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London pre-open: Stocks seen higher as Nikkei gains

By Michele Maatouk

Date: Monday 23 May 2022

London pre-open: Stocks seen higher as Nikkei gains

(Sharecast News) - London stocks were set to rise at the open on Monday despite a mixed session in Asia, following a positive session in Japan.
The FTSE 100 was called to open 40 points higher at 7,430.

CMC Markets analyst Michael Hewson said: "This week we'll get a further insight into the US economy, with the latest US Q1 GDP numbers, as well as the latest Fed minutes, and US personal spending and income for April.

"Asia markets have got the new week off to a mixed start, with China markets under pressure again as cases of Covid in Beijing hit a new record, while the Nikkei has edged higher. The positive start for the Nikkei looks set to bleed into a higher open for markets in Europe, with sentiment continuing to remain flaky at best."

In corporate news, B&Q owner Kingfisher reiterated annual guidance as it reported a fall in first-quarter sales and announced a 300m share buyback.

The company said total group sales fell 5.8% to 3.2bn in the three months to April 22 against tough comparators last year when a DIY boom amid Covid lockdowns boosted revenues.

Self-storage facilities operator Big Yellow Group has conditionally agreed to dispose of its industrial warehouse scheme at Harrow, London for gross proceeds of 61.0m.Big Yellow said on Monday that completion of the sale was conditional on practical completion of the development, which was expected to occur in August 2022.

The FTSE 250 firm has deployed around 27.0m of capital expenditure into the project to date, with a cost to complete of approximately 4.5m, totalling approximately 31.5m including the cost of the land.



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