London pre-open: Wall Street's late surge provides boost

25th Aug 2011 07:19

The top-share index is set to open around 25 points higher as UK investors take heart from the late surge yesterday on Wall Street which saw US markets finish higher for the third day in succession and the Dow enjoy a triple-digit gain.International engineering group IMI saw headline profit before tax rise 26% in the first half of 2011 to £171.3m on revenue that grew 12% to £1.03bn. However, chairman Norman Askew warned that macroeconomic indicators have weakened over recent weeks, though it still expects to make further progress in the second half of the year.AMEC, the international engineering and project management company, said its first half operating performance was in line with expectations. Earnings before interest, tax and amortisation rose 9% to £122m on revenue that climbed 4% to £1.48bn. "A strong performance in mining and Power & Process and increased activity in the UK North Sea more than offset the anticipated reduction in activity levels within our oil sands and federal businesses," said chief executive, Samir Brikho.Mining behemoth Rio Tinto has exercised its right to acquire more shares in Asia-Pacific focused miner Ivanhoe Mines, taking its stake up to 48.5% from 46.5% previously. The price paid per share was C$18.98 and the total consideration for the exercise of this Subscription Right was C$529.5 million.