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Reports UK

UK stock market morning note (March 28, 2014)

March 28, 2014, Friday, 09:42 GMT | 06:42 EST | 15:12 IST | 17:42 SGT
Contributed by SVS Securities

The FTSE 100 is called to open slightly higher this morning with investors remaining in cautious mood following the mixed performances on Wall Street and in Asia. Overnight we had domestic economic news from GfK reporting that its monthly gauge of consumer confidence rose to -5 from -7 in February, the highest level since the autumn of 2007. The economic diary today also sees the release of domestic current account data, the final UK GDP reading and in the US this afternoon the revised University of Michigan consumer sentiment index. Commodity prices are firmer and on the foreign exchanges, the dollar is slightly lower against the pound, euro and yen but all are continuing to consolidate in narrow trading ranges ahead of these data releases. We finish the week again on a quieter note for major corporate news.

Company Announcements

St. Modwen Properties

IMS reports that the business has continued its strong performance since the start of the financial year with further momentum in the commercial and residential marketplace with a growing pipeline of development opportunities and profits and cashflow in line with its expectations. It added that it was well placed to drive further growth of the business and remains focused on generating value for shareholders through its multi-faceted regeneration activities and active approach to asset management.

Stanley Gibbons

Interim and Full Year Results report that sales rose 16% to GBP24.3m and GBP41.6m respectively with trading profits up 9% at GBP4.6m and GBP6.9m respectively. Total revenues generated online represented 9% and 8% of total income in the periods and it has declared a second interim dividend of 4p a share. It added that the most exciting event in the current year is the impending launch of its online collectibles marketplace where it believes there are opportunities, further enhanced by the acquisition of Noble Investments, to deliver substantial online revenues from the global collectibles market.