London pre-open: Inching higher

3rd Nov 2010 07:36

City forecasters are predicting juts a small gain for London when trading begins as the dust settles after last night's election results in the US.The FTSE 100 is expected to add around 5 points at the start. The Republicans took control of the House of Representatives, but not the Senate. Next will raise its prices by 8% early next year due to soaring cotton prices, the high street fashion giant said this morning. "As a result of further rises in the price of cotton, retail price rises are likely to be at the top end of our previously stated 5% to 8% range for the first quarter of next year," the firm commented. That overshadowed a solid third quarter update with sales growth of 2.2% towards the top end of its indicated 0-3% guidance. High tech defence group Cobham said its commercial markets remain stable, but fragile, with some US customers still reluctant to put pen to paper. The book-to-bill ratio of the group's technology divisions - Avionics and Surveillance, Defence Systems and Mission Systems - has improved in the third quarter in comparison to the equivalent period in 2009, but has remained at a similar level to the first half of 2010. Insurer Standard Life enjoyed a 60% increase in net inflows during the first nine months of 2010, lifting assets under administration (AUA) by 13%. Net inflows increased to £7.2bn over the nine months ended 30 September from £4.5bn in 2009. That sent AUA up to £192.4bn from £170.1bn at the end of last year thanks to the strong net inflows, a stock market rally and a significant increase in fee business, up 14% at £157.7bn and £12.1bn better in the third quarter.Not much has changed at Admiral since August's interim results and the car insurer remains on track to meet analysts' consensus profit estimates for 2010. Turnover jumped more than 50% during the third quarter to £446m and group vehicle count was 28% higher than the same time last year.Capital Shopping Centres, the shopping centre arm of what used to be Liberty International, continued to see an improvement in its occupancy rate in the second half of the year. The occupancy rate at the beginning of November stood at 98.8%, up from 98.1% at the end of June, while tenant failures have continued to reduce.