IG signals improved revenue and earnings, LondonMetric reported profit falls
London open
The FTSE 100 is expected to open up 19 points on Wednesday, after closing down 0.28% at 7,526.51 on Tuesday.
Stocks to watch
Despite a quiet fourth quarter for the markets, IG Group said revenue and profits for its fiscal year would be ahead of the previous year. For the three months to 31 May, the spread betting and CFD company saw higher revenues than the prior year, when its house broker had expected them to fall. But IG said it now expects to report full year revenue around 7% higher than in 2016, though after a fall in the third quarter this is down from the 14% increase in net trading revenue seen in the first half of the year.
LondonMetric reported its annual results for the year to 31 March on Wednesday, showing a net rental income improvement of 5% to £82m and a £21m revaluation surplus, contributing to a reported profit of £63m - down from £82.7m. The FTSE 250 firm declared a fourth quarterly interim dividend of 2.1p, with a scrip alternative. In a separate announcement, the property investment firm announced the acquisition of three urban logistics warehouses in Crawley, Coventry and Huyton for a combined £23.9m.
Newspaper round-up
The Conservative Party could be in line to lose 20 seats and Labour gain nearly 30 in next week’s general election, according to new modelling by one of the country’s leading pollsters. YouGov’s first constituency-by-constituency estimate of the election result predicts that the Tories would fall short of an overall majority by 16 seats, leading to a hung parliament. - The Times
The Irish government has finally pushed the button on its planned €12bn (£10.4bn) float of Allied Irish Banks in what could be one of the biggest initial public offerings in London in recent years. The Irish state currently owns around 99.9pc of AIB, and plans to float 25pc of its stake on the London and Irish stock exchanges. - Telegraph
BT faces a strike threat after unions said they will consider industrial action if the company presses ahead with the closure of its final salary pension scheme. The firm's defined-benefits pension scheme has more than 300,000 members, and although the scheme had been closed to new entrants in 2001, existing members continue to build up benefits. - Telegraph
US close
Investors in the US played it safe at the start of the week - and ahead of Friday's all-important monthly jobs report - with weaker oil prices offsetting better-than-expected readings on home prices and personal consumption and spending.
The Dow Jones Industrial Average was off 0.24% at 21,029.47 at the closing bell, with the S&P 500 slipping 0.12% to 2,412.91 - although the Nasdaq 100 managed a 0.11% rise to 5,794.63.
Oil prices retreated as investors continued to digest the outcome of last week's Opec meeting in Vienna ,and after analysts at Goldman Sachs lowered their forecast for West Texas Intermediate in 2017 from $54.80 to $52.92.
Brent crude was last down 0.95% at $51.80 per barrel, and West Texas Intermediate was off 0.83% at $49.59.
The better known large-cap technology stocks were still in the spotlight, with Amazon shares topping $1,000 in intraday trading, boosting the Nasdaq.
Amazon closed up 0.09% at $996.70.
"When in doubt, buy tech stocks," said Chris Beauchamp, chief market analyst at IG.