London pre-open: FTSE to get boost from Chinese data

9th Aug 2012 07:27

City sources predict the FTSE 100 will open up 22 points from yesterday's close of 5,846, pushed higher by Chinese inflation data which revealed that growth in consumer prices had dropped to a 30 month low during July. The figure stood at 1.8 per cent last month, compared to 2.2 per cent the previous month, offering the Chinese government greater leeway to introduce further stimulus action. Engineering and consultancy group AMEC said it is on track for double-digit underlying revenue growth this year as sales jumped by over a third in the first half, driven by a strong performance in the oil, gas and mining sectors. Revenue surged by 37% from £1,484m to £2,026m in the six months to June 30th, up 28% on an underlying basis (which excused the impact of current and acquisitions). This growth was assisted by the incremental impact of procurement activities on certain natural resources contracts; without this, underlying sales would have increased by 15%.A consortium that is made up of Kier Project Investment, Equitix Holdings, Galliford Try Investments and John Graham Holdings has been named as the preferred bidder for a new infrastructure hub in south-west Scotland to deliver over £500m of public sector projects on behalf of The South West Territory Programme board. The consortium will deliver projects for 18 public sector bodies across Ayrshire, Dumfries & Galloway and Lanarkshire over ten years covering non-acute health, education, community and local authority-related work. Financial close is expected to take place in October 2012.FTSE 250 residential property owner and manager Grainger said it has put in a strong operational performance in the third quarter, but did caution the fragility of the economic backdrop. Completed group sales in the four months to July 31st totalled £89.9, taking total sales in the first ten months of the financial year to £202.1m, up 13% over last year, as a result of a "resilient portfolio, evidenced by growth in our three income streams - sales, rents and fees".