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London pre-open: Cautious start ahead of US data
Mon, 21 May, 2012
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London pre-open: Cautious start ahead of US data
Fri, 3 Feb 2012, 07:35:00
City sources predict the FTSE 100 will open down around 9 points from yesterday's close of 5,796, ahead of Friday's non-farm payrolls data, the first major US economic indicator relating to the month of January. 
 
 Telecoms giant <b>BT</b> saw revenue fall 5% in the third quarter, while profits jumped 48%. "We have delivered another quarter of growth in profits and cash flow despite the economic headwinds," said Chief Executive Ian Livingston. Revenue totalled £4,774m in the three months to December 31st, down from £5,038m the year before. However, pre-tax profits rose from £531m last year to £652m.
 
 Bid speculation seems to permanently surround financial software provider <b>Misys</b> of late and it appears that there is no smoke without fire, as the group has confirmed it is in talks with a suitor. The group said it is in preliminary discussions with <b>Temenos Group</b>, a Swiss provider of banking software, regarding a possible strategic combination to be effected by way of an all share merger.
 
 <b>Admiral</b> is extending its existing UK car insurance reinsurance partnerships with Hannover Re, Mapfre Re, New Re and Swiss Re until 2014. 
 
 <b>Fuller, Smith & Turner</b>, the pubs group which lost out to <b>Greene King</b> last year in a bid battle for the Capital Pub Company, is beefing up its estate with the purchase of 15 freehold tenanted pubs from rival Enterprise Inns. Fuller's is paying £22.9m in cash for pubs which in aggregate generated operating profits of £1.7m in the year to September 30th, 2011. The acquisition is expected to immediately enhance earnings.
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