Updates from Savills and Tullow Oil

The FTSE 100 was knocked back 26.7 points on Friday, ending at 6,844.5. Miners all fell hard with Anglo American down 5.66% to 1457p, Rio Tinto down 4.12% to 3057p and BHP Billiton, down 3.74% to 1868p. Much of the unease stemmed from new concern about Chinese growth, plus some eurozone economic disappointment.

Admiral Group, on the other hand, lifted 2.10% while Smith & Nephew rose 1.65%.
A quiet morning on the corporate news front. We start with a six month trading update from regeneration player St. Modwen Properties. Profits before tax in the first half of the year are anticipated to come in significantly ahead of the first half results for 2013.

Last month it submitted a planning application for the redevelopment of the 57-acre New Covent Garden Market site in Nine Elms, London. Subject to planning consent, development of the new market should commence in 2015.

"Across our income producing portfolio," it says, "we are seeing a continued increase in enquiries and occupancy levels remain high, providing further evidence of the returning confidence to the regional commercial property sector."

Next, Savills announces the completion of its acquisition of Studley, Inc. a leading US independent commercial real estate services firm specialising in tenant "representation".

Savills also announces that on 29 May, Studley Inc. agreed to sell its 4% interest in AOS Partners Holdings SAS the French EMEA-focussed project management business.

"This follows," says Savills, "the announcement on 1 May that the AOS Studley interest would be held as an asset for sale. The sale, which is subject to customary conditions, is due to complete this summer."

Finally, Tullow Oil has announced the appointment of Dr. Michael Daly as a non-executive director with effect from 1 June 2014. Daly has a 28 year career at BP. Most recently, Daly was Executive Vice President Exploration, and a member of BP's Group Executive team.

During his time at BP he held a variety of senior business management and exploration positions including Group Vice President, Exploration & New Ventures; he's a visiting professor at the University of Oxford.

The FTSE 100 oil and gas player recently acknowledged it had failed to uncover oil off Norway. This follows another recent well disappointment from Ethiopia.

Tullow Oil
St. Modwen Properties
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