London pre-open: Sub-5800 in sight for Footsie

11th Mar 2011 07:37

There is no respite for London as shares look set to continue their retreat as concerns mount over the situation in Libya while worries about sovereign debt in the eurozone have flared up again.City traders predict the blue-chip index will keep its head barely above the 5800 level at the outset, having closed last night at 5,845.Bus and train group FirstGroup remains on track to hit full-year to earnings and cash targets, but warns it's been a bumpy journey for the school bus business. The UK Bus division is expected to deliver like-for-like (LFL) passenger revenue growth for the year of 1.4%, while the UK Rail unit has performed above expectations, and is set to deliver LFL passenger revenue growth of 5.1%. Pub group JD Wetherspoon posted record interim sales but profits fell as a 'pernicious combination of increasing taxes and regulation', higher costs and higher interest charges took their toll. Pre-tax profits for the six months to 23 January fell 11% to £32.2m, in line with market forecasts. There is to be a new senior number cruncher at property giant British Land after finance director Graham Roberts announced his intention to stand down from the board at the end of June. Roberts spent nine years in the role. His replacement will be the deputy finance director, Lucinda Bell.