LONDON MARKET PRE-OPEN: London Stocks Set To Rise As SSE Profit Drops

LONDON (Alliance News) - Stock prices in London remain set to open higher on Friday ahead of a reading of UK first-quarter gross domestic product at 0930 BST, shrugging off renewed tensions between the US and North Korean.In early UK company news, utilities firm SSE reported a fall in pretax profit for the year to the end of March due to higher costs, financial services firm Old Mutual will hold a general and court meeting for shareholders to vote on its managed separation, and AstraZeneca reported an improvement in overall survival in the phase three trial of Imfinzi.IG says futures indicate the FTSE 100 index of large-caps to open 40.16 points higher at 7,756.70 on Friday. The FTSE 100 index closed down 0.9% at 7,716.74 on Thursday.Sterling was quoted at USD1.3363 early Friday, lower than USD1.3381 at the London equities close on Thursday.FTSE 100-listed financial services firm Old Mutual on Friday will hold a general meeting and court meeting from 1030 BST onwards, for shareholders to vote on the managed separation of the group and acquire UK court approval.FTSE 100-listed utility provider SSE reported a fall in pretax profit for the year to the end of March by 39% to GBP1.09 billion from GBP1.78 billion the year before, due to exceptional charges from the latest independent reserves report, which estimated a reduction in the proven and probable gas reserves in the Greater Laggan Area assets, as well as higher-than-expected decommissioning costs for the Bacton field assets.Despite this, SSE declared a total dividend of 94.7 pence per share, up 3.7% from 91.3p the prior year, and has targeted a 3.0% increase of 97.5p for the next financial year, which is expected to be a "year of transition".Pharmaceutical giant AstraZeneca reported an improvement in overall survival in its phase three PACIFIC trial of Imfinzi for patients with Stage III non-small cell lung cancer."The readout of positive overall survival data at the interim analysis of the PACIFIC trial provides additional compelling evidence of the clinical benefit that Imfinzi can offer patients in this earlier stage of lung cancer. We look forward to sharing these results with Health Authorities to support ongoing regulatory interactions and to update the Imfinzi label with these important data," said Chief Medical Officer Sean Bohen.FTSE 250-listed instrumentation and controls firm Spectris said Chief Executive John O'Higgins will retire from his role in the next 12 months, as it also reported a 6.0% increase in group like-for-like sales in the first four months of 2018, through growth in all its operating regions.In addition, Spectris said its disposal of EMS Bruel & Kjaer, its environmental monitoring business, for GBP43.0 million is due to be completed at the end of May.In the economic events calendar on Friday in addition to UK GDP, Germany will release Ifo Business Climate Index data at 0900 BST. In the US the advance report on durable goods and University of Michigan consumer survey are due at 1330 BST and 1400 BST, respectively. In the US on Thursday, Wall Street ended lower, with the Dow Jones Industrial Average ending down 0.3%, the S&P 500 down 0.2% and Nasdaq Composite closing broadly flat.US President Donald Trump cancelled his summit with North Korean leader Kim Jong Un, citing "tremendous anger and open hostility" in a recent statement from Pyongyang, in a letter released by the White House. Trump said it would be "inappropriate, at this time, to have this long-planned meeting," which was set for June 12 in Singapore."I was very much looking forward to being there with you," Trump wrote in the letter to Kim.Pyongyang on Friday said it was still willing to speak with the US at any time, after President Donald Trump's sudden decision to cancel a planned summit with North Korean leader Kim Jong Un. Trump's decision "does not meet the world's desire", Vice Foreign Minister Kim Kye Gwan said in a statement carried by the official KCNA news agency.He said that the talks, which Trump said he had cancelled Thursday due to North Korea's "hostility," were urgently needed to resolve "grave hostile relations".In Asia on Friday, the Japanese Nikkei 225 index closed up 0.1%. In China, the Shanghai Composite is down 0.5%, while the Hang Seng index in Hong Kong is down 0.5%.Overall consumer prices in Tokyo were up just 0.4% on year in May, the Ministry of Internal Affairs and Communications said on Friday. That was beneath expectations for 0.5%, which would have been unchanged.