London pre-open: Positive start likely

11th Oct 2010 07:36

Friday's rally above 11,000 on Wall Street looks enough to convince City traders to start buying this morning.The futures market points to a 20-point gain for the FTSE 100 Monday following gains in the US on hopes of additional stimulus government stimulus after weak monthly jobs numbers.In company news, builders merchant and Wickes' owner Travis Perkins is on track as sales improved again in the third quarter. Turnover for the nine months to end of September rose 6%, driven by the merchants businesses and a modest improvement at Wickes, which grew sales for period to 2 October by 2.1%, though like-for-like turnover eased 0.1%. Core products were down by 2.8%, but showroom sales rose by 11.9 %. Wood Group is still trading in line with forecasts and the provider of support services to the oil and gas industry expects to match full-year estimates. The Aberdeen-based firm, which today won a $152m contract to convert California's Tracy Peaker power plant to a combined cycle facility, said higher bidding volumes and recent contract awards at its engineering business should help improve numbers in the second half and into 2011. Drugs companies AstraZeneca and Pozen said their jointly developed pain reliever Vimovo has received positive agreement for approval across 23 EU countries. Vimovo treats osteoarthritis, rheumatoid arthritis, and ankylosing spondylitis.Ladbrokes, the bookmaking firm, said group net revenue was up 12% year on year in the third quarter. Operating profits (excluding high rollers) were 128% higher, albeit against weak comparative figures.No-frills airline easyJet has agreed a settlement to its acrimonious dispute with founder Sir Stelios Haji-Ioannou over its continued use of the 'easy' name. The price is not cheap. For the next 50 years, easyJet will have to pay a royalty of 0.25% of revenues, fixed at £3.9m and £4.95m in the first and second years respectively.