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London pre-open: Footsie sets sights on 5950

Fri, 22nd Jul 2011 07:39

London is set to celebrate yesterday's agreement on a new aid package for Greece and an overhaul of the Eurozone sovereign rescue fund, though the gains are not as wild as might be expected, given that details of the agreement had been leaked throughout yesterday and so had already been priced into the market to a certain extent.Nevertheless, City traders expect the blue-chip index to put the 5,900 level well behind it and open almost 50 points higher.Mobile phone networks giant Vodafone has seen revenue from its core business grow 1.5% in the second quarter of 2011 although the firm is certainly struggling against some serious headwinds in some markets, particularly in southern Europe. The group reiterated its previous performance guidance for the current financial year.No frills airline easyJet is set for a strong finish to its financial year. Assuming normal market conditions, the company expects full-year pre-tax profits to fall in the range of £200m to £230m. Market consensus is for an adjusted profit before tax of £183.1m.Paper and packaging firm Mondi expects profits for the first half of 2011 to be "considerably higher" than in the same period last year, it said in an announcement today.

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