London pre-open: FTSE to edge higher ahead of GDP reading

27th Sep 2012 07:29

City sources predict the FTSE 100 will open up 29 points from yesterday's close of 5,768, regaining some of Wednesday's lost ground ahead of the latest UK GDP figure out today. Yesterday saw stock markets all over the world retreat as investors fretted about Spain's negotiations over bailout terms. In company news, sweeteners group Tate & Lyle said first half adjusted operating profit will be similar to last year's level, in line with expectations. The company saw an improved performance in the second quarter in its Speciality Food Ingredients business. "Overall, while recognising the current level of uncertainty around the wider economy and volatile corn markets, we continue to expect to make progress this financial year," the group said.ICAP, which on Wednesday warned of subdued trading levels in its core business, has bought CTI Shipbrokers (India) from Captain Jaideep Kapoor and Tradex Chartering & Trading Private. The assets acquired have a gross value of $2.464m, the inter-dealer broker disclosed. CTI India's main business is in dry, tanker and sale and purchase broking. The acquisition provides ICAP Shipping with a subsidiary in India with offices in New Delhi and Mumbai employing 28 people. Contract caterer Compass said expectations for the full year remain unchanged after a strong performance in the fourth quarter as its US and emerging markets continue to underpin growth. In an update ahead of its annual results, Compass said constant currency revenue growth for the year to September 30th 2012 is expected to be around 8% and organic revenue growth should be 5.5%. Operating profit is expected to increase 8%.