London pre-open: Stocks seen up ahead of manufacturing data

3rd Jun 2024 07:41

(Sharecast News) - London stocks were set to rise at the open on Monday as investors eyed the latest UK manufacturing reading.

The FTSE 100 was called to open around 70 points higher.

On the macro front, all eyes will be on the S&P Global CIPS manufacturing PMI for May, which is due out at 0930 BST.

In corporate news, meanwhile, there were several reports that online fashion giant Shein was edging closer to a London stock market flotation.

It was understood that Shein - which was founded in China and is headquartered in Singapore - is planning to file a confidential prospectus with regulators this month.

Elsewhere, Hollywood Bowl reported a 10.5% rise in half-year earnings and lifted its dividend by a fifth on the back of record revenues, driven by strong trading in the UK and Canada.

Pre-tax profit came in at £29.5m as revenue rose 8% to £119.2m. The dividend was increased 21.7% to 3.98p a share.

Engineering firm Hunting said it had secured a second OCTG order with Kuwait Oil Company, through its distributor in Kuwait, with a value totalling $86m.

With this order, Hunting has now been awarded contracts with a total value of $231m from KOC for OCTG casing and its premium connections.