London pre-open: Flat start for FTSE as investors seek direction

19th Mar 2012 07:32

City sources predict the FTSE 100 will open up three points from Friday's close of 5,966, maintaining last week's gains and awaiting fresh direction ahead of Wednesday's Budget. Financial software developer Misys has reached agreement on the terms of a recommended 350p-per-share cash offer by Magic Bidco, an investment vehicle indirectly owned by Vista Funds. This follows last week's news that the discussions with Temenos Group, long though of as a natural partner of Misys, had been terminated.Berkeley Group, the house builder focused on London and surrounding areas, said demand for its residential property in 2012 has remained resilient, encouraging it to selectively invest further in stocking up its land bank in the area. Despite the wider economic challenges, Berkeley has delivered a robust trading performance over the period, most noticeably through the further growth in cash due on forward sales which currently exceed £1 billion compared with £813m at May 1st 2011.Spread betting firm WorldSpreads has called in the administrators after admitting that it has uncovered potential financial irregularities in its accounts. Trading in the company's shares was suspended on Friday as the company announced an investigation into its financial position.