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Reports UK

UK stock market morning note (June 10, 2014)

June 10, 2014, Tuesday, 07:37 GMT | 03:37 EST | 12:07 IST | 14:37 SGT
Contributed by SVS Securities

The FTSE 100 is called to open lower this morning having finished at close to a record high in the previous session helped by the performance on Wall Street amid signs of a global economic recovery. Overnight we had domestic economic news out from the BRC reporting that lfl retail sales rose 0.5% in May compared to the same period a year ago with total sales ahead 2%, although there was a clear division between food (declined) and non-food sales which grew. The economic diary today remains focused on the UK with the release of both manufacturing and industrial production figures. Commodity prices are firmer and on the foreign exchanges, the pound is slightly higher against both the dollar and the euro but trading remains in narrow ranges.

Company Announcements

Imperial Tobacco

The company has confirmed that following a review, it is to launch an IPO of Logista, the integrated tobacco distribution and logistics unit in Southern Europe on the Spanish Stock Exchange. Imperial intends to retain the majority of Logista shares.

Ted Baker

IMS reports that group revenue rose 17.9% in the 19 weeks from 26 January to 7 June 2014 compared to the same period a year ago. It described gross margins as in line with its expectations, and broadly in line with last year. Retail sales grew 15.8% with average retail square footage up by 9.5% to 323,872 sq. ft. Its e-commerce business saw sales increase 48.1%, benefitting from a new platform. Wholesale sales were up 25.2%, but noted that notwithstanding this strong performance, it anticipates low double digit growth for the full year.