London open: Stocks nudge higher as Britons head to the polls

London stocks nudged higher in early trade as Britons headed to the polls, with a European Central Bank meeting and a testimony by former FBI Boss James Comey also likely to draw investors' attention.

At 0830 BST, the 100 was up 0.1% to 7,485.75, while the pound was holding up well, 0.1% higher versus the euro and the dollar at 1.1524 and 1.2975, respectively, as all but one of the nationwide opinion polls were showing a sizeable lead for the Tories as the recent narrowing over Labour eased.

YouGov's final poll for The Times on Wednesday night gave a bigger lead for the Conservatives, with May's party remaining unchanged on 42% while Jeremy Corbyn's Labour fell three points to 35%. The Liberal Democrats were on 10%, Ukip on 5%, Greens on 2% and others 6%.

The last poll by ICM for The Guardian put the Conservatives ahead by 12 points, up one point to 46% while Jeremy Corbyn's Labour’s stayed at 34%.

Accendo Markets analyst Mike van Dulken said: "The UK election race has tightened since PM May called the snap election on 18 April. However, it is likely too little, too late for Corbyn’s Labour, with May’s Conservative party widely expected to remain in power, and with a bigger majority. The 10pm exit poll was accurate in both 2010 (hung parliament) and 2015 (surprise Tory victory) so could offer a good indication of Friday’s final result."

Meanwhile, the ECB meeting will be particularly interesting after a leaked draft of staff projections showed the central bank is revising its GDP forecasts higher but cutting its inflation forecasts through 2019, a move that would push a potential rate hike further down the road. Comey's testimony before the Senate panel about Russia's involvement in the US presidential election will also be eyed.

In corporate news, Petrofac gushed higher after securing a long-term framework agreement with Petroleum Development Oman for the provision of engineering, procurement and construction management support services for major oil and gas projects.

Workspace gained ground as it confirmed it was in talks to buy London's Salisbury House at Finsbury Circus but warned the could be no certainty a deal would take place.

Berendsen shares rocketed after the commercial laundry company agreed to a sweetened takeover offer from French peer Elis valuing it at £2.20bn.

Online fashion retailer Boohoo.com was on the front foot after it reported a rise in revenue for the three months to the end of May as it lifted its full-year sales forecast.

On the downside, Ultra Electronics slipped after saying its US-based Ocean Systems business had won a $10m contract from the UK Ministry of Defence for the production of two variants, 101 and 102, of the Submarine Countermeasure Acoustic Device for the Royal Navy's submarine fleet.

Auto Trader skidded despite more than doubling its dividend as revenue and earnings beat expectations for its full-year performance.

Vodafone, Johnson Matthey, WPP, Electra Private Equity and Booker were all weaker as their stock went ex-dividend.

On the macro front, another survey emerged to suggest UK house prices are softening, countering more bullish housing news the day before. The balance of surveyors reporting higher house prices over the last three months fell to +17 in May from +22 in April, below the consensus forecast for a less fall to +20, a survey by the Royal Institution of Charted Surveyors found. The balance of new buyer enquiries fell to an 11-month low of -12 in May, from -4 in April.

Market Movers

FTSE 100 (UKX) 7,485.75 0.10%
FTSE 250 (MCX) 19,695.75 -0.00%
techMARK (TASX) 3,598.83 -0.31%

FTSE 100 - Risers

Glencore (GLEN) 285.75p 0.97%
easyJet (EZJ) 1,345.00p 0.90%
Lloyds Banking Group (LLOY) 70.61p 0.76%
Rio Tinto (RIO) 3,189.00p 0.71%
Severn Trent (SVT) 2,513.00p 0.68%
AstraZeneca (AZN) 5,338.00p 0.68%
International Consolidated Airlines Group SA (CDI) (IAG) 594.50p 0.68%
GlaxoSmithKline (GSK) 1,699.00p 0.62%
Tesco (TSCO) 179.50p 0.62%
Centrica (CNA) 197.20p 0.61%

FTSE 100 - Fallers

Vodafone Group (VOD) 218.40p -4.63%
Johnson Matthey (JMAT) 2,930.00p -1.64%
WPP (WPP) 1,653.00p -1.37%
Wolseley (WOS) 4,850.00p -1.34%
Kingfisher (KGF) 310.50p -1.05%
Mediclinic International (MDC) 783.00p -0.82%
CRH (CRH) 2,765.00p -0.47%
Intu Properties (INTU) 264.60p -0.41%
Royal Bank of Scotland Group (RBS) 254.30p -0.31%
Old Mutual (OML) 197.20p -0.30%

FTSE 250 - Risers

Berendsen (BRSN) 1,210.00p 9.30%
Allied Minds (ALM) 139.50p 2.27%
Fisher (James) & Sons (FSJ) 1,759.00p 1.74%
IP Group (IPO) 137.50p 1.55%
Workspace Group (WKP) 889.50p 1.48%
Petrofac Ltd. (PFC) 354.00p 1.43%
PayPoint (PAY) 920.50p 1.27%
TalkTalk Telecom Group (TALK) 169.10p 1.20%
JPMorgan Indian Investment Trust (JII) 726.50p 1.04%
Greencore Group (GNC) 250.90p 1.01%

FTSE 250 - Fallers

Electra Private Equity (ELTA) 1,840.00p -33.45%
Vedanta Resources (VED) 573.50p -3.61%
Booker Group (BOK) 190.50p -3.25%
Redefine International (RDI) 38.36p -2.66%
AO World (AO.) 123.60p -2.60%
Diploma (DPLM) 1,096.00p -2.49%
Nostrum Oil & Gas (NOG) 513.50p -2.38%
Euromoney Institutional Investor (ERM) 1,109.00p -2.29%
SIG (SHI) 146.80p -1.94%
Millennium & Copthorne Hotels (MLC) 439.30p -1.83%