London pre-open: FTSE set for reverse

7th Aug 2009 07:40

London is expected to open lower today following last night's decline on Wall Street and as investors get nervous ahead of today's big US jobs data.Futures prices indicate an early 17-point drop for the FTSE 100.US non-farm payrolls for July are due out at 1.30pm UK time. About 300,000 jobs are expected to have been lost last month, but some are predicting 275,000, the lowest number since August last year. RBS has turned last year's big half-year pre-tax loss into a small profit, although bad debts rocketed to £7.5bn. Profit before tax, excluding the write-down of goodwill and other intangible assets came in at £15m versus a £726m loss a year ago. Boss Stephen Hester called the results "poor" following a jump in losses attributable to shareholders to £1.04bn from £827m in 2008.Logica saw profits surge 85% in the first half and said its cost saving programme will ensure it maintains margin for the year. Lower exceptional items and finance costs helped pre-tax profit for the six months to rise to £24m against £13m before. Group revenue was in line with guidance at £1,876m, up 6% on a reported basis, but down 2% proforma. Sports Direct's acquisition of 31 stores from rival JJB is to be investigated by the Competition Commission after the sportswear group failed to sell five stores identified by the Office of Fair Trading as a competition concern. Catlin , the specialty property/casualty insurer and reinsurer, said it produced record profits and net income for the half-year, prompting a 9% increase in dividends. In the six months, profit before tax rose 60% to $240m. Gross premiums written rose 7% to $2,211m.AIM-listed care provider Claimar Care has received a cash offer from Housing 21 worth 39p per share, more than three times the value of the shares at yesterday's close. Housing 21 owns and manages over 16,000 sheltered and extra care retirement properties throughout England.