Scottish Mortgage Share News (SMT)

LONDON (Alliance News) - UK shares have opened higher Thursday as markets shake off a weak reading on the US economy in the first quarter released Wednesday.

The London Stock Exchange Group tops the FTSE 100, up 4.4%, after it said it has agreed to acquire Russell Investments from Northwestern Mutual for USD2.70 billion in cash, as the stock exchange seeks to broaden its scope in the US. The LSE said it intends to fund the acquisition with USD1.60 billion in net proceeds from a rights issue to take place in September, with the remaining USD1.10 billion through bank debt.

Here is what you need to know at the UK market open:
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MARKETS
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FTSE 100: up 0.2% at 6,746.71
FTSE 250: up 0.5% at 15,525.72
AIM ALL-SHARE: up 0.2% at 779.88
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Hang Seng: up 1.2% at 23,132.50
Nikkei 225: closed up 0.3% at 15,308.49
DJIA: closed up 0.3% at 16,867.51
S&P 500: closed up 0.5% at 1,959.53
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GBP-USD: slightly down at USD1.6979
EUR-USD: slightly up at USD1.3633

GOLD: down at USD1,312.44 per ounce
OIL (Brent): down at USD114.05 a barrel

(changes since end of previous GMT day)
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ECONOMICS AND GENERAL
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Thursday's Key Economic Events still to come
(all times British Summer Time)

