London pre-open: More falls expected

6th May 2010 07:38

Footsie is expected to fall further in early dealings falling a drop on Wall Street overnight as the economic turmoil in Greece continues to worry investors.Investors also have a stream of company updates to digest.Supermarket group Wm Morrison reported a small rise in first-quarter like for like sales but warned that it remains cautious on the economic environment and consumer spending. In the 13 weeks to 2 May, like for like sales grew by 0.8% (5.2% including fuel), with total sales excluding fuel up by 5.9% (9.5% including fuel).Medical devices firm Smith & Nephew posted a better than expected 27% jump in first quarter profit and said it is on the right track for the rest of the year. The trading profit in the quarter was $250m, up from $183m in the first quarter of 2009. Revenues rose to $995m in the period compared to $865m last time.Indian mining giant Vedanta posted a sharp rise in earnings for the year to March 31 after ramping up metals production and benefiting from the rebound in commodity prices. The company posted earnings before depreciation and amortisation (EBITDA) of $2.3bn, a rise of 42% from the previous year, on revenues that climbed by 21% to $7.9m.RSA Insurance Group said it has made a good start to the year with strong performances in the UK, Canada and Latin America. Net written premiums in the first quarter of 2010 were 5% higher than in the corresponding period of 2009 at £1.9bn, or 3% higher at constant exchange rates (CER).Housebuilder Bovis Homes said sale prices have been modestly ahead of expectations so far in 2010. Weekly reservation sales have been in line with management expectations and have been consistent since the bad weather in the first two weeks of the year melted away.