January 11, 2017 / 7:54 AM / in 2 years

UPDATE 1-UK Stocks-Factors to watch on Jan 11

(Adds futures, companies items)

Jan 11 (Reuters) - Britain’s FTSE 100 index is seen opening down 16 points on Wednesday, according to financial bookmakers, with futures down 0.1 percent ahead of the cash market open.

* The UK blue chip index hit fresh record highs on Tuesday, boosted by gains among retailers, while a rally in mining stocks more than offset weaker financials, helping European shares end slightly in positive territory. It closed up 0.52 percent at 7275.47 points.

* SAINSBURY’S: Sainsbury’s, Britain’s second-biggest supermarket, on Wednesday beat forecasts for underlying sales in its Christmas quarter and said it was well placed to deal with the pressures it faces in 2017.

* COBHAM: British engineering group Cobham said it made 245 million pounds ($298 million) in trading profit in 2016, at least 10 million pounds short of its target, and as a result of poorer than expected trading would scrap its final dividend.

* FOXTONS GROUP: London-focussed estate agent Foxtons said it expected core earnings to nearly halve to a lower-than-expected 25 million pounds ($30 million) in 2016, as sales fell for much of last year, hit by the Brexit vote and a property tax hike.

* CINEWORLD: British cinema operator Cineworld Group Plc said full-year group revenue rose 8.3 percent on a constant currency basis as movies such as “Star Wars: Rogue One”, “Fantastic Beasts and Where To Find Them”, and “The Jungle Book” drew record number of viewers to its screens.

* TULLOW OIL: Africa-focused oil producer Tullow Oil said Chief Operating Officer Paul McDade will be its next chief executive, replacing CEO and founder Aidan Heavey who will become chairman.

* SHELL: Royal Dutch Shell Plc shut a gas oil hydrotreater on Tuesday after a fire on a coking unit at its 285,500-barrel-per-day (bpd) joint-venture refinery in Deer Park, Texas, Energy News Today reported.

* OIL: Oil rose on Wednesday, lifted by reports of Saudi supply cuts to Asia, but gains were capped by a lack of detail about the reductions and because of signs of rising supplies from other producers.

* OIL PRODUCTION/SPENDING: Oil and gas companies will increase spending in 2017 and more than double new project developments as they gain confidence that a two-year oil price slump is behind them, consultancy Wood Mackenzie said.

* BREXIT/EU: The extent of Britain’s future membership of the European Union’s single market will be determined in upcoming Brexit negotiations with the bloc, a junior minister in Britain’s Brexit department said on Tuesday.

* BRADFORD & BINGLEY: Sale of nationalised mortgage bank Bradford & Bingley has attracted a range of hedge funds and private equity firms but only one UK Bank, who are in the final stages of bidding for 12.5 billion pounds of mortgages being sold by the UK government, the Financial Times reported on Wednesday citing people briefed on the plans. on.ft.com/2j4jNiT

* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets


> Financial Times

> Other business headlines * Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B and Vidya L Nathan in Bengaluru; Editing by Sunil Nair)

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