Vodafone beats estimates, Land Securities makes 'strong' start

London open

The FTSE 100 is predicted to rise 18 points on Tuesday, extending its run from the start of the week.

Stocks to watch

Vodafone's organic sales growth returned to growth and beat expectations after a strong performance in the fourth quarter. Thanks to stabilisation in Europe and acceleration in Africa, Middle East and Asia Pacific, organic service revenue grew 2.5% in the three months to 31 March, well ahead of forecast 1.5%.

Land Securities posted a “strong” set of preliminary results, showing asset values, revenue and earnings all increasing in the 12 months to 31 March. The commercial property giant reported a basic net asset value per share of 1,482p - up 10.3% - and an adjusted diluted net asset value per share of 1,434p - an increase of 10.9%.

Diversified Irish investment group DCC said annual pre-tax profits soared 47% to £216.3m. Revenues were flat at £10bn, largely due to lower oil prices, while operating profit from continuing operations increased by 35.5% to £300.5m thanks driven predominantly to acquisitions completed during the year.

Newspaper round-up

Mike Ashley, the founder of Sports Direct, has for the first time agreed to appear before MPs in Westminster next month to give evidence about the retailer’s workplace practices. However, he has done so on the condition that the politicians visit his Shirebrook premises the day before. - Telegraph

London’s luxury postcodes have seen house prices fall by as much as 11.8% over the past year, but the property slowdown is a “myth” in much of the rest of the capital. The price of homes in 47 out of 272 postcode areas fell over the last quarter, the majority in the city’s most expensive neighbourhoods, according to data from the estate agency Stirling Ackroyd published on Tuesday. - The Guardian

Total pledged to continue investing in the North Sea yesterday as it called for greater collaboration to survive the oil industry downturn. Patrick Pouyanné, chief executive of the French company, said that there was an urgent need to bear down on costs. - The Times

A flurry of recent flotation announcements has raised hopes that the dormant initial public offerings market is springing back to life. Maisons du Monde on Monday revealed it is set to carry out what is not only France’s first initial public offering of 2016 but one of the biggest expected there this year, with the furniture and design company setting a price range that would give it enterprise value of more than €1bn. - Financial Times

US close

US stocks closed in positive territory on Monday, boosted by a rally in oil prices.

The Dow Jones Industrial Average jumped 1.0% to 17,710.71 the S&P 500 rose 0.98% to 2,066.66 and the Nasdaq grew 1.22% to 4,775.46.

Oil prices advanced after Goldman Sachs said the market had finished almost two years of oversupply and moved to a deficit following global production disruptions. Supply disruptions around the world, including in Nigeria, have reached as much as 3.75 million barrels per day, soothing the supply glut that has been blamed for pushing prices down as much as 70% between 2014 and early 2016.