London pre-open: Small losses expected on FTSE after Fed official's comments

24th Aug 2012 07:27

City sources predict the FTSE 100 will open down seven points from yesterday's close of 5,777, tracking US stocks lower which dropped after an official from the Federal Reserve dashed hopes of further economic stimulus action. St Louis Fed President James Bullard said the minutes from the latest Federal Open Market Committee (FOMC) meeting are now outdated because they do not pick up the stronger economic data that has been released since then. While Bullard is not a voting member on monetary policy, he has a track record for moving markets. Work-wear and wash-room facilities provider Berendsen increased profitability in the first half of 2012, despite a small dip in revenues. Profit before tax rose to £39.6m from £30.4m the year before on revenue that eased to £488.2m from £495.9m, although on an underlying basis (excluding acquisitions and currency effects) revenue rose 2%. Adjusted profit before tax, which excludes one-off items, rose 6% to £51.5m from £48.4m in the corresponding period of last year.Platinum miner Lonmin has appointed Simon Scott, the group's Chief Financial Officer, as Acting Chief Executive Officer (CEO) while Ian Farmer is receiving treatment for his illness.Sirius Minerals, the AIM-listed Potash exploration and mining group, remains upbeat about its York Potash Project after the latest drilling results showed high-grade materials. "The latest results from our drilling programme continue to build confidence in the extent and quality of the world class polyhalite resource at York Potash. Following detailed analysis of both drilling and the recently acquired seismic data, the company is now working to upgrade the size and category of the resource estimate," said Managing Director and Chief Executive Chris Fraser.