London pre-open: Footsie set to slide below 5,000

3rd Oct 2011 07:23

The UK's blue-chip index is set to dive below the 5,000 level with City traders anticipating a fall of around 140 points from Friday's close of 5,128, at the start of a week in which many pundits believe the Bank of England will revive its quantitative easing programme, such is the torpid state of the UK economy. Electrocomponents, the distributor of electronics and maintenance products, saw revenue grow by 11% year-on-year in the first half of its financial year, though growth slowed to 8% in the second quarter and 5% in September. Gross margin is at a similar level to the first half of last year.Rolls-Royce, the global power systems company, has received its first order for vessels based on the group's Environship concept. Rolls-Royce will design and provide integrated power and propulsion systems for two technologically advanced cargo vessels, which have been purchased by Norwegian transportation company, Nor Lines AS.International engineering and project management company AMEC has been awarded a Front End Engineering Design (FEED) contract for GDF SUEZ E&P UK's Cygnus gas field development. The contract includes work on the 'option to proceed' into the detailed design and procurement phase, and is valued at an estimated £50m.