London pre-open: London to stop bleeding

23rd Sep 2011 07:20

London's top share index is set to open modestly firmer this morning, posing a dilemma for traders, who have to determine whether this is just a pause for breath before the market hurtles off on the next leg of its downhill journey, or the signal to pick up some bargains.City sources predict the FTSE 100 will open up 14 points from yesterday's close of 5,042.Euromoney Institutional Investor, the business-to-business publisher and events organiser, has seen a slow-down in the rate of growth of advertising and event sponsorship sales in the last couple of months but bookings for events and courses have held up well, while subscriptions revenues, which account for approximately half the group's total revenues, have continued to grow at similar rates to the third quarter. Total revenues for the year to September 30, 2011 are expected to show a headline increase of around 10% on 2010.British Gas owner Centrica's North American subsidiary, Direct Energy, has agreed to acquire the Texas-based energy retailer First Choice Power for $270m (£175m) in cash, plus additional working capital.Private equity investor 3i Group has warned that falling stock markets will lead to an inevitable fall in the value of its portfolio at the half-year stage. Net debt has decreased from its year-end (March) level of £522m to £343 million at 31 August.