London pre-open: Stocks set for firmer open; M&S in focus

London stocks were seen starting higher following positive leads in the US and Asia amid rising oil prices, as investors digest news that Greece has reached a deal with it international creditors.

The FTSE 100 was expected to open 51 points higher than Tuesday’s close at 6,270.

“There is some good news for investors as it looks like they may not have to face another summer of high volatility with respect to Greece. It appears that the country may be taking a back seat this summer as the Greek creditors have finally reached a deal to secure a debt relief payment. At last, the officials and politicians have learned one lesson: dragging these affairs only makes matters worse and it heightens unnecessary volatility in the market,” said CMC Markets’ Michael Hewson.

There are no major economic releases due in the UK.

Marks & Spencer full year profit drops

Full year profits at Marks & Spencer fell 18.5% as new chief executive Steve Rowe engaged in what appeared to be come canny 'kitchen sinking', warning that the current year's profits will be hit by his plan to turnaround the clothing business.

Rowe pushed through a £200m charge on non-underlying items that dragged down profits for 53 weeks to 26 March, with underlying pre-tax profits rising 4.3% to £689.6m on sales up 2.4% to £10.6bn.

A trading update from Dixons Carphone revealed annual pre-tax profits are likely to reach top half of its guidance as the retailer gained market share in electricals and mobile in most of its key markets.

Like-for-like revenue in the fourth quarter rose 5%, meaning for the full year it rose 5%, helped by a 9% surge in the Nordic region that made up for a flat 16 weeks to 30 April in Greece.