London pre-open: Modest progress expected

20th May 2011 07:49

Stocks are set to open modestly higher following a solid showing overnight on Wall Street. City traders expect the blue-chip index will open around 16 points firmer at 5,972.The legion of income investors holding Scottish and Southern Energy (SSE) shares were kept happy as the utility company bumped up the dividend a bit more than expected. The full year dividend has been hiked 7.1% to 75p from 70p last year, a shade above market expectations of a 74.8p pay-out. Adjusted profit before tax in the year to March 31st rose 1.6% to £1,310m from £1,290m the year before, topping the market consensus forecast of £1.24bn.CD, DVD and book retailer HMV has agreed to sell its bookshop chain has reached agreement on the sale of its bookshop chain Waterstones to the Russian billionaire Alexander Mamut, for £53m. Northgate, the light commercial vehicle hire specialist, has promoted Chris Muir, its UK finance director, to the position of group finance director.---jh