FTSE 100 called higher at the outset
The FTSE 100 is called to open higher this morning following the late rally on Wall Street as we come to the end of the Q1 session. Investors are likely to take a somewhat cautious stance however as markets prepare to digest news coming out from day 1 of the euro Finance Ministers meeting as to whether a rise in the euro zone's firewall will be agreed and further US economic data (see below). Overnight we had domestic economic news showing that UK consumer confidence fell in March by more than expected with the headline balance from the GfK NOP survey coming in at -31. Commodity prices are in the main mixed and on the foreign exchanges, the major currencies are range bound ahead of news about the euro zone situation and the US economic backdrop.
Tate & Lyle Trading Statement reports that it has delivered a 'solid' final quarter in line with its expectations which consolidates a 'good' performance for the full financial year. However, it noted that net debt would be higher than that reported at the end of last year due to increased working capital demands on the business as a result of keeping US corn silos full in response to anticipated tight supply running up to the next harvest.
SSE Pre-Close Period Statement notes that it continues to expect to deliver a full year dividend increase of at least 2% more than RPI inflation, and of around 80p a share and a rise in adjusted PBT for 2011/12 of a level similar to that seen in each of the last 3 years. It added that in line with the IMS in January 2012, the financial statements are likely to include a non-cash exceptional impairment in the book value of Keadby and Medway power stations. Capital and investment capex for 2011/12 is forecast to be around GBP1.7bn, which is designed to support future dividend growth and it continues to prioritise the successful completion of large capital projects.
STOCK/MARKET: CFDREGION: EuropeCOUNTRY: United Kingdom
CATEGORY: CFDsPUBLISHED: 30 Mar 12