London pre-open: Stocks set for positive start ahead of US data
UK stock markets are expected to open higher following the long weekend ahead of a quiet morning for economic data, though things are scheduled to pick up later in the afternoon.
Cineworld Group
0.38p
08:19 28/07/23
FTSE 250
19,719.37
17:09 24/04/24
FTSE 350
4,419.71
17:09 24/04/24
FTSE All-Share
4,374.06
16:44 24/04/24
Micro Focus International
532.00p
16:40 30/01/23
Ryanair Holdings (CDI)
€14.41
17:14 17/12/21
Software & Computer Services
2,412.52
17:09 24/04/24
Travel & Leisure
7,630.10
17:09 24/04/24
City sources predict the FTSE 100 will open 16 points higher than Friday's close of 7,031.72. The index is clawing its way back towards its all-time closing high of 7,103.98 reached on 27 April.
The Confederation of British Industry's UK quarterly distributive trades survey at 10:00 is to the only major economic indicator of the morning.
However, the calendar is expected to ramp up in the States later on with US data due for release on durable goods orders, house prices, service-sector activity, new home sales, consumer confidence and regional manufacturing surveys.
"Focus will be on a number of US data that should at least to some degree confirm that growth is poised to rebound in Q2 on the back of a subdued Q1," said analysts at Danske Bank.
Stocks to watch
Software group Micro Focus has reiterated its guidance to treble annual revenues on the back of a strong finish to its financial year, helped by the first contribution from its merger with The Attachment Group. The company, which had already guided to combined pro-forma revenues of $1.3bn and underlying adjusted operating profits of $500m for the year ended 30 April, confirmed that results should be "comfortable in line with this guidance on a constant currency basis".
With cinema audiences whipped up by film such as 'Fifty Shades of Grey', like-for-like revenues grew 10.7% in the first quarter at Cineworld, with a stream of blockbuster films expected to deliver strong box office year ahead. In the first 19 weeks of its financial year to 14 May, the FTSE 250 company enjoyed a 26.8% increase in revenues on a statutory level, thanks to strong growth from Europe and screen advertising.
Irish airline Ryanair posted a 66% rise in full-year profit after tax in the year to 31 March to €867m from €523m in 2014, as passenger numbers grew more than three times the company’s targeted level.