London pre-open: Waiting on the Pru

9th Mar 2011 07:38

The blue-chip index is expected to open barely changed, though things may change when insurance giant Prudential releases results later this morning.Africa-focused oil company Tullow Oil ramped up profits in 2010, broadly in line with City expectations, as oil prices jumped by almost a third. Profit before tax soared to $152m from $33m in 2009 and rose 137% to $73m after taxes. Sales revenue was 19% better at $1.09bn.Sportswear retailer Sports Direct has successfully refinanced its banking arrangements. The new three year unsecured facility has been provided by a group of 10 banks, led by HSBC, Barclays and Handelsbanken, and is for £220m. Acquisitive engineering conglomerate Halma has its cheque book out again, and is buying Swiss company Medicel, a designer and manufacturer of single-use injector devices for Intra Ocular Lenses (IOL) used for cataract surgery. Initial consideration is £46.6m, with a further £20m payable, depending on performance of the acquired company.