UK stock market morning note (February 10, 2014)
February 10, 2014, Monday, 09:31 GMT | 04:31 EST | 15:01 IST | 17:31 SGT
The FTSE 100 is called to open higher this morning following the gains on Wall Street although Asian markets have been mixed. There is no key economic data due for release today for investors to focus on and it is also a quieter start to the week for major corporate news. Commodity prices are flat to slightly firmer and on the foreign exchanges, the pound is up against both the dollar and the euro but trading is in narrow ranges.
Catlin Final Results see the international speciality property/casualty insurer and reinsurer report a 27% increase in PBT to USD432m with a record net underwritng contribution of USD1bn, of which 48% of the latter was produced by non-London underwriting hubs, up from 33% in 2012. The combined ratio fell to 85.6% (90%) and it has raised its annual dividend by 5% to 31p (49.8 cents).
Hyder Consulting IMS reports that results for the financial year are expected to be materially below current market expectations due to delays in new contract awards in Australia following the election and project delays in the Middle East. It noted that the order book is in line with the end of September 2013 level and it remains in a strong financial position with its intentions in relation to the final dividend unchanged. It added that the UK's trading performance is encouraging and the level of bidding activity and opportunities in Australia and the Middle East are good with its order book and positioning leaving it well placed to take advantage of future growth opportunities.