London pre-open: Stocks to rebound slightly from one-month low
UK stocks are expected to inch higher early on Wednesday after dropping to their lowest finish in over a month amid political uncertainty and macro concerns.
Direct Line Insurance Group
192.00p
10:49 23/04/24
Food & Drug Retailers
3,795.71
10:55 23/04/24
FTSE 100
8,048.52
10:55 23/04/24
FTSE 350
4,422.87
10:55 23/04/24
FTSE All-Share
4,377.17
10:55 23/04/24
Insurance (non-life)
3,702.82
10:54 23/04/24
Sainsbury (J)
269.20p
10:55 23/04/24
City sources predict the FTSE 100 will open four points higher than Tuesday's close of 6,927.58. This was the index's lowest close since 2 April.
"After yesterday’s sharp falls in European markets we look set for a positive open as investors weigh up the prospect of further losses, against the backdrop of continued uncertainty surrounding Greece, and the latest Chinese services PMI data," said analyst Michael Hewson from CMC Markets.
The Chinese services purchasing managers' index rose to a four-month high of 52.9, from 52.3 in March but slightly below expectations.
Stocks to watch
Supermaket group Sainsbury's has swung to its first annual loss in a decade and slashed its dividend by nearly a fifth following a hefty property impairment charge and a continued slump in sales. Statutory results showed a loss before tax of £72m in the year ended 14 March, compared with a profit of £898m the year before, mainly as a result of a £628m impairment taken in the first half.
Insurer Direct Line saw gross written premiums slip by 0.9% over the first quarter ended 31 March. Total costs were 10.1% lower at £220.7m and on track to fall in absolute terms over 2015. The firm reiterated guidance for a full-year combined operating ratio of between 94% to 96% after normalising for claims from major weather events. Company chief Paul Geddes said the firm is well positioned “to meet its 2015 financial objectives.”