London pre-open: Early rise expected

10th Jun 2009 07:40

London's blue chips are expected to rise in early dealings Wednesday with traders predicting a 35 point gain.Bike and car parts retailer Halfords upped its dividend after delivering a slightly better than expected 2.4% rise in full-year profits. Profit before tax and exceptional items for the 52 weeks to 27 March was £92.4m compared with the previous year's £90.2m. Mining giant BHP Billiton said it agreed to cut the price of metallurgical coal, which is used by steelmakers, by 58% for the current shipping year with key global customers.Engineer Charter said if the difficult conditions seen in May persist, it anticipates the outcome for 2009 will be materially lower than its previous expectations. "Following an acceptable start to the year, Charter's result for 2009 will reflect the weaker current trading conditions in ESAB's European and other principal markets," said the Miner Eurasian Natural Resources anticipates that pressure on prices for most of its commodities will remain into the second half of 2009, particularly as a supply surplus remains in most markets. Imperial Leather soap maker PZ Cussons will post in-line numbers for the year to May 2009 with good growth in both the UK and Nigeria despite the tough economic backdrop. Nigeria has been less impacted by the global recession and is benefiting from oil prices rising again, Cussons added. Electronics group Filtronic said trading in the second half of the year has been as expected with a better than breakeven result and operating cash neutrality. The group also announced that chief financial officer Stephen Mole will step down at the end of September. Phorm, the controversial internet ad monitor specialist, is to raise £15m through a placing of new shares at 450p. The firm intends to use the cash to continue the implementation of its service in the UK and Korean markets, and for general working capital purposes. The placing amounts to just over 19% of the shares currently in issue.