Crude oil futures traded in a narrow band in Asian markets overnight in advance of oil inventory data from the American Petroleum Institute due out later today. The market is also awaiting an update from OPEC, so we can expect UK industry stocks to react.
IC TIP UPDATES:
In the latest of a flurry of recent deals, Amec Foster Wheeler (AMFW) has won a contract from Hyundai Engineering for the design and supply of two 150-megawatt steam generators for Therma Visayas, a subsidiary of Aboitiz Power, for a new power plant, which will be located in the central province of Cebu in the Philippines.
Cheshire-based Pets at Home (PETS) reported like-for-like sales up 4.2 per cent in its first year since admission to the LSE, driven by a focus on health and wellbeing. The company now expects annual revenues to surge by almost a tenth to £729m following strong growth.
Tyneside-based Utilitywise (UTW) increased half-year revenues by 43 per cent to almost £30m, while pre-tax profits were up 56 per cent to £6m. The energy management company also revealed the acquisition of t-mac Technologies for an initial consideration of £10m.
Sky (SKY) UK operation has reported its best subscriber growth and lowest rate of attrition in more than a decade. Sky’s UK operation added 127,000 new customers in the company’s third quarter, a 41 per cent increase. Total revenues across Sky’s European business grew 5 per cent to £8.45bn in the nine months to the end of March.
Shoe Zone (SHOE) has warned that its full-year results will be “below market expectations” after warm autumn and winter seasons hit sales and profits.
KEY STORIES:
Today the Trader, Nicole Elliot, highlights China’s attempts to shore up the domestic property market by cutting one per cent off the amount of money banks must hold against loans outstanding (reserve requirement ratio), which took the rate down to 18.5 per cent.
Rio Tinto (RIO) reported a fall in quarterly iron-ore shipments as it faced setbacks from bad weather and a train derailment at its operations in Western Australia.
Chariot Oil & Gas (CHAR) is to initiate a new farm-out process for the Rabat Deep project, offshore Morocco, because its existing partner, Woodside, has decided not to fund drilling.
UK food ingredients manufacturer Tate & Lyle (TATE) has announced a restructuring of its operations, saying it would back out of most of its European bulk ingredients business and make changes to its Splenda sucralose unit.
Following the signing of a Memorandum of Understanding agreement between Vodafone Group (VOD) and MTN Group to interconnect their mobile money services, customers of M-Pesa and MTN Mobile Money in East Africa will be able to transfer money to each other.
Associated British Foods (ABF) reported a 4 per cent fall in adjusted pretax profits for the first half - it now expects a modest decline in adjusted earnings per share for the full year. Primark sales were up 12 per cent on last year to £2.5bn, while sugar sales were down 10 per cent to £928m.
ARM Holdings (ARM) has reported revenues up 22 per cent to £227.5m in the first quarter, reflecting an underlying sales boost for its technology used by the likes of Apple and Samsung
OTHER COMPANY NEWS:
IBM reported a 12 per cent decrease in revenues, the tech giant’s 12th straight quarter of comparative declines, due to the stronger US dollar and weakness in its hardware business.
Across the pond, attention will also centre on Yahoo Inc and Verizon Communications, both of which will update the market on first quarter earnings.
Meanwhile, Pay-day lender Wonga has slipped to its first annual loss - £37.3m - amid a major regulatory overhaul of the industry.
Credit Suisse has reported a 23 per cent rise in first quarter profits, helped by gains in its securities trading and wealth management divisions.