All Day EU European Council meeting
10:30 UK BOE's Governor Carney speech
10:30 UK Financial Stability Report
11:00 Ireland GDP
13:30 US Fed's Lacker speech
13:30 US Jobless Claims
13:30 US Personal Income and Consumption
15:30 US EIA Natural Gas Storage
16:00 US Kansas Fed manufacturing activity
18:05 US Fed's Bullard speech
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Polish Prime Minister Donald Tusk on Wednesday won a confidence vote he called after members of his cabinet were implicated in a scandal over leaked recordings that has severely embarrassed his government. Tusk was backed by 237 parliamentarians out of 440 who cast votes. The confidence vote came ahead of a EU summit due to start Thursday in Brussels.
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FRANCE JUNE CONSUMER CONFIDENCE 86 VS. 85 IN MAY, CONSENSUS 85
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Iraqi Prime Minister Nuri al-Maliki remained defiant on Wednesday as he rejected calls for a national unity government, a move that can only deepen the country's political rifts as an Islamist-led insurgency gains ground. "The call to form a national salvation government constitutes a coup against the constitution and the political process," he said in a televised address. The US has pushed for an inclusive government in Baghdad, citing charges by minority Kurds and Sunnis that al-Maliki, a Shiite, has marginalized them during his eight years in power. US Secretary of State John Kerry renewed that call during meetings Monday with officials in Baghdad. In Brussels on Wednesday, Kerry welcomed al-Maliki's remarks saying they were broadly in line with Washington's demands.
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Israeli Economy Minister Naftali Bennett launched an unusually strong verbal attack on Palestinian President Mahmoud Abbas, calling him a "mega-terrorist." "Those who call the moderate president a peace-maker should look at the facts, not the words, not what Abu Mazen (Abbas) says but what he does," said Bennett, of the pro-settler Jewish Home party. Abbas supports the two-state solution and non-violence, and faces criticism at home by hardliners for continuing to call for peace negotiations with Israel, despite many Palestinians having lost faith in them.
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US President Barack Obama on Wednesday welcomed outgoing Israeli President Shimon Peres to the White House for private talks. Obama and Peres met with American Jewish community leaders, then held a working lunch and another meeting in the Oval Office. The White House did not release details of their discussions. Peres, 90, will finish his final term next month, the end of a 65-year political career.
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South Korean President Park Geun-hye asked the country's current prime minister to remain in office after two potential replacements withdrew their names from consideration, Yonhap news agency reported. Park said she "could not leave the situation as it is," a senior presidential press secretary was quoted as saying. Current Prime Minister Chung Hong Won had offered to resign in April following the Sewol ferry disaster that claimed hundreds of lives. The search for new candidates was twice set back by revelations about their pasts. One candidate was cited for ethical lapses; another was criticized over his alleged pro-Japanese views.
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BROKER RATING CHANGES
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PANMURE CUTS GLAXOSMITHKLINE TO 'HOLD' ('BUY') - TARGET 1650 (1750) PENCE
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BARCLAYS CUTS IMAGINATION TECH TO 'UNDERWEIGHT' ('EW') - TARGET 190 (185) PENCE
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TRADERS: JPMORGAN INITIATES INCHCAPE WITH 'OVERWEIGHT' - TARGET 735 PENCE
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COMPANIES - FTSE 100
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The London Stock Exchange Group PLC said it has agreed to acquire Russell Investments from Northwestern Mutual for USD2.70 billion in cash, adding that it intends to fund it with USD1.60 billion net proceeds from a rights issue to take place in September, with the remaining USD1.10 billion through bank debt, as the stock exchange seeks to broaden its scope in the US. In a statement, the stock exchange said the acquisition will enable it to combine Russell's index business with FTSE, bringing together USD5.2 trillion of assets benchmarked to Russell and an estimated USD4.0 trillion of equities benchmarked to FTSE. The stock exchange said it expects the acquisition to add to its earnings from its first full year in total, with Russell's index business to add to earnings from the second year on a standalone basis.
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A US Food and Drug Administration advisory committee Wednesday recommended against the accelerated approval for AstraZeneca PLC's ovarian cancer drug olaparib based on mid-stage study results. The FDA Oncologic Drugs Advisory Committee voted 11 to 2 that the current evidence from clinical studies does not support an accelerated approval for use of olaparib. The investigational drug is indicated as a maintenance treatment for women with platinum-sensitive relapsed ovarian cancer who have the germline BRCA (gBRCA) mutation, and who are in complete or partial response to platinum-based chemotherapy. The sales potential for this drug is reportedly pegged at USD2 billion.
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New York state's top law enforcer Wednesday filed fraud charges against Barclays PLC over its dark pool, LX Liquidity Cross, alleging that the bank has favoured high-frequency traders at the expense of other investors. Eric Schneiderman, the state attorney-general, accused Barclays of demonstrating a "disturbing disregard" for its investors in a "systematic pattern of fraud and deceit." The complaint alleges that Barclays has actively sought to attract high-frequency traders by giving them "systematic advantages" over others trading in its own dark pool.
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COMPANIES - FTSE 250
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Electronics retailer Dixons Retail PLC and mobile phone retailer Carphone Warehouse Group PLC, both reported higher profits and revenues for their last financial years driven by strong trading in the UK, boding well for their upcoming merger. Last month, the two retailers agreed to merge in a GBP3.6 billion deal that will create the UK's biggest retailer of mobile phones and electrical goods. The European Commission cleared the merger on Wednesday.
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DS Smith PLC said pretax profit jumped in its full-year as revenues rose on organic growth and the first 12 month contribution from the legacy SCA Packaging business acquired in 2012. The recycled packaging for consumer goods supplier said in its results for the financial year 2013/2014 that pretax profit more than doubled to GBP167 million, up from GBP82 million last year. Revenue rose 10% to GBP4.04 billion up from GBP3.67 billion the previous year. The company also increased its dividend per share by 25% to 10.0 pence per share, up from the 8.0 pence per share paid in 2013.
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Galliford Try Appointed To Four New Contracts Worth GBP82M
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John Wood Group Says FY EBITDA To Be In Line With Expectations, Up On 2013
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Ophir Energy: Drilling Operations Have Concluded On Okala-1 Well In Mbeli Block Offshore Gabon; No Significant Hydrocarbon Shows In The Target Reservoirs At Gabon Site
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Debenhams PLC said it had priced its offering of GBP225 million Senior Notes due 2012 at 5.25%. The size of the offering has been increased from its previously announced GBP200 million offer. Debenhams said the offering is expected to close July 2, and the proceeds from the offering will be used to prepay credit facilities and pay fees and expenses related to the offering and sale of the notes.
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COMPANIES - MAIN MARKET AND AIM
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Construction and engineering business Costain Group PLC Thursday said it remains on course to deliver a half-year result in line with its expectations, after it won a number of profitable contracts in 2014. Costain said its forward order book currently stands at GBP3.2 billion compared with GBP3.0 billion at the end of December. It said 90% of its order book comprises repeat orders. Overall, GBP950 million of revenue has been secured for 2014.
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HML Holdings PLC aid it has acquired PG Ashton Property Management Company Ltd, a property management business based in Romford, Essex, in a deal worth GBP463,000 in cash. HML said the transaction includes an additional performance-related retention payment of GBP93,000 which will, subject to the achievement of certain criteria, be paid in 12 months time. PG Ashton, which was founded in 1989 to provide lettings and block management property services, reported revenue of GBP386,000 in its most recent financial year. HML said the acquisition is expected to be immediately earnings enhancing.
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Lamprell Receives Acceptances For 97% Of GBP120M Rights Issue
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Crawshaw Says LFL Sales Up 13% In Year To Date; Intends To Appoint CEO With Relevant Experience; Says Kevin Boyd Will Remain Managing Director
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Dart Group FY Pretax Profit Up 4% To GBP42.1M From GBP40.5M Year Before; Revenue GBP1.12B, Up 29% From GBP869.2M Year Earlier; Full-Year Dividend 2.74p, Up 47% From 1.87p; Expects Current Year Operating Profit To Be Lower Than Market Expectations, Based On Summer 2014 Bookings
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Hurricane Energy Completes Test Of Lancaster Horizontal Appraisal Well; Achieved Sustainable Oil Flow Rate Of 9,800STB/d
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Science In Sport FY Pretax Loss GBP1.2M, Widened From GBP186K; Revenue GBP6.8M, Up From GBP5.5M Year Before; Names Vivienne Sparks As Finance Director
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600 Group FY Pretax Profit GBP2.7M Vs GBP1.0M; Says Increased Market Share In US And Europe Despite Challenging Trading Conditions
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Monitise Acquires Business, Assets Of Markco Media Ltd; Says Deal To Be Satisfied By GBP24.5M In Issued Shares, Plus GBP2.5M In 2 Years; Says Deal Has Additional Earn-Out Consideration Of GBP28M In Ordinary Shares Over 2 Years
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Everyman Media Group CEO Andrew Myers To Leave At End Of 2014; Says Will Begin Search For New CEO
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James Latham FY Pretax Profit GBP10.5M Vs GBP7.0M; Revenue GBP163.1M Vs GBP143.1M;Says This Year April, May Revenue Up 6% On Last Year's Corresponding
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Pinewood Shepperton FY Pretax Profit GBP3.6M Vs GBP1.3M; Revenue GBP64.1M Vs GBP55.0M; Increases Final Dividend To 1.9p
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WH Ireland Opens New Private Wealth Management Office, Makes Senior Appointments
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Fastjet FY Average Revenue Per Passenger Up To USD95.20 Vs USD46.30; Average Load Factor 72%
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Photo-Me International FY Pretax Profit GBP30.1M Vs GBP24.3M; Revenue GBP186.6M Vs GBP195.6M; Dividend 3.75p Vs 3.00p
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Thursday's Scheduled AGMs/EGMs

Exillion Energy
Scottish Mortgage Investment Trust
Aberdeen New Thai Investment Trust
JD Sports Fashion
NMC Health
Stobart Group
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By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite

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