London pre-open: Positive start ahead

14th Aug 2009 07:39

London's blue chips are expected to open slightly higher on a relatively quiet day. Investors are likely to focus on US inflation and industrial production data due in the afternoon.Payment services group Paypoint said its trading performance since the end of March has been satisfactory. The company said that, as anticipated, mobile top-up volumes in the UK, Romania and Ireland are running at lower levels than last year as a result of mobile operators offering more airtime for lower prices.Fund manager Man Group expects gross initial disposal proceeds of $112m, which it expects to receive early next week, from the disposal of its remaining stake in MF Global.Industrial chain maker Renold said the sharp declines in sales it has seen recently appear to have stabilised and that customers destocking may be abating. The firm, which reported a 25% slump in first quarter sales, said it saw no indication of customers restocking in the short-term. Operations management software group EG Solutions expects results for the half year to be in line with expectations, including a return to profitability. Revenues are seen at approximately £2.1m (H1 2008: £2.3m), while profits are seen at around £0.05m compared to a loss of £0.8m in the second half of last year.Industrial auctioneer GoIndustry-DoveBid said it knows of no reason why its share price jumped 40% yesterday, while confirming it is considering a placing at a 'considerable' discount' to the current share price.In the press, the FT reports that senior cabinet ministers are so disappointed with the Financial Services Authority's new pay rules, released this week, they are considering whether legislation may be needed to crack down on bankers' bonuses.