London pre-open: Slight fall expected

30th Sep 2009 07:45

Footsie is expected to fall by a couple of points in early dealings, continuing its rather sluggish performance of recent days.Fashion and food retailer Marks & Spencer posted a 0.5% fall in like-for-like sales in the 13 weeks to 26 September as recession-hit shoppers stayed frugal. Chairman Sir Stuart Rose said he remains cautious on the company's outlook and expects 2010 to be a tough year.A rush of last-minute bookings helped Thomas Cook trade well over summer, the travel company said. The firm added that winter bookings have improved since August. 'Summer trading is finishing in line with expectations underpinned by a strong lates market and the popularity of the package holiday,' chief executive Manny Fontenla-Novoa said.Support services specialist Babcock has lost its contract with Network Rail for High Output Track Renewal operations, but trading overall is as expected. Network Rail told it today that its Babcock SB Rail joint venture with Swietelsky Baugesellschaft had lost the contract, it said. Fund manager Man Group expects half-year profits to rise and said investor sentiment is continuing to improve. Profit before tax for the six months to the end of September is estimated at $280m, against $121m before. But profit before tax and exceptionals will be $270m from $514m previously.Engineer Smith Group's profits stalled last year as a number of divisions were hit by the economic downturn, though the figures would have been much worse without a £77m currency boost. Pre-tax profits dropped to £371m from £380m in the year to July on sales up 7% to £2.67bn.Travis Perkins, the leading UK builders' merchant, said sales trends for the last three months are ahead of expectations but its current market consensus for 2010 remains unchanged. The group said turnover for the nine months to the end of September is down 11%.