WPP enjoys sterling boost, Centamin ups guidance

London open

The FTSE 100 was predicted to fall 20 points on opening on Monday morning, extending the losses from last week.

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Like-for-like sales growth slowed in the third quarter at WPP, though profit margins were above target. Helped by sterling weakness, reported quarterly revenues grew 23.4%, with constant currency growth of 7.6% and 4.4% growth from acquisitions, though LFL net sales growth was 2.8% compared with 3.8% in the first half.

Centamin said it expects 2016 gold production to be towards the upper end of its guidance of between 520,000 and 540,000 ounces as it reported a 41% increase in third quarter output. The group said gold production in the third quarter was 148,674 ounces, up 41% on the same period a year ago and up 6% on the previous quarter.

Investment company Capital & Counties bought a Covent Garden property from Derwent London real estate investment trust, for £67.5m.The multi-let Tower House building on the junction of Southampton Street and Tavistock Street has a £3.1m annual rent across 53,700 square feet, which includes 13,800 square feet of retail space, 37,000 square feet of offices and 2,900 square feet of accommodation.

Newspaper round-up

Mark Carney, governor of the Bank of England, is ready to serve a full eight-year term, facing down Brexiter critics campaigning for him to resign ahead of time. Mr Carney has told friends that he is likely to make a statement on his future this week to put an end to damaging speculation. - Financial Times

The Bank of England will concede this week that it was wrong to predict an immediate slowdown after the Brexit vote when it raises its growth forecasts for this year and next, but it will warn that the squeeze on households is set to intensify. Economists from Bank of America Merrill Lynch expect the central bank to lift its outlook for growth this year to 2.2 per cent from 2 per cent and to 1.1 per cent in 2017 from 0.8 per cent, but to predict a tougher 2018 as higher inflation eats into disposable incomes. - The Times

National Grid attempted to keep up to £87m of consumers’ cash it had collected to fund new gas pipelines despite deciding not to build them after all. The utility giant was criticised for the “unjustified” move by consumer group Citizens Advice, which highlighted the claim as part of a damning critique of the way energy networks are paid for. - Telegraph

US close

Traders were sent scurrying at the end of last week after news broke that the FBI had reopened an investigation into the use of an unauthorised email server by Hillary Clinton when she was US Secretary of State.

That saw the greenback finish 0.66% stronger against the Mexican peso at 18.96 alongside gains of 0.57% for gold futures to 1,276.80/oz.

The Dow Jones Industrial Average lost 0.05% or 8.49 points to finish at 18,161.19 points, while the S&P 500 gave back 0.31% to 2,126.41 points and the Nasdaq retreated 0.50% to 5,190.10 points.