European stock markets posted gains after better-than-expected Chinese growth data prompted investors to move back into equities - Chinese Q1 GDP growth of 7.4 per cent was slightly in advance of analysts' consensus forecast.
IC TIP UPDATES:Following an upsurge in activity, Telford Homes (TEF) said it will report significant growth in margins, profits and the development pipeline for the year to 31 March 2014. It has exchanged contracts for the sale of 515 open market properties in the year and legally completed 492 open market properties in the same period. At March 31, Telford Homes was 98 per cent sold in terms of open market homes expected to legally complete in the year to March 31.
Imperial Tobacco (IMT) is closing down cigarette factories in England and France with the loss of about 900 jobs as it grapples with declining sales in Europe.
KEY STORIES:
Anglo-Australian resource giant BHP Billiton (BLT) has increased its iron ore output, and raised its full-year sales guidance for the key steelmaking input. Despite the effects of the wet season at its Pilbara operations, production for the nine months to the end of March up 21 per cent, with full-year output expectations raised by a further 5m tonnes to 217m tonnes. BHP also revealed that production of steelmaking coal was also 24 per cent higher in the first nine month, while energy coal production was only slightly higher than last year's output.
Tesco (TSCO) has reported a 6 per cent fall in group trading annual profit to £3.3bn as it continues to lose market share to discounters.
UK business supplies distributor Bunzl (BNZL) has announced three acquisitions for £80m in aggregate, after reporting a 5 per cent increase in first- quarter revenues.
Charles Stanley’s (CAY) pre-tax profits are likely to fall 10 per cent short of market expectations due to rising costs. In an update ahead of its full year results on 20 June, the firm said costs had continued to rise, and added that while revenues were well ahead of expectations, profits would be hit.
Quindell (QPP) has provided a first quarter update for 2014 that “exceeded guidance on operating cash flow generation”. Gross sales came in at around £163m, against £167m in 2013, while adjusted EPS stood at 0.82p (2013: 1.1p). Cash at 31 March 2014 was £150m after paying out a significant amount of cash in relation to acquisitions and investments completed in the period
Ink-jet printer specialist Xaar (XAR) is confident full-year expectations will be met. This year, a more stable contribution is expected to be provided by the ceramic decoration segment, following a substantial increase in 2013.
Evraz's (EVR) first quarter consolidated crude steel production was 8 per cent down o the previous three months due to scheduled maintenance works at Russian steel mills. Consequently output of gross steel products declined by 4 per cent due to lower availability of crude steel.
IQE (IQE), a manufacturer of semiconductor wafers, has received its first $1m order agreement for InSb substrates which are used in advanced mid-wave infrared imaging technology.
OTHER COMPANY NEWS:
Following a shareholder backlash over bonuses, Crawford Gillies will join Barclays' (BARC) board as a non-executive director in the coming weeks and will take over the chairmanship of the bank's remuneration committee later in 2014.
Begbies Traynor's (BEG) latest Red Flag Alert shows a distress levels down 7 per cent year-on-year. The Red Flag Alert monitors the financial health of corporate UK, shows that levels of 'critical' financial distress among UK has fallen, although it also revealed that quarter on quarter figures indicate a 4 per cent increase in critical distress.
