London pre-open: FTSE claws back some of yesterday's losses

21st Mar 2012 07:30

City sources predict the FTSE 100 will open up 10 points from yesterday's close of 5,891, easing yesterday's losses which followed warnings over China's economy. Investors are likely to exercise caution ahead of today's Budget announcement, due to begin at 12:30. Like-for-like sales (LFL) growth at Sainsbury has been stronger than the market had been expecting in the supermarket group's fourth quarter. LFL sales in the 10 weeks to March 17th were up 2.5% year-on-year, or 2.6% excluding fuel. The market has been expecting growth of 2.1%. Total sales for the fourth quarter were up 4.6% (5.1% excluding fuel) on the corresponding period of the previous year. Product testing group Intertek has acquired 4th Strand, a US provider of product quality and benchmarking services to the retail industry, which will be integrated into the group's Consumer Goods division. 4th Strand, purchased from its management shareholders for $6.4m (£4.1m), is used by retailers in their analysis of product lines and also in the development of higher quality own-brand products.Kazakhstan-focused miner, Eurasian Natural Resources (ENRC), expects production to be at full available capacity across all divisions in 2012, with increased copper volumes anticipated. The group plans a record capital expenditure programme of $2.7bn in 2012, as part of a total project spend of $10.9bn.