Schroder Real Share News (SREI)

LONDON (Alliance News) - Barclays leads FTSE 100 gainers at the open Wednesday after beating consensus forecasts for its half-year adjusted profit, as UK shares are mixed ahead of some key economic data later in the session.

Tullett Prebon received upgrades from UBS and HSBC after promising cost cutting in its half-year results published Tuesday.

Here is what you need to know at the UK market open:
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MARKETS
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FTSE 100: down 0.1% at 6,800.24
FTSE 250: up 0.1% at 15,696.68
AIM ALL-SHARE: flat at 771.23
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Hang Seng: up 0.3% at 24,716.45
Nikkei 225: closed up 0.2% at 15,646.23
DJIA: closed down 0.4% at 16,912.11
S&P 500: closed down 0.5% at 1,969.95
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GBP-USD: down at USD1.6934
EUR-USD: flat at USD1.3405

GOLD: flat at USD1,299.00 per ounce
OIL (Brent): up at USD107.60 a barrel

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

10:00 EU Consumer Confidence and Business Climate
n/a Italy 10-year Bond Auction
12:00 US MBA Mortgage Applications
13:00 Germany Consumer Price Index
13:00 Russia Gross Domestic Product
13:15 US ADP Employment
13:30 US Gross Domestic Product
13:30 Canada Industrial Product Price and Raw Material Price Index
13:30 US Personal Consumption Expenditures Prices
15:30 US EIA Crude Oil Stocks
18:00 US 7-Year Note Auction
19:00 US Fed Interest Rate Decision and Monetary Policy Statement
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The EU and US ratcheted up pressure on Russia Tuesday with the toughest round yet of sanctions against Moscow for its involvement in Ukraine. EU ambassadors agreed to impose economic sanctions on Russia over its involvement in Ukraine - the toughest restrictive measures pursued by the bloc so far. Details of the EU sanctions are to be finalized by Thursday and should enter into force by the end of that day, diplomats said. Shortly after the EU announcement, the US upped its own sanctions against Bank of Moscow, Russian Agricultural Bank, and VTB Bank OAO, a ship builder and the energy sector.
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Industrial output in Japan was down 3.3% on month in June, the Ministry of Economy, Trade and Industry said on Wednesday. That was well shy of forecasts for a decline of 1.2% following the 0.7% increase in May. On a yearly basis, industrial production added 3.2% - also missing expectations for 5.2% but up from 1.0% in the previous month. Upon the release of the data, the METI downgraded its assessment of output, saying that industrial production has weakened. The METI had previous held that output had been flat.
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At least 20 people were killed and more than 50 injured when Israeli tanks shelled a school used as an emergency shelter by refugees in Gaza, the Health Ministry said. Ministry spokesman Ashraf al-Qedra said tanks shelled the school run by the United Nations Relief and Works Agency in the northern Gaza refugee camp of Jabalia early Wednesday. Witnesses told Gaza radio stations that several tanks hit the al-Hussein school where scores of civilians had taken refuge after fleeing their homes during Israeli airstrikes.
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BROKER RATING CHANGES
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HSBC CUTS NEXT TO 'NEUTRAL' ('OVERWEIGHT') - TARGET 7350 PENCE
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TRADERS: MORGAN STANLEY CUTS SAINSBURY TO 'EQUAL-WEIGHT' ('OVERWEIGHT')
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UBS RAISES TULLETT PREBON TO 'NEUTRAL' ('SELL') - TARGET 250 (230) PENCE
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UBS REMOVES TULLETT PREBON FROM 'LEAST PREFERRED LIST' DIVERSIFIED FINANCIAL
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HSBC RAISES TULLETT PREBON TO 'OVERWEIGHT' ('NEUTRAL') - TARGET 311 PENCE
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BARCLAYS CUTS TULLETT PREBON PRICE TARGET TO 265 (335) PENCE - 'EQUAL WEIGHT'
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SOCGEN CUTS TULLETT PREBON PRICE TARGET TO 245 (305) PENCE - 'HOLD'
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TRADERS: NUMIS CUTS HISCOX TO 'HOLD' ('ADD')
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TRADERS: NOMURA CUTS BETFAIR TO 'REDUCE' ('NEUTRAL')
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HSBC INITIATES PHOENIX GROUP WITH 'OVERWEIGHT' - TARGET 825 PENCE
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COMPANIES - FTSE 100
