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Reports UK

UK stock market morning note (May 30, 2014)

May 30, 2014, Friday, 07:33 GMT | 03:33 EST | 12:03 IST | 14:33 SGT
Contributed by SVS Securities

The FTSE 100 is called to open flat to slightly higher this morning following the overnight performance on Wall Street which saw the S&P finish at a record high. Overnight we had domestic economic data out showing that consumer confidence continued to improve and business surveys also painting a positive backdrop with the British Chamber of Commerce upping its UK growth forecast this year to 3.1% (2.8%) and the CBI reporting that its measure of economic growth had reached its highest level since its series had commenced in 2003. The economic diary today will now focus on the US with the release of the revised University of Michigan consumer sentiment index. Commodity prices are flat to lower and on the foreign exchanges, the dollar is slightly weaker against the pound, euro and yen but all remain within narrow trading ranges. It is a quiet end to the week for major corporate news.


Company Announcements

Fenner

Trading Update for the year to end August 2014 reports that it expects to see significantly weaker results in the US than previously anticipated and lost out to a competitive tender in western Australia both in respect of its ECS division. It added that the combined impact of these ECS factors could be to reduce its group underlying PBT by 10-15% relative to the prevailing market consensus forecast of GBP77.6m. However, it noted that the performance and outlook of its AEP division for the remainder of the financial year and beyond is unchanged and encouraging.

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