London pre-open: Equities on the back foot

4th May 2011 07:42

Leading stocks are set to open lower, with City traders suggesting the blue-chip index may take a 40 point tumble at the outset, though corporate news flow should provide some bright spots.Asian markets-focused banking group Standard Chartered released an upbeat trading statement in which it said the group is seeing double digit income growth in comparison with the first quarter of last year, with Consumer Banking making a larger contribution this time round, "as it continues to make progress in its strategic repositioning." Kazakh copper producer Kazakhmys says it is on track to meet 2011 production targets after a strong first quarter in which commodity prices remained firm. The company produced 74,000 tonnes of copper cathode in the three months to 31 March and is set to achieve its aim of producing 300,000 tonnes over the full year.Warm weather and the royal wedding holiday had shoppers flocking to Next's stores in the 13 weeks to 30 April, the fashion retailer Next said as it reported better sales than expected for the period. Total sales for the period excluding VAT were up by 5.2% from the same period the previous year, ahead of guidance given in March of between -0.5% and +2.5%.Accountancy software firm Sage released interim figures that were ahead of some brokers' forecasts as its North American business returned to growth. Underlying profit before tax in the half-year ended 31 March rose 4% to £183.5m from £176.1m a year earlier. Underlying earnings per share (EPS) also increased 4% to 9.87p, from 9.52p the year before. Broker Matrix Group had forecast EPS of 9.7p.