London pre-open: Stocks to edge lower as Ukraine crisis remains in focus

London stocks were set to edge lower at the open on Thursday as investors continue to watch the crisis in Ukraine.

The FTSE 100 was called to open down around 15 points.

Danske Bank said: "The key driver for markets is still the ongoing Russian invasion of Ukraine and tough Western sanctions. New talks between Russia and Ukraine today. Markets are likely to stay volatile, as long as no peace is in sight.

"Besides that it is a quiet day."

In corporate news, ITV's annual profit surged as the broadcaster's revenue rebounded from the Covid-19 crisis supported by strong demand for advertising and programmes such as Love Island and European football.

Operating profit rose 46% to £519m in the year to the end of December from a year earlier as external revenue increased 24% to £3.45bn. ITV proposed a final dividend of 3.3p a share based on a notional annual payout of 5p a share. The FTSE 100 company said it would invest about £1.23bn in content in 2022 as part of a plan to double digital revenue to at least £750m by 2026.

Paper and packaging maker Mondi reported a rise in annual profits driven mainly by higher sales volumes and higher selling prices in the face of inflationary cost pressures.

Underlying core earnings rose 11% to €1.5bn. The company, whose Russian operations generate a fifth of profit, said it was monitoring events after Moscow’s decision to invade Ukraine. It also expects continued pressure from inflation.

"However, we also expect to realise the full benefit of the price increases implemented in 2021 and early 2022, shorter planned maintenance shuts and the contribution from our capital investment programme," it added.