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ITV PLC pledged to grow its full-year ordinary dividend by at least 20% per year over the next three years, starting from this year, as it saw pretax profit rise in the half year to end-June. The broadcaster proposed an interim dividend of 1.4 pence, up from 1.1 pence, which it said would be roughly a third of its full year dividend. ITV posted a pretax profit of GBP250 million, up from GBP179 million, as revenue rose to GBP1.23 billion from GBP1.14 billion.
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SSE PLC said it is 'disappointed with a number of elements' in the UK energy market regulator's decision to force its subsidiary Scottish and Southern Energy Power Distribution to significantly reduce prices for customers and upgrade the UK's electricity network. The UK energy regulator Ofgem on Wednesday set out its proposed price control settlements for five of the six companies that run Britain's local electricity network, forcing the companies to spend GBP17 billion to upgrade and maintain the network.
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Building merchants Travis Perkins PLC reported an increase in pretax profit for the first half, boosted by a combination of improving market conditions, increasing customer confidence and the successful introduction of a number of self-help initiatives. FTSE100-listed Travis Perkins posted pretax profit of GBP153.7 million for the six months ended June 30, up 14% from GBP134.7 million a year earlier, as revenue rose to GBP2.73 billion from GBP2.45 billion.
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Severn Trent PLC outlined a number of changes to its Executive Committee responsibilities, attributed by the company to plans to prepare the business for the next regulatory period. Executive Director Andy Smith will move over from the Water Services division to take the new role of managing director of Business Services. This will include Severn Trent Services, a Retail for Non-Households Water Services unit and the newly-created renewable energy business. Martin Kane, executive director and the current chief executive of Severn Trent Services, will become chief engineer. Simon Cocks, currently responsible for Waste Water Services and a member of the Severn Trent Executive Committee, will become managing director of Wholesale Operations, a merger of its Water and Waste Water teams.
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British American Tobacco PLC reported lower profit and revenue for the first half of the year as it was hit hard by the comparative strength of sterling, although sales and profit rose at constant rates as volume declines moderated and it raised tobacco prices and further cut operating costs. The company, one of the world's biggest tobacco companies, reported a pretax profit of GBP2.61 billion for the six months to June 30, down from GBP2.99 billion a year earlier, as revenue declined to GBP6.80 billion, from GBP7.57 billion.
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Barclays PLC reported a 6.7% fall in first-half adjusted pretax profit, as adverse currency movements and a fall in the profitability of its investment bank were only partially offset by improvements in personal and corporate banking, Barclaycard and its 'non-core' division. In a statement, Barclays said it made a GBP3.35 billion adjusted pretax profit in the first six months of 2014, compared with a GBP3.59 billion adjusted pretax profit in the corresponding period last year. According to consensus provided by the bank, analysts had forecast a GBP2.96 billion adjusted pretax profit. The adjusted figures, which strip out items including own credit, costs of provisions for mis-sold products, and goodwill impairment, were presented alongside statutory results showing a 49% increase in pretax profit to GBP2.50 billion from GBP1.68 billion.
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Rio Tinto PLC said it has reached an agreement to sell its subsidiary Rio Tinto Coal Mozambique, which holds the Benga coal mine and other projects in the Tete province of Mozambique, for USD50 million. The FTSE 100 listed mining company said the subsidiary, which was acquired when the company bought over Riversdale Mining Ltd in 2011, would be sold to International Coal Ventures Private Ltd.
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Compass Group Says Outlook For Full Year Positive And Unchanged; Q3 Organic Revenue Growth 4.0% On Comparable Working Day Basis
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Antofagasta Remains On Track To Meet FY Guidance Of 700,000t copper, 270,000oz Gold, 7,500t Molybdenum; 2 Copper Production Up 5.5% On Previous Quarter to 178,800T
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AstraZeneca To Acquire Almirall's Respiratory Franchise; Initial Consideration USD875M On Completion; Almirall Deal Worth Up To USD1.22B In Milestones; Says Almirall Deal Will Have No Effect On 2014 Guidance
