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UK stock market morning note (January 29, 2013)

The FTSE 100 is called to open higher this morning although gains may be limited as investors look ahead to the outcome of the US Federal Reserve meeting tomorrow evening UK time. Today's economic diary is confined again to the US with the publication of consumer confidence data this afternoon. Commodity prices are generally firmer and on the foreign exchanges, the pound is up against both the dollar and the euro but within narrow trading ranges.

Company Announcements

Anglo American Minas-Rio Update reports that capex for the iron ore project in Brazil is projected to increase to USD8.8bn if a centrally held risk contingency of USD600m is utilised in full. The company will now record an impairment charge of USD4bn at the end of December 2012 on a post tax basis. It added that it is targeting first ore on ship by the end of 2014, from previous estimates of late 2013, but despite the difficulties, continues to be confident of the medium and long term attractiveness and strategic positioning of Minas-Rio and remains committed to the project. 

National Grid IMS reports a continuing 'solid performance' reflecting good financial delivery and sustained investment in attractive long-term growth assets. It noted that it expects to announce its new dividend policy for the period from April 2013 by the time of its full year results in May 2013. It added that it was reconfirming its positive outlook for 2012/13 and overall was well positioned to deliver another year of good operating and financial performance.

William Hill Trading Statement reports that net revenue in the 53 weeks to 1 January 2013 was up 12% and adjusted operating profits ahead 20%. Online net revenue rose 27% and retail net revenue grew 6%. It added that Q4 delivered a strong end to the year and with both the acquisition of Sportingbet's online business in Australia and the current Playtech call option process expected to conclude during early 2013, it was continuing to enhance its strong platform for the continued development of the business.