New York: 01:09 || London: 06:09 || Mumbai: 11:39 || Singapore: 14:09

Reports » UK

UK stock market morning note (May 27, 2014)

May 27, 2014, Tuesday, 09:57 GMT | 04:57 EST | 14:27 IST | 16:57 SGT
Contributed by SVS Securities

The FTSE 100 is called to open higher this morning following the gains yesterday in Europe with the UK and US markets shut for public holidays. The economic diary today sees the release of US core durable goods orders and CB consumer confidence data with a speech from the ECB President Mario Drahi also in focus. Commodity prices are mixed and on the foreign exchanges, the dollar is weaker against the pound and euro but better against the yen, although all are trading within narrow ranges ahead of these data releases and Mario Draghi's speech. It is a quieter start to this shorter UK trading week for major corporate news.


Company Announcements

Lloyds Banking Group

It has confirmed press speculation of its intention to float TSB as mandated by the European Commission. Lloyds is to sell an initial 25% in the IPO and is required to sell down its remaining stake before the end of December 2015. The offer is expected to take place next month which will see TSB list on the main market of the London Stock Exchange. The offer will be available to institutional investors and to intermediaries with the latter facilitating the participation of retail investors. The terms of the intermediary offer will see each retail investor entitled to receive 1 free share for every 20 shares acquired (up to GBP2,000) and held for one year after the IPO, subject to certain terms and conditions which will be set out in its Prospectus. TSB is the seventh largest retail banking group in the UK by branch network and has a retail customer base of 4.5m. It expects to pay an inaugural dividend in respect of the 2017 financial year.