Early morning call

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UK Corporate Announcements

  • Michael Page International announces an H1 gross profit of £273.9m and Q2 gross profit of £138m down 6.6% and sees a challenging Q3 ahead
  • JJB Sports warns that it now sees sales materially short of expectations after 22 week LFL sales fell 8%
  • Bovis Homes states that trading has been in line and details that it has sold 944 homes from 801 last year, at an average price up 1%
  • Betfair responds to the news from Cyprus on Friday that it was to introduce additional regulation for online poker, stating that the legislation contains serious flaws
  • RM announces an H1 adjusted pre-tax profit of £3.9m with revenues of £122m up 3.7%, but does see revenues declining ‘for some period’
  • Carclo details today that it is to raise up to £13.3m in a placing
 

UK Market News

  • Paul Tucker is expected to testify ahead of the Treasury Select Committee today, with the focus on a phone call held in 2008 with Bob Diamond, as The Telegraph suggests he was aware of the industry practices of manipulating Libor rates a year before he allegedly gave tacit approval to Barclays to lower its bids
  • The FT suggests that Xstrata may release this week a ‘supplementary scheme circular’, after increased questions in recent weeks on the move from Glencore, and on reports that it may delay the vote on the deal until September
  • Virgin Media has sent a letter to UK Business Secretary stating that it remains ‘deeply concerned’ with BSykB’s market dominance and that it was restricting competition
  • The Times suggests that Lloyds could lose 30% on the expected value on sales of toxic loans and struggling companies, getting around £700m, under initial expectations of around £1bn
  • While the paper suggests that Barclays may list its BarCap investment bank unit on the NYSE
 

UK Analyst Upgrades

  • Dunelm Rated New Buy At Deutsche Bank, Pt 610P
  • Moneysupermarket Raised to Overweight from Neutral at JPMorgan
  • Tf1Reed Elsevier Raised To Buy Vs Neutral At Citi
 

UK Analyst Cuts

  • Filtrona Cut To Neutral Vs Buy At Citi
  • Nomura Sees Downside Risks to Guidance for European Utilities
  • Prosiebensat.1Pearson Cut To Neutral Vs Buy At Citi
 

UK Insider Buys

  • Barr (A.G.) Plc, (BAG), 1 insider(s) bought 10,174 shares, £4.22
  • Essar Energy Plc, (ESSR), 1 insider(s) bought 10,000 shares, £1.24
  • Wilmington Group Plc, (WIL), 1 insider(s) bought 10,000 shares, £0.87
 

UK Insider Sells

  • None detailed

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