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London pre-open: Stocks to dip after recent highs
(Sharecast News) - London stocks were set to edge down at the open on Monday as investors pause for breath after recent record highs. The FTSE 100 was called to open around 10 points lower.
Danske Bank said: "Global equities ended higher on Friday, marking gains on four out of five days last week.
"After a nearly 2% gain last week, many of the major indices are now within a hair's breadth of all-time highs. This includes the MSCI World, which is now less than 1% away from its peak in late March."
In corporate news, specialist distribution business Diploma lifted annual guidance after a 17% rise in adjusted earnings, boosted by acquisitions.
It now expects constant currency revenue growth of around 16%, up 5 percentage points from previous guidance, made up of 6% organic revenue growth and 10% from acquisitions. It also forecast a 15% rise in EPS.
Adjusted pre-tax profit came in at £115.2m in the six months to March 31, while revenue jumped 10% to £638.3m.
Savings and retirement group Phoenix announced that its chief financial officer of four years is to step down later this year.
Rakesh Thakrar, who joined the company in 2001, has held various strategic and finance positions, including deputy CFO from 2014 before being promoted to group CFO in 2020.
The company did not give a reason for his departure but said he will leave the company "at a date to be agreed". The board said it will start a formal process to find a permanent successor.
Student accommodation provider Unite announced the sale of six properties to PGIM Real Estate for £184m, of which £76m was its share.
The FTSE 100 firm said the sale comprised 2,948 beds across various cities, with an average age of 18 years. It said the strategic sale would increase its alignment with high and mid-ranked universities, supporting sustainable rental growth.
The sale, priced in line with book value, would recycle proceeds into asset management and meet redemption requests, with no change to Unite's financial year 2024 earnings guidance of 45.5 to 46.5p.
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