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Reports UK

UK stock market morning note (June 09, 2014)

June 9, 2014, Monday, 11:05 GMT | 06:05 EST | 14:35 IST | 17:05 SGT
Contributed by SVS Securities

The FTSE 100 is called to open higher this morning following Friday's performance on Wall Street and overnight in Asia. There is no major economic data due for release today which also sees bank holidays in France and Germany. Commodity prices are mixed and on the foreign exchanges, the dollar is slightly weaker against the pound, euro and yen but all remain within narrow trading ranges. It is a quiet start to the week for major corporate news.

Company Announcements

Lloyds Banking Group

It has announced the price range for the TSB IPO at between 220p and 290p per share and at the mid-point of the price range, TSB's market value would be GBP1.275bn. Final pricing is expected to be announced on or around 20 June 2014, with conditional dealings in TSB shares beginning on the London Stock Exchange the same day.

Man Group

It has agreed to acquire Pine Grove Asset Management, a US-based credit-focused fund of fund manager with USD1bn of assets under management. It will add to Man's fund of hedge funds business in the US and provides further product diversification. Financial terms were not disclosed but the transaction is expected to close in Q3 2014.