London pre-open: Lethargy lingers

6th Jul 2011 07:39

Leading stocks are once again looking for direction, with City traders predicting the top-share index will open up just 5 points or so higher than last night's closing value of 6,024.Cash and carry group Booker says it is on course to meet expectations for the year ending 30 March after seeing a sharp rise in sales in the first quarter. Total sales were up by 9.5% from the same period the previous year (7.4% on a like-for-like basis), and by 9.1% excluding tobacco. Like-for-like tobacco sales were up by 5.7%.Advertising and marketing group Cello expects profits for the full year to fall slightly short of expectations after losing a retail research contract earlier this month and seeing one of its retail clients entering administration. The company expects to incur a full year exceptional charge of about £500,000. Debt levels at private equity investment firm 3i came down in the second quarter of 2011 as realisation proceeds comfortably outweighed investments. Investments in the April to June quarter totalled £233m, a sharp increase on the £105m invested in the corresponding quarter of 2010, while realisation proceeds soared to £337m from £79m in 2010.--jh