London pre-open: Yesterday's gains to disappear

25th May 2011 07:35

London's top-share index is set to give up all of yesterday's gains and more at the outset, following Wall Street's swoon yesterday.City traders expect the Footsie to open around 50 points lower at 5,808.Interim profits were roughly in line with expectations at £22.9m for stockbroker and investment manager Brewin Dolphin, while funds under management (FUM) hit the £25bn mark, up 7.8% from £23.2bn six months earlier.Engineering software firm Aveva registered record revenues in the year ended 31 March, helped by a strong performance in the emerging markets, mainly driven by Oil & Gas and Power. Organic revenue grew 14% to £168.4m, but after contributions from acquisitions (£5.6m), total revenue jumped by 17% to £174m, from £148.3m previously, beating expectations of around £167.4m.Cable & Wireless Communications's chief executive, Tony Rice, said the group had made good progress in its first year since the demerger. Group revenue rose 4% to $2.4 while earnings before interest, tax, depreciation and amortisation edged up 1% to $872m. ---jh