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Reports UK

UK stock market morning note (May 29, 2014)

May 29, 2014, Thursday, 08:23 GMT | 04:23 EST | 11:53 IST | 14:23 SGT
Contributed by SVS Securities

The FTSE 100 is called to open flat this morning following the mixed overnight performances on Wall Street and in Asia together with commentary on UK monetary policy from Bank of England MPC member Martin Weale. The economic diary today focuses on the US with the release of prelim GDP data, the latest weekly jobless claims and pending home sales figures. Commodity prices are mixed and on the foreign exchanges, the dollar is weaker against the pound, euro and yen but all are within narrow trading ranges ahead of these data releases.

Company Announcements


It has confirmed the appointment of Chris Weston as Chief Executive Officer, the current Managing Director, International Downstream at Centrica where he is responsible for both British Gas and Direct Energy in the US. He is expected to join Aggreko next year once he has completed his commitments at Centrica. Aggreko's interim CEO, Angus Cockburn will continue in the role but will step down from the group later in the year. Aggreko also confirmed that Carole Cran, current interim CFO becomes CFO and an Executive Director with immediate effect.


Q1 Trading Statement reports that total sales rose 6.1% (lfl +6.1%) to GBP2.78bn with retail profit increasing by over 20% to GBP142m. It is also to return around GBP100m via a special dividend of 4.2p per share. The growth in sales and profit were driven by favourable weather compared to the corresponding period a year ago and 'encouraging' underlying signs in the UK and Poland offset by ongoing weak consumer confidence in France. It added that whilst Q1 was encouraging, it is one of its smallest and will annualise stronger figures in Q2, so will look at the whole of H1 to properly assess its underlying performance.