London pre-open: Slight decline expected in opening trade

25th Apr 2013 07:34

City sources predict the FTSE 100 will open down five points from yesterday's close of 6,432 following a mixed session in the US last night. On today's agenda are US initial jobless claims, continuing claims, and the latest reading from Bloomberg on consumer confidence, while back on this side of the Atlantic announcements are expected on the preliminary UK GDP reading, as well as the Index of Services. In UK company news, construction group Galliford Try has said its Partnerships business has been named as the preferred bidder to design and construct the Bournville Gardens retirement village in Birmingham. Partnerships has also reached financial close on the 765 Finchley Road project, which will see the creation of 80 mixed tenure homes and commercial units under a £15.8m contract. Cigarettes and tobacco maker British American Tobacco said it has made a 'good start to 2013' after managing to increase revenues in the first quarter despite a slip in volumes. Revenues grew by 5.0% at constant exchange rates in the three months to March 31st, up 1.0% at current exchange rates, which Chief Executive Nicandro Durante said was "good" amid a backdrop of "fragile economic conditions persisting in many parts of the world".Speciality chemicals manufacturer Croda Interntional ramped up first quarter pre-tax profit and expects to report further progress in 2013. Pre-tax profits for the period since December 31st 2012 rose 6.5% to £65.1m despite strong comparatives and the adverse impact of an earlier Easter this year. Group turnover grew modestly to £283.1m from £281.9m in 2012. Operating profits rose 4.0% to £68.0m.