London pre-open: Stocks seen up on positive US cues
London stocks were set to rise at the open on Monday after US stocks closed out the week in the black.
The FTSE 100 was called to open 46 points higher at 7,512.
CMC Markets analyst Michael Hewson said: "While markets in Europe ended last week on a downward note, US markets managed to set aside concerns over a much more hawkish Federal Reserve, with the Dow posting its best one day gain this year.
"Friday’s rebound in US markets partly stemmed from a record-breaking quarter for Apple, which helped underpin sentiment around a tech sector that has come under increasing scrutiny about the sustainability of some valuations.
"The late rebound also saw US markets finish the week higher, in a move that is likely to aid in getting European markets off to a positive start this morning, as we come to the end of what has been a turbulent month."
In corporate news, educational publisher Pearson said it had bought the remaining 80% of skills verification operator Credly it does not own for an undisclosed sum.
Credly runs a platform for organisations, companies, educational institutions and learners to award digital credentials that verify an individual's skills.
"More than 2000 organisations use Credly and since its inception, the company has issued over 50 million credentials to 25 million people, making it the world's largest professional credentialing business," Pearson said in a statement.
British food producer Cranswick said it had acquired dry dog food manufacturer Grove Pet Foods for an undisclosed sum.
Cranswick stated the addition of Grove Pet Foods, which owns the Vitalin and Alpha Feeds brands and operates predominantly from Lincolnshire, represented a "platform for future growth" in the "attractive UK pet food market".
The FTSE 250-listed firm also highlighted that the combined business would benefit from vertical integration opportunities within the group, most notably within its fresh poultry and pork businesses.