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Reports UK

UK stock market morning note (June 26, 2014)

June 26, 2014, Thursday, 07:49 GMT | 02:49 EST | 11:19 IST | 13:49 SGT
Contributed by SVS Securities

The FTSE 100 is called to open higher this morning following the overnight performances on Wall Street and in Asia. The economic diary today sees the release of the Bank of England Financial Stability Report  which will be scrutinised for any potential measures it looks to recommend on the housing market together with the Bank of England Governor Mark Carney's accompanying speech. This will be followed at lunchtime in the US with the publication of the latest weekly jobless claims and it is also day 1 of the EU Economic Summit. Commodity prices are mixed and on the foreign exchanges, the dollar is slightly weaker against the pound, euro and yen but all are within narrow trading ranges.


Company Announcements

Dixons

Final Results see underlying PBT up 76% to GBP166.2m and up 10% on a restated basis on underlying sales ahead 3% at GBP7.22bn. Online sales rose by 16% to GBP1bn and costs fell by a further GBP45m to complete the two year GBP90m cost reduction initiative. Gross margins were 0.2% lower and it ended the year with net cash of GBP70.9m having now exited all of its non-core markets. It noted that the new financial year has started well, with an uplift in TV sales driven by the World Cup, adding that it also believed it was seeing the 'early glimmers of a consumer recovery', although there was no certainty just yet.

John Wood Group

Trading Update reports that performance for the year to date is ahead of expectations in Wood Group PSN - Production Services and in line with expectations in Wood Group Engineering, although Turbine Activities is behind expectations. It added that it continues to anticipate full year EBITA to be in line with expectations, and up on 2013.

Barclays

It has confirmed the complaint filed by the New York State Attorney General relating to its SEC-registered Alternative Trading System which provides alternative liquidity to market participants. The complaint makes a number of allegations, including fraud and deceptive practices and seeks unspecified monetary damages and injunctive relief. Barclays added that it will update the market if appropriate, in due course.