London pre-open: Stocks seen down in quiet trade

London stocks were set to fall at the open on Monday on what is expected to be a fairly quiet day, with little in the way of corporate or macro news to move markets.

The FTSE 100 was called to open down around 28 points.

On the corporate front, Plus500 reported strong financial and operational results for the first half, with an 8% increase in revenue to $398.2m and a 6% rise in EBITDA to $183.9m.

The company's cash balances surpassed $1bn for the first time, enabling significant shareholder returns totalling $185.5m through dividends and share buybacks.

Plus500 said it expected its full-year results to exceed current market expectations, reflecting continued growth and strategic progress, particularly in the US market.

Barratt Developments and Redrow said their impending £2.5bn merger should complete later this week despite local competition concerns raised by regulators.

Both parties are now engaging with the Competition and Markets Authority following the conclusion of its first review earlier this month, which raised concerns about the supply of new build private residential housing in one of the more than 400 local areas where the two companies overlap.

Barratt has now waived the CMA condition to the merger, which “removes uncertainty for the employees, supply chain and wider stakeholder groups of both businesses”.

Caledonia Investments said it had paid £55m to buy a majority stake in Direct Tyre Management, a provider of outsourced tyre management services to fleet operators.

The management team has reinvested alongside Caledonia to acquire 100% of the business from investors including Palatine Private Equity, Caledonia said.