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Reports UK

UK stock market morning note (August 08, 2014)

August 8, 2014, Friday, 07:10 GMT | 02:10 EST | 11:40 IST | 14:10 SGT
Contributed by SVS Securities

The FTSE 100 is called to open lower this morning with concerns over the Ukraine/Russia and Iraq situations dominating investor sentiment. The economic diary today focuses on the release of domestic trade balance data only. Commodity prices are mixed with gold in particular higher and copper lower and on the foreign exchanges, the pound is weaker against the dollar and the euro. It is a quieter end to the week for major corporate news.


Company Announcements

TUI Travel

Q3 Results see underlying operating profit rise 21% to GBP92m on a lfl basis. Demand for its unique holidays which now represent over 70% of Summer sales have continued to grow together with bookings made online. It noted that it was 'pleased' with progress in Summer trading with 88% of the programme sold to date, despite strong comparatives and is achieving higher average selling prices across Mainstream overall. It added that it was pleased with Winter 2014/15 trading and had a strong start to UK trading for Summer 2015.

Bellway

Pre-Close Trading Update reports that in response to strong market conditions it has completed the sale of 6,851 homes, an increase of 21.2% on last year with all geographic regions performing well, particularly London. The average selling price (ASP) of homes sold rose by some 10% to GBP213,000, mainly due to changes in product and geographic mix. The growth in both volumes and ASPs has led to an overall rise in housing revenue to around GBP1.46bn, an increase of over 33% and a new record for the company. It has spent cGBP460m on land and land creditors, also a record and ended the financial year with net cash of GBP5m. It added that the strength in demand has enabled it to increase the value of the forward order book by 36% to GBP924.3m, representing 4,363 plots.