London pre-open: Stocks seen lower amid ongoing US-Iran tensions

London stocks were set for a negative open on Monday amid lingering tensions between the US and Iran, as investors eyed this week's G20 meeting.

The FTSE 100 was called to open 14 points lower at 7,393.

Ipek Ozkardeskaya, senior market analyst at London Capital Group, said: "The week begins with a limited risk appetite, as tensions between the US and Iran escalate. The US prepares to impose more tensions on Iran today."

She added: "Besides the Iranian tensions, the upcoming G20 meeting brings the trade war between the US and China back on the table. While Trump and Xi are expected to meet at this week’s summit in Osaka, the chances of a trade deal between the two countries remain slim."

In corporate news, Civitas Social Housing reported a 60% jump in the value of its property portfolio during the year ended 31 March, with the supported living and social housing real estate investment trust's rent roll climbing by 61% to £45.7m after it acquired 177 properties during the year.

Elsewhere, life sciences business OptiBiotix Health has entered into a manufacturing, supply and distribution agreement with Agropur MSI.

The agreement would grant Agropur an exclusive license to manufacture, supply and distribute OptiBiotix's ‘SlimBiome’ weight management technology in the United States, Canada and Mexico. It described it as a “strategic step” by OptiBiotix to de-risk its supply chain, and extend the market reach of SlimBiome by adding manufacturing in North America.

Velocity Composites updated the market on its search for a new chairman, after the company’s founders withdrew their support for the process for the re-composition of the board and the search for a new chairman, chief executive officer and chief financial officer.

The AIM-traded company said the founders wanted their two nominees on the board as part of the process first. Velocity said it was “disappointed”, but had no choice but to engage with the founders.