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UK stock market morning note (September 12, 2012)

The FTSE 100 is called to open lower this morning despite the Dow Jones finishing at its highest level in nearly 5 years overnight in light trading and Asian markets also better as investors now wait on the outcome of the German constitutional court ruling on the euro zone's bail-out fund. Elsewhere the economic diary is focused on the release of the latest domestic unemployment data and US import prices at lunchtime (see below). The Dutch also go to the polls today. Commodity prices are mixed and on the foreign exchanges, the major currencies are trading in a narrow range ahead of the German court decision.

Today's Company announcements

Kingfisher Interim Results saw sales down 3.3% and up 1% in constant currencies at GBP5.48bn with adjusted PBT 15.5% lower at GBP371m, the latter being blamed on the record wet weather in the UK and Northern Europe. However, the dividend has been raised over 25% to 3.09p, calculated as 35% of the prior year's total dividend in line with stated policy. It added that whilst the uncertain economic backdrop has been a feature of its markets for some time, it recognises that this is unlikely to improve for a while with self-help initiatives being accelerated.

Barratt Final Results saw operating profits before exceptional items rise 41.6% to GBP191.1m with PBT and exceptionals ahead over 159% at GBP110.7m on revenues up 14.1% at GBP2.32bn. Average selling prices increased to GBP180,500 and in the last 9 weeks, average net private reservations per week per active site have been in line with the same period a year ago at 0.50. It added that there will be no dividend for the year to end June 2012, but expects to recommend a final dividend in respect of the year to 30 June 2013.