London pre-open: Small declines forecast for FTSE

City sources predict the FTSE 100 will open down 12 points from yesterday's close of 5,688, with little guidance from the US following a half day of trading. Echoing statements made by sector peer Persimmon on Tuesday, house builder Taylor Wimpey said the first half of 2012 was a stable one for the housing market, enabling the group to report improvements across all of its key financial metrics. The group achieved an average private net reservation rate of 0.60 sales per outlet per week, up from 0.56 in the first half of 2011. Cancellation rates remain below the long term average at 15.1%, much the same as in the corresponding period of last year. Genus, the global animal genetics company, said its full year figures would be in line with expectations after a good performance over the last two months. The company said pricing had remained firm, with adjusted operating profit improving in line with expectations despite increasing investment in research and growing its management teams. Profits had improved strongly in Asia, particularly in Russia and China, and in Latin America, it said.Tullow Oil expects revenues in the first half of 2012 to set a new record and said that it remains well-placed for continued success for the rest of the year. Revenue in the six months to June 30th is estimated to be $1.15bn, up from $1.06bn the year before. Group working interest production in the six-month period averaged 77,400 barrels of oil equivalents per day (boepd), of which 54,200 boepd came from west and north Africa and 23,200 boepd came from Europe, South America and Asia.