London pre-open: Stocks seen flat as election looms

London stocks were set for a muted open on Wednesday, with just one day to go until the general election.

The FTSE 100 was expected to open unchanged at 7,525.

London Capital Group analyst Ipek Ozkardeskaya said: "Investors could remain in wait-and-see mode before Thursday’s busy eco-political agenda, including former FBI director Comey’s testimony, the UK snap general election and the European Central Bank meeting.

"The narrowing gap between the Tories and Labour in the latest election polls has mainly increased the volatility in the pound market. A no-winner outcome is expected to be negative for the pound, given the complication it would add to the Brexit negotiations. Cable will likely remain capped by the solid 1.3045 mid-term resistance before the election and consolidate within the 1.2765-1.3045 area, which has been the trading range posterior to the positive breakout on PM Theresa May’s election announcement on April 17."

On the data front, Halifax house prices are at 0830 BST.

In corporate news, Anglo American announced the appointment of Stuart Chambers as its chairman.

The FTSE 100 miner said Chambers would join the board as a non-executive director and the chairman designate on 1 September, and would become chairman on 1 November. He was succeeding Sir John Parker, who announced his intention to step down during the course of the year in February, after serving eight years as chairman. Sir John was set to step down from the board on 31 October.

Serviced office group Workspace reported lower annual profits due to a smaller property valuation uplift, though its net asset value per share was up 3.3%.

The total rent roll increased 14.5%, or 13.7% on a like-for-like basis, while rent per square foot was up 12.9% on a like-for-like basis and there was an underlying increase of 2.1% in the property portfolio to £1.8bn.