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FTSE 100 preview: Resources to lead rise

By Reuters
Updated: 02:48 EDT, 24 November 2010

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The FTSE 100 index was expected to bounce today after a sharp sell-off the previous session in tandem with a steadier performance from Asian equities.

Dealers monitor their screens on the trading floor of IG Index in London

Rally: Shares expected to recover some of their losses.

Resource-related stocks are likely to lead the bounce-back as crude and metal prices recover some ground.

The UK blue-chip index ended down 99.55 points, or 1.8%, on Tuesday at 5,581.28 for its lowest closing level since October 4, weighed by weak commodity issues and banks on worries over the euro zone debt crisis and rising tensions in the Korean peninsula.

After sharp falls in New York on Tuesday, Asian shares steadied on Wednesday from the sell-off that followed North Korea's shelling of a South Korean island. Tension on the divided peninsula supported safe-haven assets such as gold, Japanese government bonds and the dollar.

The main domestic economic focus on Wednesday will be the second reading of third-quarter GDP, with no change expected to the preliminary 0.8% growth figure for the quarter, or 2.8% growth year-on-year. Third-quarter British business inventories were also set to be released.

With US markets closed for Thanksgiving on Thursday and only trading for a half day on Friday, a batch of data will be released on Wednesday including latest initial jobless claims, October personal income and consumption numbers, and October durable goods.

The final Reuters/University of Michigan consumer sentiment survey will be released with October new home sales also due.

Ex-dividend factors will slice 0.66 points off the FTSE 100 index on Wednesday, with oil services company Amec, hedge fund manager Man Group, and retailer Next all losing their dividend attractions.

Massachusetts utility regulators have approved National Grid agreement to buy power from the 420-megawatt Cape Wind project, which could be the United States' first offshore wind farm.

Capital Shopping Centers is close to agreeing the purchase of the Trafford Centre, a £1.6bn shopping centre near Manchester, the Financial Times said on Wednesday.

De La Rue, the bank note printer, has chosen former Chloride chief executive Tim Cobbold to lead the company through its banknote printing scandal, The Times said on Tuesday.

Private equity firm 3i will buy Netherlands-based materials testing business Stork Materials Technology for £130m deal, the company said late on Tuesday.

There is growing speculation that a £262m or 76p a share bid for 888 Holdings is on the way, with US gaming firm Harrah's being cited as a suitor, the Daily Mail's Market Report said.

There will be results today from United Utilities, Compass Group, Johnson Matthey, SSL International, Avon Rubber, Hampson Industries, Liontrust Asset Management, Paragon Group, Future, Sportingbet, McKay Services, Scapa Group, Ffastfill, Superglass, Zoo Digital, and K3 Business Technology.

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