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Reports UK

UK stock market morning note (June 25, 2014)

June 25, 2014, Wednesday, 07:59 GMT | 02:59 EST | 11:29 IST | 13:59 SGT
Contributed by SVS Securities

The FTSE 100 is called to open lower this morning following the overnight performances on Wall Street and in Asia on fresh concerns over the situation in Iraq. The economic diary today sees the release of the CBI distributive trades survey which will be followed at lunchtime in the US with durable goods orders data and the final US GDP reading for the first quarter. Commodity prices are flat to lower and on the foreign exchanges, sterling is lower against both the dollar and the euro. This is following the comments yesterday from the Bank of England Governor Mark Carney suggesting there was scope to absorb more slack in the UK economy before an interest rate increase.


Company Announcements

Babcock

Cavendish Nuclear, the UK's largest specialist nuclear support services organisation and wholly owned Babcock subsidiary has with partner Balfour Beatty been instructed to construct a major new decommissioning support facility at Sellafield. Phase 3 of the Silos' Maintenance Facility contract worth GBP160m is effective immediately and follows the first two phases of work undertaken by the JV. Construction is expected to be complete by 2017.  

Land Securities

It has acquired a 30% stake in the Bluewater shopping centre, Kent from Lend Lease for GBP656m cash. In addition, Land Securities has acquired the full asset management rights for the centre and 110 acres of surrounding land for GBP40m. The overall net initial yield after expiry of rent free periods is 4.1%. Lend Lease will now own 25% of the asset, M&G Real Estate and GIC 35% with Hermes and Aberdeen Asset Management controlling 10%.

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