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FTSE 100 preview: BP to prompt 12th day of gains?

By This Is Money
Updated: 03:11 EDT, 28 July 2009

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The FTSE 100 is seen opening higher, extending the winning run into a record 12th session.

Market watcher: Will shares extend their winning run?

The FTSE 100 index closed up 9.52 points on Monday at 4,586.13, hitting its highest closing level since Jan. 5 and equalling the record for 11 straight session of gains last achieved from mid-December 2003 to early January 2004.

The UK blue-chip index has risen 11% over the past two weeks on reassuring US corporate earnings results, and is up 32.5% since hitting a six-year trough in March.

On the economic front, investors are awaiting the CBI July distributive trades survey. US July consumer confidence will be a focus this afternoon.

Consumer prices are beginning to stabilise in China and inflation could bottom out at the end of the third quarter before rebounding, the statistics department of the central bank said in a report on Tuesday.

BP issues second-quarter results this morning and Vodafone will hold its AGM.

Also, Verizon Wireless, a US joint venture of Vodafone and Verizon asked a US court for a judgment that its advertising claims to be "America's Most Reliable 3G Network" were truthful, which rival AT&T called "misleading" on Monday.

Following his appointment as chairman of Lloyds Banking Group on Monday, the former Citigroup chairman Sir Win Bischoff has backed the present chief executive Eric Daniels, the future of whom has been in doubt ever since last year's takeover of HBOS, which left Lloyds with around £50bn of bad debts, The Guardian said.

RBS is considering backing out of a one billion pound government scheme to boost lending to cash-starved companies, The Times said.

Resolution, the investment vehicle of Clive Cowdery, has threatened to drop its bid interest in Friends Provident, after having its takeover approach rejected for a third time, The Times said.

A potential takeover of National Express' rail franchise contracts could be scuppered by the Transport Secretary Lord Adonis, who wishes to punish the company's abandonment of its £1.4bn ast coast franchise by stripping it of its other more profitable contracts, The Guardian said.

Randgold Resources says commencing global offering of 5m new ordinary shares, reports Q2 profit of $18.9m, up from $13.1m in Q1.

There will be updates today from Informa, Provident Financial and PZ Cussons.

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