London pre-open: Early gains expected

12th Jan 2010 07:40

Footsie is expected to post slight gains in early dealings after a higher close in the US last night.Supermarket giant Tesco said it enjoyed its best Christmas in three years as shoppers braved the winter weather to stock up on festive treats. In the six weeks to January 9, the firm posted a 5.1% rise in like-for-like sales excluding petrol and VAT at its UK business, ahead of expectations.Cadbury dealt another blow to hopeful bidder Kraft Foods today, repeating its view that the American's offer is 'derisory' and completely undervalues the British chocolate maker. Ahead of full-year results on Thursday, it said its 2009 performance is 'well ahead' of previously upgraded market expectations thanks to strong growth in the fourth quarter.Department store Debenhams has missed the pre-Christmas rush experienced by many of its rivals, though profits and margins both increased. Like-for-likes sales in the eighteen weeks to 2 January rose by just 0.1%, which Debenhams says was in line with its forecasts.Bookmaker Ladbrokes has confirmed that chief executive Chris Bell is standing down after nine years at the helm and that it is looking for a replacement.