London pre-open: Flat start for FTSE 100

7th Feb 2012 07:22

City sources predict the FTSE 100 will open up three points from yesterday's close of 5,892, as ongoing talks in Greece continue to test investor patience. Having announced their engagement Anglo-Swiss commodities firms Glencore and Xstrata have finalised terms of the dowry of their marriage of equals. The merger of commodities trader Glencore and mining firm Xstrata will be effected through the exchange of 2.8 Glencore shares for every Xstrata held. The merger values each Xstrata share at 1,290.1p and the entire issued share capital of Xstrata at around £9.1bn.Oil titan BP has announced a 14% increase in its quarterly dividend, the first rise since the company resumed payouts a year ago, in the hope that it can put the 2010 Gulf of Mexico oil spill behind it. The company announced this morning that replacement cost profit was $7,606m in the fourth quarter of 2011, taking the full-year figure to $23,900m, compared with a loss of $4,914m in 2010.Package tour operator TUI Travel saw its operating loss broaden in the final quarter of 2011 despite revenue rising, as the company saw lower demand for North African destinations. Revenue rose 5% to £2,845m from £2,716m in the final quarter of 2010, while the underlying operating loss thickened to £109m from £86m the year before.