London pre-open: Brexit plots, jump in crude oil futures in focus
Stocks are set to start the holiday-shortened week on the front foot, with all eyes on Westminster as MPs return from the Easter recess amid news that lawmakers from Theresa May's own party are plotting to ramp up the pressure on her to leave.
In the background meanwhile, traders have returned to their desks to find front month Brent crude oil futures at six-month highs after Washington decided on Monday to eliminate waivers from its sanctions against Iran for a raft of crude oil importers, including China and India.
Against that backdrop, the FTSE 100 is being called to rise by 22 points to 7,482.
In parallel meanwhile, front month Brent crude oil futures are adding 0.71% to $74.57 a barrel on the ICE.
For later in the day, the focus will be on a steady stream of corporate results from US corporate heavyweights, including Coca Cola, Procter&Gamble and after the close of markets in the States, E-Bay.
Iron ore producer sees full-year revenues jump
Ferrexpo reported a 6.4% improvement in revenue in its full-year results on Tuesday, to $1.27bn, after total pellet production rose 1.6% to 10,607 kilotonnes, but sales volumes fell 2.3% to 10,227 kilotonnes. The FTSE 250 company said its underlying EBITDA for the year ended 31 December was $503m, down 8.7% year-on-year, with its diluted earnings per share sliding 15.2% to 56.7 US cents.
British Land said it was selling 12 superstores from its joint venture with Sainsbury's for £429m, representing a net initial yield of 5.0%, to Realty Income Corporation. British Land's share of the proceeds will be £193.5m representing a “modest” premium to September 2018 book value.
Roche announced the launch of the new ‘VENTANA HER2 Dual ISH DNA Probe Cocktail’ assay on Tuesday, for the detection of the HER2 biomarker in breast and gastric cancer. The Swiss pharmaceuticals giant described HER2 - human epidermal growth factor receptor two - as an important biomarker found in breast and gastric cancers. It said its detection and inhibition could help to more effectively manage those aggressive cancers, with the VENTANA HER2 Dual ISH DNA Probe Cocktail assay designed to be completed within the same day, providing clinicians the ability to get results back quicker than the most common methods of confirmatory testing for HER2.