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London pre-open: Footsie to rise for 4th day
Wed, 08 Feb, 2012
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London pre-open: Footsie to rise for 4th day
Wed, 1 Sep 2010, 06:41:00
Leading shares are expected to continue yesterday's rally, despite a lackluster finish in the US overnight, as investors look to decent economic data out of China this morning. China's official purchasing managers' index rose to 51.7 in August from a 17-month low of 51.2 in July, causing an improvement in commodity prices and overall sentiment. Australian stock markets were also boosted by better-than-expected second quarter GDP. Data from the Australian Bureau of Statistics showed the economy grew 1.2% during the three months. UK futures prices indicate a 28-point gain for the FTSE 100 early on. It has risen for the past three sessions from a six-week low of 5,109 last Wednesday. In company news, <b>Soco International</b> has discovered oil at the Te Giac Den appraisal well, TGD-2X, offshore Vietnam. The Hoang Long Joint Operating Company, operator of Block 16-1 in the Cuu Long Basin, says the well encountered "hydrocarbons in a clastics sequence" at about 4,450 metres measured depth. Drilling shows and early log interpretation indicate two main reservoir sand intervals, but testing will take about three weeks. Wealth management firm <b>Hargreaves Lansdown</b> has had a record year despite tough market conditions, lifting profits by 18%. Profit before tax jumped to £86.3m in the year ended 30 June, up from £73.1m 12 months ago, on revenue 20% higher at £159m. Total assets under administration rose 47% to £17.5bn. "I suspect the problems that we can foresee at the moment are less critical than the ones we envisaged a year ago," said Peter Hargreaves, CEO and co-founder who's stepping down in the autumn. Global business media company <b>United Business Media</b> (UBM) has bought Astound, a privately owned US virtual career fairs business. The initial payment will be $0.12m, but further performance related payments over the next three years could take the eventual purchase price up to $3m. Astound's key virtual career fair products are Milicruit, aimed at people leaving the US military, and Unicruit, a job fair in which universities help students find employment after graduation.
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