London pre-open: FTSE record within sight as Greek concerns ease

Renewed hopes about Greece are expected to see UK stocks open higher on Wednesday, as the FTSE 100 continues to edge closer to its all-time high.

City sources predict the FTSE 100 will open 12 points higher than Tuesday’s close of 6,898.13.

The last time the index has closed above this level was on 30 December 1999 when it settled at a record high of 6,930.20. The intraday record of 6,950.60 was reached on that same day.

Reports that Greece will go ahead with a request for a bailout extension have lifted sentiment among investors overnight, as the nation nears its expiry of its current aid agreement at the end of the month.

Ahead of a Friday deadline to agree a deal with Eurozone finance ministers, Athens is said to be preparing a temporary loan agreement that will give it four more months.

As for Wednesday’s economic calendar, the main events will be the release of minutes from the latest policy meetings at the Bank of England and Federal Reserve. UK labour-market data and US housing figures are also due out.

Stocks to watch

Homebuilder Galliford Try achieved strong revenue and profit growth in the first six months of the year, which allowed management to unveil a 47% boost to its interim dividend pay-out. Interim revenues rose by 35% to reach £1,0854m, driving a 12% gain in profits before tax to £42.5m. Pre-tax profits were up by 21% to reach £45.9m. The company's net debt fell to £35.9m despite an increase in the land bank.

Royal Mail confirmed that its non-executive director John Allan has stepped down from the board after being appointed the chairman of Tesco. The supermarket giant announced the news after the close on Tuesday evening.

Coca-Cola HBC, the Greece-based drinks bottler, enjoyed improved volumes and lower sugar and oil costs in the final few months of the year but earnings were hit by worse currency effects than were expected. With an improved performance in Russia, among other regions, volumes rose 0.8% to 485m cases in the fourth quarter of the year, with net sales revenue down 4.1% to €1.5bn and earnings down 11.7% to €0.083.

SSE has publicly acknowledged an updated issues statement published by the Competition and Markets Authority (CMA) about the supply and acquisition of energy in Britain. The original statement was written in July 2014 but according to SSE, a number of important stages in the CMA investigation still need to take place before accurate conclusions can be drawn.