London pre-open: Stocks seen higher on positive US cues; construction data in focus
London stocks are called to open higher on Wednesday, taking their cue from a positive session on Wall Street.
The FTSE 100 is expected to open 21 points firmer than Tuesday’s close at 6,417.
On the macroeconomic front, investors will eye UK PMI construction data for November at 0930 GMT. In the US, the ADP employment report is at 1315 GMT while non-farm productivity is at 1330 GMT. Investors will also look to a speech from Fed chairwoman Janet Yellen later in the day.
Sage full year profit rises on strong revenue
Software company Sage said strong growth in recurring revenue helped to drive an 8% rise in organic group full year profits to £380m.
However, statutory figures reflected the impact of currency fluctuations in Sage's key markets of Europe, the US and Brazil, with operating profits down to £297m from £300.
Revenue on an organic basis rose 6% to £1.4bn.
“We entered 20116 with momentum and expect to deliver organic revenue growth of at least 6% whilst continuing the acceleraion of sustainable and recurring revenue. With the revised revenue definitions applied for 2015, we are targeting an organic operating margin for FY16 of at least 27% and expect to reinvest throughout 2016 with an investment bias towards the first half of FY16.”
Vodafone and Swisscom have extended their partner market agreement by another four years.
The FTSE 100 company announced the extension of its agreement on Wednesday, which will allow customers of both networks to enjoy roaming across more than 80 markets.
Swisscom will also draw on Vodafone's scale to deliver procurement efficiencies, including the purchasing of network infrastructure, IT equipment and handsets.
The renewal will take effect from the beginning of 2016 and take the two companies’ collaboration to more than a decade