London pre-open: Stuck in reverse

2nd Jun 2011 07:37

Another day of losses looks to be in prospect for London's leading stocks after US stocks headed lower last night.City traders predict the top-share index will open around 50 points down from last night's close of 5,929.Company results have provided some cheer, with platinum refiner Johnson Matthey beating expectations with its figures and DIY retailer Kingfisher getting a boost from the recent warm weather and the recent spate of bank holidays in the UK.B&Q owner Kingfisher saw year-on-year like-for-like sales growth of 3.3% in the 13 weeks ended 30 April. Total sales were also up 3.3%, while retail profit rose 19.1% in comparison with the year before. Online fashion store ASOS reported a profit before tax and exceptional items of £28.65m in the year to 31 March, up 41% from £20.34m achieved the year before, ahead of market consensus expectations of £27.5m.Speciality chemicals group Johnson Matthey notched up pre-tax profits of £260.6m in the year to 31 March on revenue of £9,985m. Underlying profits before tax were £345.5m, up 36% from £254.1m the year before. Market expectations were for adjusted profits of £334.6m.--jh