London pre-open: Stocks to make modest headway

25th Jan 2011 07:35

Stocks are expected to head higher at the outset but investors have half an eye on the US Federal Reserve's rate setting committee, which meets tomorrow evening, and may therefore be reluctant to over commit.City traders expect the FTSE 100 will open around 15 points higher.Water group Severn Trent said the recent bad weather in the UK reduced the level of activity in its capital expenditure programme. For the full year 2010/11, the group now expects capital expenditure to be in the range of £400m to £410m. Water consumption levels in the second half of the financial year should be on a par with the previous year.Friends Provident, the trading business of life insurance consolidator Resolution, has appointed Lloyds Banking man Andy Briggs as chief executive with current incumbent Trevor Matthews moving to a new post of vice chairman. The investment pipeline is bulging at Intermediate Capital and the mezzanine finance specialist now expects to invest around £150m to £200m more this financial year than previously budgeted.