London pre-open: Stocks to edge up ahead of Budget
By Michele Maatouk
Date: Wednesday 06 Mar 2024
(Sharecast News) - London stocks were set to edge up at the open on Wednesday, with all eyes on the Spring Budget.
The FTSE 100 was called to open around 10 points higher.
Chancellor Jeremy Hunt will deliver his budget at 1230 GMT.
"With the general election looming the chancellor is expected to present a range of expansionary measures, namely tax cuts," Danske Bank said.
In corporate news, paper and packaging maker DS Smith said third-quarter trading was in line with expectations despite "challenging" market conditions.
In a brief trading update, the company said like-for-like corrugated box volume performance continued to improve compared with the first half of the financial year, with flat volumes in the period since November 1.
North America and Eastern Europe saw good growth in the quarter, offset by a weaker performance in Northern Europe, it added.
Medtech group Convatec lifted its forecasts for medium-term organic growth after a strong performance in 2023 which saw a rise in margins and double-digit profit growth.
The company, which provides wound, ostomy, continence and infusion care, said organic revenues are expected to increase by 5-7% over the medium term, ahead of previous guidance of 4-6% growth, "based on the strength of the new product pipeline and improvements in commercial execution".
Rathbones Group reported a significant increase in funds under management and Administration (FUMA) to £105.3bn in its preliminary results for 2023, from £60.2bn year-on-year, largely driven by the acquisition of Investec Wealth & Investment UK.
Underlying profit before tax climbed 30.9% to £127.1m, but overall profit before tax declined 10.1% to £57.6m due to acquisition and integration expenses. Integration efforts with both Investec Wealth & Investment UK and Saunderson House were ongoing, with further progress expected throughout 2024.
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