London pre-open: Market to open higher despite Greek news

15th Feb 2012 07:25

City sources predict the FTSE 100 will open up 10 points from yesterday's close of 5,900, taking its lead from a late rally in US and Asian stocks. That on expectations that Greek opposition leader Antonis Samaras will sign a letter promising to follow through on austerity measures should he win the next elections. Also helping sentiment is news that China may be more willing to help in the resolution of the European financial crisis. Industrial materials maker Morgan Crucible saw record revenues and operating profit in 2011, with both of its divisions putting in a good shift. Revenue rose 8.2% to £1,101.0m in 2011 from £1,017.1m in 2010, bang in line with market expectations. Underlying profit before tax rose 58.1% to £119.7m from £75.7m in 2010, and ahead of the market consensus of £116.6m.Profits from pizza delivery firm Domino's Pizza were marginally ahead of market expectations despite its German operations taking a slice from the pie. Profit before tax for the 52 weeks to Christmas Day 2011 rose by 14.6% to £43.6m from £38.0m the year before, though this figure excluded losses of £1.4m from the group's fledgling German operations; with German losses included, the profit of £42.2m was slightly ahead of market expectations of £42.1m.High street sportswear retailer Sports Direct saw sales growth accelerate in the third quarter and says that it will be reviewing its dividend policy as a result. Group sales (not including the recently-acquired premium lifestyle division) for the 13 weeks ended January 22nd rose 9.1% from £415.9m to £453.8m, compared with the 8.4% increase seen in the first half.