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Reports UK

UK stock market morning note (July 04, 2014)

July 4, 2014, Friday, 09:57 GMT | 04:57 EST | 13:27 IST | 15:57 SGT
Contributed by SVS Securities

The FTSE 100 is called to open flat this morning after the gains in the previous session led by the US following better than expected US jobs data and services sector growth which saw the Dow finish at a record level. However, UK market volumes are expected to be light today with the US now shut for Independence Day with no domestic economic news due out as we look set to end the week on a quieter note for major corporate news. Commodity prices are slightly lower and on the foreign exchanges, the pound is slightly higher against both the dollar and the euro but all are are trading within narrow ranges.


Company Announcements

William Hill

It has confirmed the appointment of James Henderson as CEO effective from 1 August 2014 and is appointed to the Board as CEO Designate with immediate effect. He is currently Group Operations Director and has been with the company for 29 years. He replaces Ralph Topping who is standing down after 44 years with William Hill, the last 6 as Chief Executive.

Serco

It has been informed by Transport for London that it has been unsuccessful in its rebid to manage, operate and maintain the franchise for the Docklands Light Railway (DLR). The current franchise which was due to end on 14 September 2014 has been extended to 7 December 2014 whereupon it will transfer to the new franchisee. Serco has operated the DLR since 1997 and last year the franchise generated revenue of GBP90m or 2% of the company's revenues at a margin it describes as 'significantly below the average' level it achieves on its contracts.