchanges, the pound is higher against both the dollar and the euro with the latter in focus after an Italian coalition government was named over the weekend.

Company Announcements

Aberdeen Asset Management Interim Results saw underlying PBT rise 37% to GBP222.8m on revenue ahead 25% at GBP516m. The dividend is raised 36% to 6p a share and noted that a positive market performance for much of the first half of the year was followed by volatility during early April. It added that it remains cautious on the outlook and would consider share buybacks provided they are earnings enhancing and in the interests of shareholders.

Balfour Beatty Trading Update reports that its UK construction business is now expected to deliver 'significantly lower profits' from operations for 2013 than management's expectations last month, with profits for the year to fall by around GBP50m. Trading in its other businesses are 'broadly in line with expectations'. It added that outside of UK construction, it is on track to deliver on management's expectations for 2013 and the Balance Sheet remains strong taking into account the cash impact of the GBP50m profit shortfall.

Greggs IMS reports that total sales in the 17 weeks to 27 April rose 3% with own shop lfl sales down 4.4%, the latter particularly impacted by the adverse weather in January and March. The most recent two weeks indicate an underlying rate of lfl decline of around 1.5%. It added that based on current shop lfl performance, it believes that profits for the year are likely to be slightly below the lower end of the range of market expectations which it believes are between GBP47.5m to GBP55.2m.