London pre-open: Stocks to edge up after positive Wall St session

London stocks were set to edge up at the open on Friday following a positive session on Wall Street.

The FTSE 100 was called to 15 points higher at 7,400.

CMC Markets analyst Michael Hewson said: "Today’s European open looks set to be a positive one despite there being little prospect of a ceasefire in the near term as we head into the weekend, with stocks looking to finish higher for the second week in succession.

"It’s important to note that sentiment remains fragile, and that the risk of further escalation remains a real concern despite the gains of the last two weeks, as Russia continue to get bogged down by rugged Ukrainian resistance.

"There’s little data of note today after the Bank of Japan kept monetary policy unchanged.

"Also worth noting is US President Biden is set to speak to China’s President Xi Jinping with the topic “of Russia’s war in Ukraine set to be high on the agenda with the US hoping that Xi will be able to exert his influence on Putin and try and push him towards a ceasefire."

In corporate news, pub chain JD Wetherspoon halved interim pre-tax losses as Covid restrictions eased and said trading in the last three weeks was now 2.6% below 2019 pre-pandemic levels.

The company reported a loss before exceptional items for the 26 weeks to January 23 of £26m, compared with £52m a year ago. Revenue climbed to £807m from £431m a year earlier.

Vital components manufacturer Essentra turned in a "strong" full-year trading performance, driven by accelerated growth in the final quarter of 2021.

Essentra said full-year revenues were up 7% year-on-year at £960.0m, while adjusted operating profits were 35% higher at £84.0m and pre-tax profits increased 45% to £67.0m. Adjusted earnings per share were up 38% at 18.2p.