The Footsie is expected to make its second day of gains on Tuesday, following a poor performance last week. City sources are predicting the blue chip index to rise around 50 points from yesterday's close of 5,304.
It was revealed last night by The Financial Times that the European Central Bank (ECB) has provided €100bn to Greece's central bank in 'emergency liquidity assistance' (ELA) to help its banks.
In corporate news in London, High Street giant Marks and Spencer saw profits drop by 15.7 per cent in the year ended March 31st due to higher impairments of assets and strategic programme costs.
Statutory pre-tax profit fell from £780.6m to £658m as non-underlying items had a £47.9m adverse impact, compared with a £66.3m gain the year before. Nevertheless, the market consensus was for £693m. On an underlying basis, pre-tax profit fell by just 1.2% from £714.3m to £705.9m.
Mobile phone networks giant Vodafone is expecting underlying growth in adjusted operating profit and stability in free cash flow in the current financial year.
In the year just gone (ending March 31st), group revenue rose 1.2% from a year earlier to £46.4bn, slightly ahead of forecasts of £46.3bn. Organic service revenue growth over the full year was 1.5%, with the fourth quarter seeing an acceleration in growth to 2.3%.
Polymers maker Victrex enjoyed record sales in the second quarter of its financial year as customers stopped running down their stock levels.
Over the six month period, however, group revenue was still down 2% to £105.6m from £107.9m a year earlier. Profit before tax in the six months to March 31st eased to £46.2m from £48.3m the year before.
The recent rally in Kingfisher's share price was paused on Thursday morning after Nomura downgraded its rating on the stock from 'neutral' to 'reduce', saying that shares in the B&Q owner have travelled too far given the tough times ahead. [14 Hours Ago]
Markets were trading within a narrow range on Tuesday morning after finishing at 12-year highs the day before, as traders consider how much further the impressive year-to-date rally has to go. [Tue 08:30]
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk!
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.