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Barclays is interested in expanding its retail bank business in the US (WSJ).
Standard Life, an insurance and financial services provider, reported FY09 net flows across the Group up 51% to £6.5bn (2008: £4.3bn), assets under administration up 15% to £170bn (31 December 2008: £148bn). EEV operating profit before tax was £919m (2008: £933m) and IFRS profit after tax attributable to equity holders reached £213m (2008: £100m). The Co commented: "Standard Life starts 2010 in a good position. We will continue to drive shareholder value through being a customer-centric business, focused on long-term savings and investments propositions. We are stepping up our investment in our leading corporate and retail propositions during 2010 and are excited by the many opportunities across our markets. We have also announced an increase to our efficiency targets which will improve margins. These actions will enable Standard Life to grow profits more strongly."
Tullow Oil, an oil and natural gas explorer and producer, reported FY pretax profit of £19m (appx. £70m expected) vs £299m a year ago. Basic EPS dropped 94% to 1.9p. Final dividend was left unchanged at 4p. Operating cash flow before working capital fell 28% to £374m. The Co's CEO commented: "A strong performance in 2009 and an excellent start to 2010 has enabled the Group to continue to create material exploration and development opportunities. Although our 2009 reported results still reflect a period of financial transition, first oil in Ghana from the Jubilee field later this year will result in considerable production growth and increased cash flow. Our transformational exploration programme continues apace with up to 30 wells planned for 2010. In Uganda we are working closely with the government and two potential new partners to accelerate development. Our future growth is well underpinned by a significantly strengthened capital structure and overall the performance prospects for the Group are very strong."
Thomas Cook Group is hosting an event for analysts and investors today at 9am. "The focus will be on strategy and will review progress since the merger and highlight opportunities to add scale and margin to the Group...There will be no update on current trading." the Co said.
Inchcape, a motor vehicles retailer, is expected to report FY pretax profit of appx. £145m on sales of appx. £5.5bln vs £108m and £6.26bln respectively a year ago.
Cape, Costain Group, Laird Group, Yule Catto & Company, Chime Communications, Melrose, British Assets Trust, Glanbia, F&C Asset Management, Songbird Estates, Interserve: FY results expected.
Personal & Household Goods, banks and basic resources shares fell most in London yesterday.
Banks: Barclays (+0.23% to 345.8p) reached a new 3-month relative high against the FTSE 100 whereas HSBC Holdings (-0.67% to 701.1p) reached a new 3-month relative low.
Basic Resources: Mondi Plc (+1.78% to 439.8p) reached a new 3-month relative high against the FTSE 100.
Chemicals: Johnson Matthey (+1.56% to 1697p) reached a new 3-month relative high against the FTSE 100.
Financial Services: Investec (+0.77% to 526.5p) closed at a 3-month relative high against the FTSE 100.
Industrial Goods & Services: Imi Plc (+0.08% to 625p), Tomkins (+0.09% to 218p) and Weir Group Plc (+7.86% to 926.5p) closed at a 3-month relative high against the FTSE 100 whereas De La Rue (-0.37% to 934.5p), Hays (-0.1% to 103p) and Homeserve Plc (-1.08% to 1645p) reached a new 3-month relative low.
Insurance: Old Mutual (+1.84% to 121.6p) closed at a 3-month relative high against the FTSE 100.
Media: Pearson (+0.25% to 1001p) reached a new 3-month relative high against the FTSE 100.
Personal & Household Goods: Bellway (-2.09% to 678p) closed at a 3-month relative low against the FTSE 100.
Real Estate: Liberty International (-4.05% to 486p) closed at a 3-month relative low against the FTSE 100.
Travel & Leisure: Firstgroup (-0.53% to 360.3p) closed at a 3-month relative low against the FTSE 100.
Utilities: Drax Group (-0.61% to 376.1p) closed at a 3-month relative low against the FTSE 100.
