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London pre-open: Stocks seen higher as investors eye UK retail sales

Thu, 21st Apr 2016 07:34

(ShareCast News) - London stocks were expected to open in the black on Thursday, taking their cue from positive US and Asian sessions as oil prices edged higher.The FTSE 100 was seen starting 12 points higher than Wednesday's close at 6,422.Investors in the UK will eye the release of retail sales figures and public finances at 0930 BST.Elsewhere, the European Central Bank rate announcement is at 1245 BST, while in the US, the Philadelphia Fed Survey and initial jobless claims at 1330 BST are among the highlights.Michael Hewson, chief market analyst at CMC Markets, said March retail sales are expected to show a decline of 0.1%, which is still an improvement on February's 0.4% decline. "This still feels pessimistic when you consider that, according to Capgemini online retailers reported sales have risen 15% in Q1, compared to a year ago, due to increasing use of smart devices, while the Easter break could well boost the numbers as well. March public sector borrowing numbers are also due and expected to come in at £5.4bn."SABMiller said group net producer revenue fell by 5% for the fourth quarter and 8% for the full year due to the adverse translational impact depreciation of its key operating currencies against the US dollar.On a constant currency basis full-year group net producer revenue grew by 5% with volume growth of 2% and price and mix realisation of 3%.Lager volumes grew by 1% for the full year while subsidiaries achieved NPR and volume growth of 8% and 5% respectively in the full year. However, the company saw a "relatively weaker performance in our associates and joint ventures". FTSE 100 subscription broadcaster Sky reported strong growth in customer numbers on Thursday, surpassing the 40 million home mark in the UK.The group said 177,000 new customers signed up to its services in the third quarter to 31 March, with 686,000 more products in Sky homes.Revenue in the first three quarters was up 5% to £8.72bn, with profit rising 12% to £1.14bn - an all-time record nine month profit.Unlike some of its rivals, Ladbrokes got off to a flier in the first quarter, with encouraging sales growth that indicates new chief executive Jim Mullen's turnaround plan is working.Group net revenue jumped 10.6% in the three months ended 31 March, with UK Retail net revenue up 4.1% and digital revenue up 36.5%.

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