London pre-open: More gains ahead

27th Jul 2009 07:37

London's top stocks look set to continue their recent winning streak, with traders expecting Footsie to add 60 points in early dealings.Bus and train group Stagecoach is in exclusive discussions with the bidder for National Express to acquire some of its businesses if the offer goes through. Reports at the weekend had suggested Stagecoach was looking to mount a rival bid to the offer from CVC and the Cosmen family. But it said today that while it was considering "all other options" it has started talks about buying certain businesses and assets of National Express if that offer is successful.Lower fuel costs helped budget airline Ryanair report a better than expected first quarter profit. The Irish group saw net profit rise to €136.5m in the three month ended 30 June compared with €21m last year. Sales were largely flat at €774.7m.Packaging group Rexam has confirmed that it is considering an equity raising to see it through the current difficult market conditions. In response to press speculation about a fundraising, Rexam, which makes cans and plastic packaging, said the risk of having its rating downgraded to sub investment grade had increased significantly. Building supplies group Wolseley has confirmed that trading conditions for the 11 months to June 30 continued at the depressed levels outlined in its May update, adding that it conditions will continue to deteriorate until the end of 2009.Pearson upped its interim dividend as first half trading at its educaton division was better than expected, offsetting tough conditions for the FT and the adverse impact of currency movements.Gas and electricity pipeline grid operator National Grid said it is on track to deliver a strong performance in 2009/10.