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Reports UK

UK stock market morning note (August 28, 2014)

August 28, 2014, Thursday, 07:22 GMT | 02:22 EST | 10:52 IST | 13:22 SGT
Contributed by SVS Securities

The FTSE 100 is called to open slightly lower this morning following the muted performances on Wall Street and in Asia. Overnight we had the British Chambers of Commerce slightly upgrading its UK GDP forecast for this year to 3.2% (3.1%) on the back of stronger household consumption. The economic diary today also sees the release of the CBI realised sales survey, US preliminary GDP figures, the latest US weekly jobless claims and US pending home sales. Commodity prices are mixed and on the foreign exchanges, the dollar is weaker against the pound, euro and yen ahead of these data releases.

Company Announcements

Tullow Oil

It has announced 'successful' results from a series of exploration, appraisal and testing activities conducted in Blocks 10BB and 13T onshore Kenya. It noted that Etom-1 in Block 13T has successfully extended the South Lokichar rift bounding fault play northwards and it looked forward to testing the southern area of the basin. It added that continued success in appraisal of the Ngamia and Amosing fields in Block 10BB reinforce its belief that the South Lokichar basin holds 'very considerable potential' which it hopes to replicate in additional basins.


Half Year Results from the landscape products specialist see revenue up 15% to GBP180m with operating profit and PBT ahead 60% and 75% at GBP15.6m and GBP14m respectively. The interim dividend is raised 14% to 2p a share. It noted that having experienced strong growth in the period, forward indicators continue to be positive in all its major end markets, adding that the medium term objective is to return to the much higher revenue and profit levels achieved before the recession.