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Reports UK

UK stock market morning note (September 05, 2014)

September 5, 2014, Friday, 07:31 GMT | 02:31 EST | 11:01 IST | 13:31 SGT
Contributed by SVS Securities

The FTSE 100 is called to open lower this morning given the lack of clear direction provided overnight on Wall Street and in Asia after the ECB measures with investors now looking ahead to the main economic event of today which is the US non-farm payrolls report due out at lunchtime. Commodity prices are flat to better and on the foreign exchanges, the dollar is slightly higher against the euro and yen but all the major currencies are trading in narrow ranges ahead of the US jobs report. It is another quiet end to the week for major corporate news.


Company Announcements

Tullow Oil

It has announced the sale of its Netherlands Blocks L&Q gas assets to a subsidiary of Mercuria Energy for USD81.1m with completion expected during early 2015. The portfolio comprises a suite of seven licence interests and six developed fields producing 1,500 boepd net to Tullow. The company's guidance for North Sea production will be revised once the sale completes. It added that the sale is a further step in the company's planned divestment of its North Sea gas assets in order to focus on conventional light oil. The previously announced sale of its interests in UK Schooner and Ketch unit to Faroe Petroleum for USD75.6m is on track to complete before the end of the year and noted that the divestment of its remaining UK & Dutch gas assets is 'progressing well'.