London pre-open: Stocks to open lower after yesterday's boom

4th Jan 2012 07:35

Stocks are set to start the day lower as they settle down following Tuesday's strong trading. City sources predict the FTSE 100 will open down 24 points from yesterday's close of 5,700. Pizza delivery firm Domino's Pizza saw a slow-down in year-on-year like-for-like sales (LFL) growth in the final quarter of 2012, but this was expected, with the company facing tough comparatives, and the company's new Chief Executive Officer, Lance Batchelor, said the company will meet profit expectations for 2011. In the 13 weeks to December 25th, LFL sales rose by 3.6%, down from the preceding quarter's 3.9% growth. Panmure Gordon had predicted LFL sales growth of 3.3%. System sales for the period increased by 9.5% to £145.0m from £132.5m in the corresponding period of last year.Fashion chain Next said the strong performance of its Directory unit continues to compensate for slightly disappointing trading at its Retail stores. The Retail unit saw sales (excluding VAT) fall 2.7% in the period from August 1st to December 24th versus the corresponding period the year before, while Directory sales improved by 16.9%. Sales for the Next brand overall rose 3.1%, in line with the full year guidance range given in November of between 2.5% and 4.0%. Smith and Nephew, the medical technology business, has agreed to form a joint venture with Essex Woodlands, a specialist healthcare growth equity and venture capital firm, to further develop its Biologics and Clinical Therapies division. The new entity, called Bioventus, will be 51% owned by Essex Woodlands and 49% by Smith & Nephew.__NR