London pre-open: Modest gains anticipated

3rd Jun 2011 07:35

London is set to claw back some of yesterday's losses, but with traders keeping their powder dry until this afternoon's US non-farms payrolls data, volumes are expected to be low. City sources predict the FTSE 100 will open up 26 points from yesterday's close of 5,848.Oil firm Cairn Energy has got cracking on its West Greenland offshore drilling campaign, with drilling commenced on two wells.With summer approaching, advertising giant WPP has decided the time is right to go for a Brazilian, and has acquired a 70% stake in Grïngo Publicidade, a leading digital agency in Brazil.Toy train maker Hornby saw sales fall in the year to 31 March, but blamed this on supply issues rather than the tough economic outlook and said it the business is in "great shape." Sales slipped to £63.4m from £63.9m the previous year, while pre-tax profits fell to £4.1m from £5.7m.--jh