London pre-open: Seeking direction

4th Jul 2011 07:46

The market looks set to get off to a quiet start and with US markets shut for the Independence Day holiday there is every chance that the placid mood will prevail throughout the day.City traders expect the Footsie index will open a few points higher but not quite break through the 6,000 barrier, at least not right away. The Footsie closed at 5,990 on Friday.Newspaper distributor John Menzies said it is on track to exceed expectations for the full year after seeing the positive start to the year continue. The company said its aviation division has experienced "increased contract win momentum and generally positive trading."South West Water owner Pennon is to build a new plant to generate energy from waste in Exeter. The 'Energy from Waste' plant will process 60,000 tonnes of municipal waste a year and will require Pennon to stump up £45.6m in capital investment.Animal genetics company Genus is feeling bullish about its full-year results, as the markets in which it operates have remained generally favourable. The company should post improved profits in line with market expectations, and strong cash generation.--jh