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Latest broker recommendations
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Shanks Group was upgraded to "buy" from "neutral" at Goldman Sachs.
Rotork was upgraded to "hold" from "sell" at Investec.
Wolseley was upgraded to "hold" from "sell" at ING.
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| NYFP.TV |
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| Today’s Corporate Events (FTSE 350 universe) |
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F&C Asset Management FY results
Inchcape FY results
Interserve FY results
Laird Group FY results
Melrose FY results
Standard Life FY results
Tullow Oil FY results
Admiral Group: ex-div (16.1p)
Ashmore Group: ex-div (3.66p)
Aberforth Smaller Cos-Ord: ex-div (6p)
Bat: ex-div (71.6p)
Brewin Dolphin Holdings: ex-div (3.55p)
British Assets Trust Plc-Ord: ex-div (1.44p)
Dunelm Group: ex-div (3p)
Edinburgh Investment Trust: ex-div (4.75p)
F&C Commercial Property Trust: ex-div (0.5p)
Great Portland Estates Plc: ex-div (5p)
Hargreaves Lansdown: ex-div (1.6p)
Helical Bar: ex-div (2.75p)
Kier Group: ex-div (18.5p)
Keller Group: ex-div (14.5p)
Meggitt: ex-div (5.75p)
Morgan Sindall: ex-div (30p)
Rit Capital Partners Plc: ex-div (4p)
Restaurant Group: ex-div (6.3p)
Schroders: ex-div (21p)
Schroders (Non Voting): ex-div (21p)
Shire: ex-div (5.91p)
Spirent Plc: ex-div (0.66p)
Serco Group: ex-div (4.4p)
Standard Chartered: ex-div ($0.45)
Savills Plc: ex-div (6p)
Temple Bar Investment Trust: ex-div (23p)
Tr Property Investment Trust: ex-div (3.45p)
Tr Property Investment Trust: ex-div (1.1p)
Tui Travel: ex-div (7.7p)
Wood Group (John) Plc: ex-div ($0.07)
William Hill: ex-div (5p)
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| Director Dealings |
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No major transaction.
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| GBP / USD (15min) |
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| FTSE 100 (15min) |
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| TechMARK (15min) |
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| FTSE 250 (15min) |
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Germany / Austria
Munich Re confirmed its target for FY10 net income before minority interests of appx. E2bln. The reinsurer sees gross claims of appx. E500m from the earthquake in Chile and from winter storm Xynthia.
Fraport reported 3.3m passengers in February 2010, slipping slightly by 1.0% year-on-year. Cumulative passenger figures for January and February 2010 still advanced by 1.3% year-on-year. With 33,348 takeoffs and landings, the Co registered a 3% drop in aircraft movements compared to February 2009 - and a 1.7% dip for the first two months of 2010. (filing).
E.ON is expected to report FY09 adjusted net income of appx. E5.8bln vs E1.27bln a year ago.
GAGFAH reported FY09 FFO at E190m or E0.84 per share in 2009 vs E200m or E0.89 per share in 2008.
IVG Immobilien AG posted a FY09 net loss of E158m compared with a loss of E452m a year ago.
Axel Springer AG's FY net income after minorities fell to E303m from E560m a year ago.
Schoeller-Bleckmann, A-Tec: FY results expected.
Wacker Chemie: shareholders meeting
Fraport traffic data
Chemicals: Lanxess (+1.55% to E30.9) closed at a 3-month relative high against the Dax.
Industrial Goods & Services: MAN SE (+0.89% to E56.5) closed at a 3-month relative high against the Dax.
Automobiles & Parts: Rheinmetall AG (+3% to E50.9) reached a new 3-month relative high against the Dax.
