London pre-open: Advance expected to continue

14th Oct 2010 07:35

London is expected to pick up where it left off yesterday with solid gains foreseen. City traders think the FTSE 100 index will open about 17 points firmer.Mining stocks are in focus early on. The third quarter was more of the same for mining giant Rio Tinto with operations running at or close to capacity. "This quarter we achieved record production in iron ore, alumina and coking coal," said chief executive Tom Albanese.African Barrick Gold has suspended 40% of the mining department at its Buzwagi mine in Tanzania following a fuel theft it suspects was an inside job. Newsagent and bookshop WH Smith posted a strong rise in profits and upped its final dividend by a fifth after a record year from its outlets in railway stations and airports. Pre-tax profits in the year to August jumped by 9% from the previous year to £89m, even as revenues slipped to £1.31bn from £1.34bn. A final dividend of 13.3p is proposed, up 18% on the previous year.Emerging markets asset manager Ashmore grew assets under management (AuM) by 18% in the three months to 30 September, much more than expected.Cash and carry group Booker posted a sharp rise in interim profits and reports strong turnover so far in the second half. Pre-tax profits in the 24 weeks to September 10 climbed to £36.9m from £29.7m in the same period the previous year on sales that rose 5.5% to £1.7bn.