October 16, 2018 / 7:01 AM / a month ago

UPDATE 1-UK Stocks-Factors to watch on Oct 16

(Adds company news items and futures)

Oct 16 (Reuters) - Britain’s FTSE 100 index is seen opening 1 point higher at 7,031 with FTSE 100 futures up 0.01 percent ahead of the cash market open on Tuesday.

* BELLWAY: British housing developer Bellway Plc launched a cost savings program on Tuesday to boost margins after reporting a more than 14 percent rise in full-year pre-tax profit and reiterating a warning about future margins.

* BATS: British American Tobacco, the second-biggest international tobacco company by revenue, cut its full-year revenue target for next-generation products on Tuesday, citing a flat market in Japan and a product recall in the United States.

* MERLIN ENTERTAINMENT: Britain’s Merlin Entertainments, operator of tourist attractions such as Madame Tussauds, said the impact on its business of terror attacks was abating as it forecast 2018 results in line with market expectations.

* MEGGITT: British engineering company Meggitt raised its estimate for 2018 organic revenue growth to 7 to 8 percent from earlier guidance of 4 to 6 percent, boosted by higher demand for its wheels, brakes, fuel tanks and other aeroplane parts.

* DRAX: British power producer Drax has agreed to buy Scottish Power’s portfolio of pumped storage, hydro and gas-fired power generation assets for 702 million pounds ($922.85 million) in cash.

* ENERGEAN: Greek energy firm Energean said on Tuesday it plans to complete the process of a secondary listing on the Tel Aviv Stock Exchange on Oct. 29.

* OIL: Oil prices rose on Tuesday on signs Iranian oil exports this month have fallen from September ahead of U.S. sanctions against Tehran that are set to start in November.

* GOLD: Gold prices held steady on Tuesday near last session’s 2-1/2-month high as risk-averse investors sought refuge in the metal amid rising political tensions and economic uncertainty.

* The UK blue chip index closed 0.5 percent higher on Tuesday, dragged down by profit warnings from ConvaTec and Superdry.

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

TODAY’S UK PAPERS

> Financial Times

> Other business headlines (Reporting by Samantha Machado)

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