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Reports UK

UK stock market morning note (December 09, 2013)

December 9, 2013, Monday, 08:10 GMT | 03:10 EST | 12:40 IST | 15:10 SGT
Contributed by SVS Securities

The FTSE 100 is called to open higher this morning following the gains on Wall Street and in Asia overnight post Friday's US jobs report and China's trade balance data. The monthly domestic report on jobs out overnight by Markit for the REC/KPMG showed demand for staff via job agencies rose to its highest level since July 1998 with the balance measuring both permanent and temporary placements coming in at 65.6 (64.2). Today's  economic agenda is confined to the all day Eurogroup meetings and a speech from the Bank of England Governor, Mark Carney. Commodity prices are mixed and on the foreign exchanges, the pound is stronger against both the dollar and the euro but trading is within narrow ranges.

Company Announcements

Tullow Oil East Africa Exploration Update reports that the Tultule-1 wildcat well onshore Ethiopia will be plugged and abandoned as a dry hole. However, gas shows were recorded which reaffirm the presence of a hydrocarbon source in  the region. In Kenya, exploration activity continues in Block 10BB with the Amosing-1 well currently drilling and the Ewoi-well expected to spud by the end of the year.

Jupiter Fund Management Directorate Change. Maarten Slendebroek is to succeed Edward Bonham Carter as Chief Executive with effect from 17 March 2014 after joining from BlackRock in September 2012.  Edward Bonham Carter will remain on the Board taking on the new executive role of Vice Chairman.

Balfour Beatty JV Contract Win. It has announced the award of a GBP121m JV contract with Kier to construct a new Defence College of Technical Training at the former RAF Lyneham airbase in Wiltshire for the MOD. Work will start on the site in early 2014 and it is due for completion in the autumn of 2015.