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UK stock market morning note (June 06, 2014)

June 6, 2014, Friday, 07:48 GMT | 02:48 EST | 12:18 IST | 14:48 SGT
Contributed by SVS Securities

The FTSE 100 is called to open higher this morning following the overnight performances on Wall Street which saw both the Dow Jones and S&P finish at record highs after confirmation from the ECB that it was cutting interest rates and would do more if required to fend off the deflation risk in Europe. The economic diary today focuses on the release of domestic trade balance figures and the US non-farm payrolls data at lunchtime. Commodity prices are mixed and on the foreign exchanges, the dollar is slightly higher against both the pound and euro but all the major currencies are virtually range bound ahead of the US jobs data outcome. It is a quiet end to the week for major corporate news.


Company Announcements

Fuller, Smith & Turner

Final Results see adjusted PBT up 10% to GBP34.1m on revenue ahead 6% at GBP288m. The total dividend is raised 10% to 15.10p a share. At the operational level, it saw industry leading lfl sales growth of 8.3% in managed pubs and hotels, strong growth in food and accommodation with lfl sales in both areas up 10.4%, tenanted inns lfl profits rose 2% and total beer and cider volumes grew 1%. It noted that it had made a 'very good' start to the new financial year with lfl sales in its managed pubs and hotels up 8% in the 9 weeks to end May 2014, lfl profits in the tenanted estate ahead 4% and total volumes in the Beer Company up 10%. It added that the combination of its high quality estate, premium brands and healthy Balance Sheet puts it in an excellent position going forward.

Low & Bonar

Pre-Close Trading Statement from the performance materials company reports that it has made good progress in H1 with sales on a constant currency basis expected to be some 10% ahead of the same period a year ago. It noted that results will be more H2 weighted than previous years, reflecting the acquisition of Texiplast. It added that trading momentum is good entering this traditionally stronger period and is confident of delivering another year of 'significant' financial progress, notwithstanding foreign exchange rate headwinds.