London pre-open: Stocks seen higher on positive Asian cues
By Michele Maatouk
Date: Monday 13 Jul 2020
(Sharecast News) - London stocks were set to rise at the open on Monday following an upbeat Asian session, as investors eye the start of the US earnings season this week.
The FTSE 100 was called to open 55 points higher at 6,150.
CMC Markets analyst David Madden said: "Overnight, stock markets in Asia pushed higher despite the deteriorating health situation. This week US earnings season will kick off and tomorrow big banks such as JPMorgan, Wells Fargo and Citigroup will reveal their numbers."
The positive call came despite ongoing concerns about the coronavirus pandemic.
"The pandemic will continue to dominate the headlines. On Sunday, the WHO said that another record was set for the number of daily cases," said Madden. "For the fourth day in a row, the US registered over 60,000 new cases. Countries like India and Mexico are seeing a rise in the number of new cases too."
In UK corporate news, gold miner Centamin reported higher second quarter production and said it was on track to meet full year guidance as it said the coronavirus pandemic had not materially affected operations.
The company, which operates the Sukari mine in Egypt, said production rose 11% year on year to 130,994 primarily due to higher mill feed grades and, as a precautionary measure due to COVID-19, the deferral of plant maintenance shutdowns to the third quarter.
It also narrowed full year production guidance to between 510,000-525,000 ounces of gold.
Elsewhere, security services firm G4S said its first-half profit would be significantly ahead of the market consensus and that it would bring forward its results announcement to the week beginning 20 July.
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