London pre-open: FTSE due for small gain ahead of construction PMI
British Land Company
403.00p
15:35 14/05/24
Financial Services
14,283.35
15:34 14/05/24
FTSE 100
8,430.02
15:35 14/05/24
FTSE 250
20,635.99
15:35 14/05/24
FTSE 350
4,632.69
15:35 14/05/24
FTSE All-Share
4,584.62
15:35 14/05/24
Household Goods & Home Construction
13,769.65
15:35 14/05/24
Jupiter Fund Management
86.50p
15:34 14/05/24
Real Estate Investment Trusts
2,338.60
15:34 14/05/24
Redrow
706.00p
15:29 14/05/24
London-listed stocks are expected to register a modest gain on Tuesday morning, as investors gear up for a busier second half of the week and see the reopening of US markets after the long weekend.
City sources predict the FTSE 100 will open around seven points higher than Monday's close of 6,825.31.
Tuesday's session will see the release of construction data, with the UK purchasing managers' index (PMI) predicted to fall from 62.4 to 61.4.
Monday saw the UK manufacturing PMI unexpectedly decline from 54.8 to 52.5 in August.
Alpari market analyst Craig Erlam said: "After a quite start to the week due to the Labor day holiday in the US traders will look to get going as what is a heavy week for economic data starts to gear up [...] however Tuesday's session is still one of the quiter sessions of the week.
"With US markets back after the long weekend we can can expect to see volume pick up. Something that will be a huge relief to currency traders."
Overnight, the Reserve Bank of Australia confirmed expectations by maintaining its interest rate at 2.5%, saying it did not anticipate making a change to monetary policy for a considerable period of time, based on the performance of the labour markets.
Back in the UK, and in company news, Jupiter Fund Management has announced that its non-executive chairman, Jamie Dundas, has decided to step down due to ill health. Senior independent non-executive director, Liz Airey, has been appointed as his replacement.
British Land has leased a 5,300 square foot unit at its Nugent Shopping Park in Orpington, Kent, to Metro Bank. The real estate group said that the deal makes "good use" of the relaxation in planning policy earlier in the year, which allowed the change of use from retail classifications A1 to A2.
North-focused housebuilder Redrow lifted profits 91% in the year to end-June and was bullish about the forthcoming 12 months after strong increases to its land bank and order book. Profit before tax rose 91% to £132m, with the government's Help to Buy supporting 35% of completions.
NR