London pre-open: FTSE to rise on reports of central bank action

Date: Friday 15 Jun 2012

City sources predict the FTSE 100 will open up 28 points from yesterday's close of 5,467, boosted pushed higher by reports that central banks are possibly planning coordinated action if required after this coming weekend's Greek elections.

With votes scheduled in Greece, Egypt and France this week-end, the banks are ready in the event that liquidity is required to ensure that there is sufficient cash is flowing through the financial system, G20 officials told the Reuters news agency.

SSE is set to become Ireland's third biggest electricity company after it announced a multi-million pound takeover of Endesa Ireland. The company is paying €320m - around £256m - plus an estimated €43m (£34m) for working capital. SSE will takeover four power plants as well as another that is under construction.

Temporary power provider Aggreko has put in a strong performance in the first half of 2012 while its London Olympics contract should ensure the second half gets off to a good start. "We anticipate that first half underlying group revenue will grow by around 15% and trading profit by around 20%. On a reported basis, group revenue and trading profit are expected to increase by around 14% and 25% respectively," the group said.

Struggling specialist engineering services provider Lamprell has successfully delivered Hull 108, thereby meeting the terms of its contract with Grupo Mexico. Lamprell took over the contract from Maritime Industrial Services (MIS) when it acquired the firm in July 2011. As a result of the successful delivery of the rig, Lamprell will repay $70m of debt to MIS which was outstanding under an acquisition term loan. Hull 108, a completely outfitted and equipped, self-elevating mobile offshore drilling platform, is designed to operate in water depths of up to 300 feet and has a rated drilling depth of 30,000 feet.

« Go back to news channel

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE