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Reports UK

UK stock market morning note (March 05, 2014)

March 5, 2014, Wednesday, 08:19 GMT | 03:19 EST | 12:49 IST | 15:19 SGT
Contributed by SVS Securities

The FTSE 100 is called to open lower this morning with the situation in Ukraine a key focus of market attention. Today's economic diary will see the release of domestic services PMI data followed in the US this afternoon with the ADP non-farm employment figures and the ISM non-manufacturing PMI. Commodity prices are mixed and on the foreign exchanges, the pound is up against both the dollar and the euro but all the major currencies are within narrow trading ranges as more news is awaited about Ukraine.

Company Announcements

Legal & General Preliminary Results see PBT up 10% to GBP1.13bn with net inflows amounting to GBP17bn. LGIM now has GBP450bn of assets under management and Cofunds with GBP64bn of assets is described as the UK's largest savings platform. Net cash rose 16% to GBP1bn and the dividend is increased by 22% to 9.30p per share. It added that the business has continued to perform strongly in the first two months of 2014 but external risks to the broader economy and markets remain with the biggest risk to economic progress being the persistent backdrop of political and regulatory uncertainty.

Admiral Full Year Results see PBT up 7% to GBP370m on turnover 8% lower at GBP2.03bn. The full year dividend is raised 10% to 99.5p a share. It added that 2013 was the 'year of the baked potato', in that it was solid but not flashy.

Carillion Final Results see revenue down 7% as expected to GBP4.1bn and underlying PBT 13% lower at GBP174.7m due to the rescaling of UK construction. The dividend is raised 1% to 17.5p with its order book plus probable orders standing at GBP18bn. It noted that it has 81% revenue visibility for 2014 with its pipeline of contract opportunities worth some GBP37.5bn.

Dignity Preliminary Results see PBT up 9% at GBP49.6m on revenue ahead 12% at GBP256.7m. The final dividend is raised 10% to 11.83p. It added that as expected, 2014 has started quietly, however its expectations for the year remain positive and unchanged.