London pre-open: Slight rise expected

19th Nov 2009 07:35

Footsie is expected to post modest gains in early dealings as the stream of company updates continues.Supermarket chain Morrisons reported a 4.3% rise in like-for-like sales and left its expectations for the current year unchanged. Market expectations were for underlying sales growth, excluding fuel and VAT, to have risen by 4.5% in the period, compared to a 7.8% year on year rise in the first half of the financial year.Brewer SABMiller reported a 1% fall in lager volumes over the six months to September 30 as growth in Africa and Asia was offset by weakness in more developed markets. Revenue was down by 6% due to the weakness of the dollar, but climbed by 3% stripping out currency changes due to increased prices. Oil company BG has had more good news in Brazil where well tests on the Iracema appraisal well in the Tupi area, Santos Basin, reported record productivity.Gas and electricity pipeline grid operator National Grid upped its interim dividend after posting a 16% rise in pre-tax profits. Pre-tax profit rose to £649m in the six month ended 30 September compared with £558m last time, supported by lower financing costs. The interim dividend has been increased from 12.6p to 13.6p.