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UK stock market morning note (March 06, 2013)

The FTSE 100 is called to open slightly lower this morning after reaching its highest level in 5 years in the previous session helped by domestic and US economic data with the Dow closing at a new peak. Today's economic diary sees a speech from the Bank of England Governor and ahead of the US non-farm payrolls data on Friday, the ADP non-farm employment change figures plus at 7.00pm UK time publication of the Beige Book. Commodity prices are slightly firmer as markets continue to digest China's news of maintaining a 7.5% GDP growth target for 2013. On the foreign exchanges, both the pound and euro are slightly higher against the dollar but all are trading within narrow ranges.


Company Announcements

Dignity Preliminary Results saw underlying operating profits grow 8% to GBP69.4m with underlying PBT up 11% at GBP46.1m on revenue ahead 9% at GBP229.6m. The final dividend is raised 10% to 10.75p a share. It added that post the acquisition of Yew Holdings in January, its expectations are positive and unchanged with core operational performance expected to deliver improved profitability in the year.

Legal & General Preliminary Results saw PBT up 9% GBP1.04bn with total APE sales higher at GBP2.11bn. The full year dividend is raised 20% to 7.65p with earnings per share up 12% to 13.9p and return on equity increasing to 15.5%. It added that it had the capability, opportunity and focused ambition to grow earnings further in 2013 and beyond.  

Admiral Full Year Results saw PBT up 15% at GBP345m on turnover ahead 1% at GBP2.22bn. The total dividend is raised 20% to 90.6p a share with year end cash standing at GBP216.6m.