London pre-open: FTSE looks set to track US markets higher

24th Feb 2012 07:29

City sources predict the FTSE 100 will open up 24 points from yesterday's close of 5,938, tracking strong gains in the US which saw the S&P 500 near its 10-month high, buoyed in part by strong US data. Investor sentiment was also given a lift after a Reuters poll indicated the European Central Bank looks likely to lend banks nearly half a trillion euros at incredibly low rates next weeek, using its most recent three-year refinancing operation. Lloyds Banking Group said it expects the external environment to remain challenging this year and has had to delay its return on equity and income-related targets beyond 2014. Meanwhile, the lender reported a steep loss for 2011, dragged down by substantial charges in relation to Payment Protect Insurance (PPI).The online betting business of bookmaker William Hill has shown an impressive turn of foot for the second year in succession, compensating for lacklustre top-line growth in the bookie's High Street estate. The firm's net revenue rose 6% to £1,136.7m from £1,071.8m the year before, with the retail estate seeing its net revenue edging up just 1% to £789.7m from £783.1m the year before. Online net revenue, meanwhile, surged 28% to £321.3m from £251.5m the year before, its second successive year of growth in excess of 20%.Real estate investment trust Hammerson is to sell its offices investments to focus on its retail operations in the UK and France. The change in strategy was announced with the company's 2011 results in which it unveiled a 7.1% increase in adjusted net asset value per share (NAV) on a European Public Real Estate Association (EPRA)-sanctioned basis. NAV at the end of 2011 stood at 530p versus 495p at the end of 2010. The group has announced a 5.7% increase in the full year dividend to 9.3p from 8.8p in 2010.