France
JC Decaux, an advertising on street furniture seller, reported FY09 revenues down 11.5% YoY to E1.9bln (in line) and organic revenues down 10.9%. EBIT decreased by 48.1% to E123m and net income fell by 77.3% to E24.5m (E40m expected). Free cash flow was up 11.1% to E165m. the Executive Board did not recommend the payment of a dividend for the 2009 financial year, "reflecting the Board's view that it is prudent in current conditions to ensure that the Group is well positioned to take advantage of opportunities that may arise in its markets". Looking forward, the Co said: "The more positive advertiser sentiment we reported in January 2010 has continued during the 1Q of this year and we currently anticipate that JCDecaux can achieve positive organic revenue growth of around 5% in Q1 2010." (filing).
Faurecia: One Equity Partners and Lee Gardner sold a 4.8% stake in the Co.
Saint Gobain et Lafarge were downgraded to "sell" from "hold" at ING.
GL Events delivered a FY09 net income down to E25m from E29m.
Lagardère is expected to report FY net income of appx. E400m on sales of appx. E8bln vs E593m and E8.2bln respectively a year ago, after-mkt.
FFP: FY results expected.
Industrial Goods & Services: Thales (-1.22% to E29.65) reached a new 3-month relative low against the Cac 40.
Technology: Iliad (-0.7% to E78.1) closed at a 3-month relative low against the Cac 40.
Media: TF1 (-0.7% to E12.15) reached a new 3-month relative low against the Cac 40.
Spain / Portugal / Greece
Na
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| Today’s economic events (CE time) |
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GE 08:00: Jan Trade Balance, exp.: 14.5B
GE 08:00: Jan Current Account (E), exp.: 15.0B
GE 08:00: Jan Imports SA MoM, exp.: 1.2%
GE 08:00: Jan Exports SA MoM, exp.: 0.5%
GE 08:00: Feb F CPI MoM, exp.: 0.2%
GE 08:00: Feb F CPI - EU Harmonised MoM, exp.: 0.2%
FR 08:45: Jan Industrial Production MoM, exp.: 0.1%
FR 08:45: Jan Manufacturing Production MoM, exp.: 0.2%
UK 10:30: Jan Industrial Production MoM, exp.: 0.3%
UK 10:30: Jan Manufacturing Production MoM, exp.: 0.2%
US 13:00: 03/05 MBA Mortgage Applications
US 16:00: Jan Wholesale Inventories, exp.: 0.2%
UK : Feb NIESR GDP Estimate
US 20:00: Feb Monthly Budget Statement, exp.: -$222.0B
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| Indices |
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Last |
Daily
Change |
% YTD |
| FTSE 100 |
5,602 |
-4.42 |
3.50 |
| FTSE 250 |
9,775 |
-11.71 |
5.03 |
| FTSE techMARK 100 |
1,852 |
-0.75 |
8.62 |
| Dow Jones |
10,564 |
11.86 |
1.31 |
| Nasdaq 100 |
1,901 |
10.49 |
2.21 |
| S&P 500 |
1,140 |
1.95 |
2.27 |
| DJ Euro STOXX 50 |
2,881 |
1.42 |
-2.84 |
| Dax |
5,886 |
9.98 |
-1.20 |
| Cac 40 |
3,910 |
6.47 |
-0.67 |
| SMI |
6,868 |
17.12 |
4.93 |
| Nikkei 225 |
10,569 |
0.99 |
0.21 |
| Hang Seng |
21,216 |
7.95 |
-3.00 |
| ASX |
4,819 |
-0.80 |
-1.05 |
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| Bonds |
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Last % |
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Last % |
| 10Y Gilt |
4.05
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US 10Y T-Note
|
3.70
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| 10Y Bund |
3.13
|
US 30Y T-Bond
|
4.67
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| EUR / USD (15min) |
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| USD / JPY (15min) |
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| Dax 30 (15min) |
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| Cac 40 (15min) |
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| Euro Stoxx 50 (15min) |
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| Important Notice: |
The statements which appear in this communication are sourced from the research providers
stated in each case and may be publicly available from their respective websites.
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© 2008 City Index Ltd
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