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Reports UK

UK stock market morning note (July 09, 2014)

July 9, 2014, Wednesday, 08:51 GMT | 03:51 EST | 12:21 IST | 14:51 SGT
Contributed by SVS Securities

The FTSE 100 is called to open slightly lower this morning following the performances on Wall Street and in Asia with data out overnight from China showing inflation and producer prices in line with forecasts. The US aluminium company, Alcoa again kicked off the US quarterly earnings reporting season with results that were ahead of expectations. Investors will now be focusing on the release of the FOMC meeting minutes 7.00pm UK time and any update on the direction of US interest rates. This will be followed by a speech from the ECB President Mario Draghi which will also be scrutinised carefully. Commodity prices are flat to firmer and on the foreign exchanges, the major currencies are trading within narrow ranges.

Company Announcements

Galliford Try

Trading Statement reports that it has continued to make strong progress since its May update and expects another record profit with PBT to be at the upper end of analyst forecasts of GBP92.8m-GBP95.2m. The housebuilding unit has achieved increased prices, a record landbank and sales carry forward position together with strong margin progress at Linden Homes. The construction business has delivered a solid performance with further improvements in cash and is seeing increased levels of new opportunities across all divisions. It added that it was starting the new financial year in a strong position, whilst recognising that challenges remain around the supply chain and converting outline planning permission into detailed consents.


AGM/Q1 IMS from the wholesaler reports that total sales including Makro rose 3.8% and lfl excluding Makro ahead 2.9%. Non-tobacco sales in the 12 week period to 20 June 2014 grew 5.4% with lfl ex Makro up 3.6%. It noted that the Makro turnaround was on track with cash and profits in line with expectations. It added that after this good start it anticipates it is on track to meet group expectations for the year to end March 2015. The AGM will seek approval today to implement its capital return to shareholders of 3.50p per ordinary share at a cost of GBP61m.