London pre-open: FTSE to extend Wednesday's gains

City sources predict the FTSE 100 will open up 29 points from yesterday's close of 5,384, tracking both US and Asian stocks higher. Telecoms peers Vodafone and Telefonica are to create one national grid in the UK running each operator's independent spectrum by pooling the basic parts of their network infrastructure, the companies announced on Thursday. "The plan will deliver real benefits for today's mobile phone users by creating two competing networks that will be able to offer indoor 2G and 3G coverage targeting 98% of the UK population by 2015, delivering mobile coverage and mobile internet services to the vast majority of UK households."Tullow Oil's Paon-1X exploration well offshore Côte d'Ivoire has found good quality light oil in a Turonian fan system, the oil and gas company announced on Thursday morning. The well is the first deepwater exploration well drilled in licence CI-103, in which Tullow operates and owns a 45% interest; it encountered 31 metres of net oil pay in a gross interval of 74 metres of turbidite sands. Platinum refiner Johnson Matthey hailed another year of strong growth as it delivered numbers ahead of market expectations and a special divi worth a quid a share. Revenue in the year to March 31st rose 20% to £12,023m from £9,985m the year before, comfortably ahead of market expectations of £11,213m. Underlying profit before tax rose 23% to £426.0m from £345.5m a year earlier, topping market forecasts of £11,213m. Statutory profit before tax, which does not take into account exceptional items, rose 58% to £409.3m from £259.3m.