London open: GDP data in focus

Stocks in London were trading slightly higher ahead of the release of revised UK GDP data, with trading volumes expected to be light again as US markets will only be open for a half day.

As of 0837 GMT the top flight index was edging higher by 0.01% to 6,830.16, despite a small downdraft in crude oil futures.

Front month Brent futures were losing 0.89% to $48.57 per barrel on the NYMEX.

"Eager US traders will be back at their screens for a shortened session Friday, although most will extend the holiday out to Monday, so expect another quiet day over here. That means more time to grab some of those Black Friday bargains, especially given the dearth of corporate news, although low volumes can sometimes trigger greater volatility.

"However, the index uptrend since the June low remains firmly intact, raising hopes that this rally has legs," said Lee Wild, Head of Equity Strategy at Interactive Investor.

The second release of third-quarter gross domestic product is due to be published at 0930 GMT with the Confederation of British Industry´s Distributive Trades Survey scheduled for release at 1100 GMT.

An average home buyer in London must now pay 14.2 times his annual gross salary in order to buy a home, the most ever, and twice the average in the rest of the country, according to data from Hometrack.

Overseas, data released overnight showed Japanese consumer prices dropped for an eighth straight month in October, their longest such stretch since 2009-2011.

The cost of living in Japan, excluding fresh food, the main inflation gauge followed by the country´s central bank, fell by 0.4% month-on-month from one year ago, as expected.

As a result, the dollar/yen was on its backfoot early on Friday morning, slipping 0.52% to 112.76.

Meanwhile, and on the political front in Europe, French presidential candidates François Fillon and Alain Juppé went head to head in a television debate on Thursday night, with the former seen as the winner ahead of a vote on Sunday which will decide who will be the French right candidate in next year's election.

Pennon reports large jump in profits at half-year stage

In corporate news, Pennon continued to deliver a good performance in the first half of its financial year at both its water and waste businesses, with costs savings and self-help initiatives falling straight to the bottom line.

Revenues declined 0.5% to £685.5m despite which profits before tax jumped 19.9% to £128.1m, with the latter driven by costs savings at South West Water and growth at Viridor by its ERFs and self-help measures at its recycling arm. Earnings per share were up by 1.7% to 23.6p.

BHP Billiton and its Brazilian joint venture partner Vale said they have approved $181m to fund remediation and compensation programs at the Samarco iron ore project after a dam burst in a year ago.

The two companies will extend a £230m line of credit to Samarco. The funding will be offset against a $1.2bn provision made in June.

“Funds will be released to Samarco only as required and subject to the achievement of key milestones,” BHP said.

“The short-term facility allows BHP Billiton Brasil to preserve the value of its investment as options for restart continue to be assessed.”

Market Movers

FTSE 100 (UKX) 6,830.37 0.02%
FTSE 250 (MCX) 17,583.91 -0.04%
techMARK (TASX) 3,294.92 0.02%

FTSE 100 - Risers

Rio Tinto (RIO) 3,146.00p 1.39%
Mediclinic International (MDC) 732.00p 1.10%
AstraZeneca (AZN) 4,256.00p 1.09%
Schroders (SDR) 2,869.00p 0.84%
Unilever (ULVR) 3,142.50p 0.72%
Randgold Resources Ltd. (RRS) 5,720.00p 0.70%
BHP Billiton (BLT) 1,370.00p 0.66%
Diageo (DGE) 2,008.50p 0.63%
Shire Plc (SHP) 4,677.50p 0.58%
Sky (SKY) 761.50p 0.53%

FTSE 100 - Fallers

TUI AG Reg Shs (DI) (TUI) 1,043.00p -1.32%
Sainsbury (J) (SBRY) 233.20p -1.19%
Merlin Entertainments (MERL) 434.10p -0.87%
Polymetal International (POLY) 744.00p -0.87%
Lloyds Banking Group (LLOY) 59.17p -0.85%
Intertek Group (ITRK) 3,194.00p -0.84%
Capita (CPI) 567.50p -0.79%
Dixons Carphone (DC.) 329.50p -0.78%
Whitbread (WTB) 3,486.00p -0.71%
Babcock International Group (BAB) 937.00p -0.69%

FTSE 250 - Risers

Mitie Group (MTO) 213.40p 2.65%
Paragon Group Of Companies (PAG) 354.10p 2.19%
Indivior (INDV) 340.20p 2.01%
Domino's Pizza Group (DOM) 347.00p 1.91%
Pennon Group (PNN) 822.00p 1.48%
Marshalls (MSLH) 302.20p 1.41%
Hiscox Limited (DI) (HSX) 1,080.00p 1.31%
Dechra Pharmaceuticals (DPH) 1,281.00p 1.26%
Safestore Holdings (SAFE) 351.20p 1.24%
Redefine International (RDI) 37.06p 1.06%

FTSE 250 - Fallers

Fisher (James) & Sons (FSJ) 1,566.00p -2.97%
Aggreko (AGK) 790.00p -1.99%
CMC Markets (CMCX) 188.70p -1.97%
Essentra (ESNT) 378.00p -1.82%
Greene King (GNK) 711.50p -1.52%
Aldermore Group (ALD) 206.00p -1.44%
CLS Holdings (CLI) 1,578.00p -1.38%
CYBG (CYBG) 271.10p -1.24%
Redrow (RDW) 412.20p -1.17%
Hochschild Mining (HOC) 206.90p -1.10%