Reports » UK

UK stock market morning note (January 28, 2013)

The FTSE 100 is called to open slightly higher this morning taking its lead from the positive finish on Wall Street on Friday, although a degree of caution is likely given the gains seen over the past week. At the World Economic Forum in Davos, Mark Carney the incoming Bank of England Governor indicated in a speech that he would emphasize growth and would be willing to see higher inflation for a longer time period in order to support the economy. Today's economic diary is focused on the US with the release of core durable goods orders and pending home sales data. Commodity prices are generally firmer and on the foreign exchanges, the major currencies are trading in narrow ranges.

Company Announcements

MITIE Group IMS reports that it is performing in line with management's expectations and its Balance Sheet remains strong. As of 30 September 2012, it had secured 98% of budgeted revenues for the current financial year and expects to see revenue growth higher in H2 than in H1. It added that its core FM businesses are performing 'exceptionally well' and despite the on-going weak economic conditions affecting its more cyclical markets and some delays in energy infrastructure projects, it remains very positive about the range of outsourcing opportunities across its key markets.

easyJet Directorate Change. It has confirmed weekend press speculation that its Chairman, Sir Mike Rake is to step down this summer. The board has started the process to select and appoint a successor.

AVEVA Group IMS reports that it has continued to perform well overall during the period 1 October 2012 to date with strong cash generation seen in Q3.