London pre-open: Small decline expected in early trading

28th Aug 2012 07:30

City sources predict the FTSE 100 will open down three points from Friday's close of 5,777 following the bank holiday weekend and details which emerged last night in relation to the European Central Bank, which is said to be 'still working' on its bond-buying programme. Casting a downbeat mood across the Eurozone was the news that an important German business sentiment indicator had on Monday dropped to its lowest point since March 2010, indicating that the region's largest economy is steadily becoming increasingly more affected by the on-going crisis. It marked the fourth consecutive month of declining sentiment. Bunzl, the international distribution and outsourcing group, saw its North America and Rest of the World divisions lead the way in the first half of the year. Headline profit before tax in the six months ended June 30th rose 9%, or 10% at constant exchange rates, to £151.7m from £138.8m the year before. Reported profit before tax rose 8% to £121.2m from £112.1m a year earlier. Revenue rose 7% to £2,612.2m from £2,442.0m the year before, with organic growth of 4%.Mining giant BHP Billiton has signed an agreement to sell its Yeelirrie uranium deposit in Western Australia. Yeelrrie, located 630km north-east of Perth in the Northern Goldfields region, will be sold to uranium titan Cameco Corporation for $430m. Uranium was discovered at the Yeelirrie site in 1972 by Western Mining Corporation, which was acquired by BHP in 2005.Pharmaceuticals group AstraZeneca, which has been on the search for a new boss for four months, has appointed Pascal Soriot as its Chief Executive Officer (CEO), joining the firm from Swiss rival Roche. Soriot, who has been the Chief Operating Officer of Roche's pharmaceuticals division since 2010, will take on his new responsibilities at Astra and join the board on October 1st.