London pre-open: Nervous start to the week

22nd Aug 2011 07:31

Equities are set to make a nervous start to the week with City traders predicting the blue-chip share index will dip below the 5,000 level, having closed last week at 5,041. A lot of bulls will be pinning their hopes on Federal Reserve chairman Ben Bernanke pulling something out of the hat this week at the annual meeting of central bankers in Jackson Hole, Wyoming. Bernanke is due to speak on Friday, on the topic of "Near- and Long-Term Prospects for the US Economy".Essar Energy, the India-focused integrated energy company, saw revenues soar by more than a third over the first half of 2011, primarily due to higher refining and marketing revenues, which offset lower power revenues.Oilfield services group Petrofac said it is on course to deliver like-for-like profit growth of at least 15% in 2011, in line with current market expectations. Half-year revenue rose 25.2% to $2.71bn, while underlying profit after tax edged up 6.6% to $246.3m. The interim dividend has been hiked 26.1% to 17.4 cents.Pharmaceuticals giant GlaxoSmithKline is to buy up over a quarter of UK-based biotech firm Autifony Therapeutics through its wholly-owned subsidiary, Glaxo Group. Glaxo is to invest £1.25m in Autifony is exchange for a 25.4% minority equity stake.