UK stock market morning note (January 28, 2014)
January 28, 2014, Tuesday, 10:03 GMT | 06:03 EST | 15:33 IST | 18:03 SGT
The FTSE 100 is called to open flat this morning after the previous session loss with investors focusing on corporate news and the preliminary reading of Q4 2013 domestic GDP due for release. The economic diary also sees US core durable goods orders data out at lunchtime. Commodity prices are flat to slightly firmer and on the foreign exchanges, the pound is up again against both the dollar and the euro but trading within narrow ranges.
British Land IMS reports that it has had a good Q3 and the business is performing well. Overall, it notes that the UK property market had a strong quarter with London strengthening further and domestic and international investment spreading out into the regional markets. Like-for-life occupancy rose 30bps to 97.1% with overall occupancy including recently completed developments now standing at 96.5%. A Q3 dividend of 6.75p has been confirmed, up 2.3% on the prior year.
Fresnillo Production Report notes that annual attributable silver production came in at 42.7Moz, up 4.3% yoy and ahead of the 41Moz guidance. Annual attributable gold production came in at 425,831 ounces, more or less in line with its revised guidance of 425,900 ounces. For 2014, attributable silver production is expected to be 43Moz with attributable gold production expected to return to 450,000 ounces. Cost control and operating efficiencies will continue across its operations and it has kept its annual production target of 65 million ounces of silver and 500,000 attributable ounces of gold by 2018.
Crest Nicholson Final Results see pre-exceptional PBT up 40% at GBP86.8m on revenue ahead 29% at GBP525.7m. There is a final dividend of 6.5p to be paid and it had net cash of GBP42.5m at the year end. Housing legal completions rose 15% to 2,172 and forward sales at mid-January stood at GBP329.5m, 51% ahead of the prior year with 51% of this year's forecast secured. It added that the trading environment is healthy and looks forward to continuing to deliver in 2014.