Market News and Views
The FTSE 100 is called to open lower this morning as investors wait for news about Ireland's debt situation and its potential impact on the euro zone as ongoing concerns that the Chinese will tighten monetary policy continue to fester. The market will have domestic economic data and US figures later in the session to focus on (see below) which includes the Minutes of the Bank of England MPC which may provide some direction on UK interest rates. Ex-dvidend factors will take off over 10 points from the FTSE 100 this morning.
Today's Company announcements
Centrica IMS reports that it continued to perform strongly in Q3 and overall expects forecast operating profits to be slightly ahead of current market expectations with EPS in line with current estimates.Barratt Developments IMS notes a 9% rise in total average selling prices for the financial year to date and said whilst the autumn selling season has been weaker than anticipated, its encouraging performance on price is expected to drive margin growth for the year.
Northern Foods Propsed Merger. Announces recommended merger with Greencore with the combined group to be called Essenta Foods. Northern and Greencore shareholders to hold 50% each of the merged company and it expects cost synergies of £40m pa to be realised within 3 years. The merger is expected to complete during the Q2 of 2011.
ICAP Interim Results saw a 4% rise in net profit to £98m on the back of a better performance in its electronic broking business on revenue ahead 9% at £867m. It added that the 'current range of analysts forecasts for ICAP's profits are reasonable'.
Experian Interim Results saw a 10% fall in PBT with revenues increasing 8% and the dividend rising 29%. It added that trends were improving across all regions and was targeting a modest improvement in its full year EBIT margin
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