London pre-open: Subdued start expected ahead of economic data
After closing at their worst level in nearly two weeks, UK stocks are expected to rebound on Wednesday, albeit only slightly, as investors await key economic data.
Fresnillo
579.00p
17:15 25/04/24
FTSE 100
8,078.86
17:14 25/04/24
FTSE 250
19,601.98
17:09 25/04/24
FTSE 350
4,434.34
17:09 25/04/24
FTSE All-Share
4,387.94
16:49 25/04/24
Great Portland Estates
383.00p
16:44 25/04/24
ITV
70.05p
16:40 25/04/24
Media
11,717.59
17:09 25/04/24
Mining
10,403.74
17:09 25/04/24
Real Estate Investment Trusts
2,210.47
17:09 25/04/24
City sources predict the FTSE 100 will open around five points higher than Tuesday’s close of 6,889.13. This was the index’s worst finish since 19 February.
The HSBC Chinese services purchasing managers’ index (PMI) improved to 52 in February from 51.8 the month before, showing that activity growth in the sector had picked up last month.
Services PMIs also due out in the Eurozone, UK and US later on Monday, along with Eurozone retail sales, US mortgage applications and the ADP US employment report.
Central bank decisions in the UK and Europe on Thursday were also likely keeping investors cautious, along with the all-important US non-farm payrolls report on Friday.
Stocks to watch
Following its strongest advertising outperformance in five years, ITV is confident of growth from all parts of the business this year and the broadcaster and producer has rewarded investors by lifting the annual dividend 34% and proposed a 6.25p special payout. Earnings before interest, tax, depreciation, amortisation and exceptional items beat market expectations, rising 18% to £730m on external revenue up 8% to £2.59bn.
Mexican precious metals producer Fresnillo said it delivered a “reasonable performance” in 2014 in the face of lower silver and gold prices, as pre-tax profits dropped 40% to $251.1m. Revenues decline 12.5% to $1.41bn as record annual production of silver was offset by an 18.4% fall in the average realised silver price to $18.6 per ounce.
Great Portland Estates has pre-let a new retail store to fast-fashion brand New Look Retailers. Completion of the development is expected in April 2017 when New Look will take on a 20-year lease.