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COMPANIES - FTSE 250
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Pets At Home Says Confident In Expectations For Full Year; Q1 Total Revenue Grew 10% To GBP210.8M; Q1 Like-For-Like Sales Growth Of 4.1%; Q1 Merchandise Revenue Grew 9% To GBP192.5M, With Food Up 8.8%, Accessories Up 9.2%
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Dignity H1 Pretax Profit GBP31.5M, Down 1.6%; Revenue GBP133.1M, Down 0.1%; Says Overall Expectations For Year Are Positive And Unchanged; Declares 6.49p Interim Dividend, Vs None Year Before
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National Express On Course To Deliver 2014 Profit Expectations At Constant Currency; Interim Dividend Up 3% to 3.35p; H1 Revenue GBP939.5M, Down From GBP956.7M Year Before; Pretax Profit GBP23.4M, Down From GBP34.3M
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Polymetal H1 Gold Equivalent Production Up 17% To 657,000oz; Says It Expects to Exceed FY Production Guidance Of 1.3Moz By Roughly 5%
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Taylor Wimpey H1 Revenue GBP1.19 B Vs GBP1.01B; Pretax Profit GBP178.4M Vs GBP109.0M;Increases Maintenance Dividend 9% To 0.24 Pence
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Schroder Real Estate To Sell Hinckley Site For GBP4.5M To Redrow
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Vedanta Resources Q1 Total Revenues Up, USD3.06B Vs USD2.87B; Q1 EBITDA Up, USD1.04B Vs USD1.03B
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Rightmove H1 Revenue GBP80.4M Vs GBP67.2M; Pretax Profit GBP58.8M Vs GBP44.6M; Increases Interim Dividend 18% To 13 Pence
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Segro H1 Revenue GBP137.6M Vs GBP168.4M; Pretax Profit GBP226.5M Vs GBP20.3M;Declares Interim Dividend Of 4.9 Pence
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Moneysupermarket.com Interim Dividend 2.31p Vs 2.16p; H1 Profit After Tax GBP21.0M Vs GBP15.1M;Says July Trading Continued Q2 Improvement; Says FY Expectations Remain Unchanged
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WS Atkins Says Traded In Line With Expectations Since April
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Jupiter Fund Mgmnt H1 Net Inflows GBP1.3B Vs GBP0.4B; H1 Pretax Profit GBP48.4M Vs GBP59.1M; H1 Dividend 3.7p Vs 3.5p
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Diploma Says Q3 Trading In Line With Expectations
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International Personal Finance H1 Revenue GBP394.1M Vs GBP360.3M
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Victrex Says Trading In Line With Expectations
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COMPANIES - MAIN MARKET AND AIM
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Smurfit Kappa Q2 Pretax Profit EUR124M Vs EUR70M; Q2 Revenue EUR2.02B Vs EUR2.02B; Q2 Ebitda Margin 14.6% Vs 13.4%; Raises Interim Dividend 50% To 15.375 Euro Cents;Expects To Report Earnings Growth In 2014
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Aer Lingus H1 Pretax Loss EUR14.1M, Vs EUR28.2M Loss Year Before; Q2 Pretax Profit EUR36.3M, Vs EUR22.9M Year Before; Aer Lingus H1 Revenue EUR697.2M, Vs EUR657.9M Year Before; Q2 Revenue EUR437.8M, Vs EUR398.2M Year Before; Q2 Passenger Load Factor 80.1%, Vs 78.4% Year Before; Q2 Passengers Carried 2.78M, Up 4.4% From 2.67M Year Before;Expects 2014 Operating Profit Before Items At Least In Line With 2013 At EUR61.1M
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Greggs H1 Pretax Pre-Items Profit GBP16.9M Vs GBP11.4M; Keeps H1 Dividend At 6.0p; H1 Sales GBP373M Vs GBP362M, Like-For-Like Up 3.2%
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Devro H1 Pretax Profit GBP1.6M Vs GBP16.2M; Maintains 2.70p Interim Dividend; H1 Revenue GBP109.7M Vs GBP118.9M; FY Trading Results Outlook Unchanged
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Stanley Gibbons Says H1 Expected To Be In Line With Expectations; Says H1 Expectations Depend On Completion Of Sales Expected In August; Says Company Is 'Well Placed' For Remainder Of Year
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VP Acquires Certain Balfour Beatty Rail Assets For GBP5.5M; Acquires Trackside Plant And Equipment Rental Activity
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Wednesday's Scheduled AGMs/EGMs

Stanley Gibbons Group
Sepura
Montanaro UK Smaller Companies Investment Trust
RENN Universal Growth Investment Trust
WS Atkins
CML Microsystems
Fastjet
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By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite

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