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London pre-open: Footsie to add a few points

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Date: Friday 22 Aug 2008

LONDON (ShareCast) - Footsie is tipped add a few points when the market opens after a late rally for the Dow overnight. Oil groups may be strong again after the spike in the crude price.

WPP has reported a strong first half, which beat most estimates, although the advertising giant said prospects for 2009 remain less certain due to the financial crisis and commodity price increases.

Pest control group Rentokil posted a 55% fall in first half underlying profit to £39.3m. Revenues rose 11% to £1.18bn. Pre-tax profits fell 72% to £18.3m. "We have made a solid start with strong improvement in customer service over the past four months, but we are on a three to five-year journey to profit recovery," chief executive Alan Brown said.

Bradford & Bingley's underwriters say it is unlikely they will find any new takers for its unwanted rights issues shares at 55p by close of business today, so the rump of 597m shares, 72.16% of the issue, will go to them and the sub-underwriters.

IT training group Xpertise has received a bid of 150p per share from QA-IQ Investments, a premium of 95% to the share price yesterday.

Bus and rail firm Arriva's interim profits surged, despite the sharp increase in fuel costs. Pre-tax profit in the first half of 2008 rose to £66.3m from £47.3m a year earlier on revenue that grew from £909.2m to £1,443.4m.

India's state-owned oil company ONGC has raced into the lead in the bid to buy Imperial Energy, the £1.2bn London-based oil exploration and production company, according to reports this morning.

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