London pre-open: Cautiously firmer

28th Jun 2011 07:36

Today is yet another big day for Greece, and therefore the future of the eurozone, with the country's parliament set to vote on the package of austerity measures that the country needs to implement if it is to get the next tranche of bailout money from the European Union and the International Monetary Fund.Traders are optimistic that the Greek government will win the day and that is feeding through to sentiment in the equity market, where prices are set to open moderatley firmer. City traders predict the Footsie will open around 25 points higher. Cable & Wireless Worldwide's chief executive Jim Marsh is to step down after the telecommunications group concluded profits are likely to fall short of previous expectations due to slower than expected sales so far this year. While the financial performance in the first 10 weeks of the financial year is in line with expectations, sales orders, which contribute to margin growth later in the year, did not meet expectations.Outsourcing giant Serco will tell investment analysts on Tuesday to stick with their full-year estimates, as nothing much has changed since its last trading update on 9 May. "For 2011, we expect good organic revenue growth and progress towards our 2012 margin guidance," the company said in its pre-close statement. Carpetright axed its dividend after a sharp fall in sales and profits in the year to 30 April and says it sees "no respite" from the tough trading conditions that are hurting the carpet and flooring retailer.--jh