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Reports UK

UK stock market morning note (August 22, 2014)

August 22, 2014, Friday, 09:36 GMT | 04:36 EST | 13:06 IST | 15:36 SGT
Contributed by SVS Securities

The FTSE 100 is called to open flat to slightly lower this morning with investors adopting a cautious stance ahead of the Jackson Hole conference which will see speeches from both the Federal Reserve Chair Janet Yellen and ECB President Mario Draghi this afternoon and evening UK time respectively. There is no other key economic data due for release today as we head into the extended Bank Holiday weekend. Commodity prices are flat to firmer and on the foreign exchanges, the dollar is slightly weaker against the pound, euro and yen on profit taking ahead of the central bankers speeches.


Company Announcements

London Stock Exchange

In June it announced the proposed acquisition of the Frank Russell Company for GBP1.6bn in cash which is subject to shareholder approval in September. It has today announced a fully underwritten rights issue to raise net proceeds of GBP938m to part fund the cash consideration for the deal on the basis of a 3 for 11 rights issue at 1,295p per new share. The LSE also announced results for the 3 months to end June 2014 showing revenue ahead 12% on an organic and constant currency basis at GBP299.9m, with growth across nearly all business segments and adjusted PBT up 26% at GBP129.8m. It noted that activity in both primary and secondary markets so far in the current quarter has been good and the pipeline of companies looking to raise capital on its markets remains 'encouraging', adding that it was well placed to benefit from continued positive market trends.

Henry Boot

Half Year Results see operating profit up 79% to GBP14m with PBT ahead 81% at GBP13.4m. The interim dividend is raised 7.7% to 2.1p with NAV per share virtually unchanged at 149p. It added that it currently anticipates trading profits including revaluation gains to exceed the Board's initial expectations for the year but will keep the market advised of progress.

RSA

It has announced the GBP130m sale of operations in Singapore and Hong Kong and subject to receiving the relevant regulatory approvals in each country, the transactions are expected to complete during H1 2015.