London pre-open: Gains likely as Tesco posts figures

6th Oct 2009 07:33

Tesco is likely to be in focus early on after reporting a modest rise in half-year profits. Traders expect Footsie to open up around 22 points.UK supermarket giant Tesco has made £1.42bn in the six month to August and said it is well-placed for the global recovery. Pre-tax profits were up by 1.5% in the 26 weeks ended 29 August, while sales increased by 8.3% to £30.4bn. There was significant petrol deflation in the first half and on an ex-petrol basis, sales rose by 11.4%.GlaxoSmithKline has received another 22 orders for a further 149m doses of its H1 N1 swine flu vaccine. The latest orders bring the total number of of doses ordered for GSK's pandemic vaccines to 440m. Discussions continue with governments for further supplies, GSK added.Goodfellas pizza and Fox's biscuits group Northern Foods said group sales and operating profit remain in line with market expectations. Like for like sales on a value basis rose 2.9% year on year in the 26 weeks to 26 September, while volumes were up 2.5%. Total sales were flat, reflecting closure of the Fenland factory last year and lower volumes at the Hull plant.The boss of residential property group Grainger is to step down for reasons of ill health. Rupert Dickinson, chief executive officer of Grainger, will relinquish the role on 20 October and step down from the board. He will be replaced by current deputy chief executive officer and finance director, Andrew Cunningham.Kurdistan-focused oil group Gulf Keystone has discovered oil in the upper portions of the Triassic section of the Shaikan - 1 exploration well. A limited test resulted in oil rates up to 2,000 bopd and associated gas rates of up to 2 mmscf/d, yielding a gas/oil ratio of approximately 1,000 scf/bbl.Construction and engineering contractor Balfour Beatty has been named as preferred bidder for a schools project in Blackburn and Darwen. The 25-year concession entails the building or remodelling of nine schools in Blackburn and Darwen, in the north west of England, by 2015.