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London pre-open: Stocks to nudge up ahead of PMIs
(Sharecast News) - London stocks were set to nudge higher on Friday as investors digest the latest retail sales data and look to the release of services and manufacturing PMIs. The FTSE 100 was called to open seven points higher at 7,277.
Figures out earlier from the Office for National Statistics showed that retail sales dipped 0.1% on the month in June following a 0.8% fall in May and versus expectations for a 0.2% decline.
ONS statistician Heather Bovill said: "After taking account of rising prices, retail sales fell slightly in June and although they remain above their pre-pandemic level, the broader trend is one of decline."
Still to come, the services and manufacturing PMIs for July are due at 0930 BST.
In corporate news, HomeServe, the international home repairs and improvements business, said trading has been in line with expectations as shareholders prepared to approve a £4bn takeover by Canada's Brookfield Asset Management.
The company said its membership businesses in North America and EMEA continued to make good progress, with policy retention rates remaining strong and customer service levels remaining high. It added that it still expected the deal to close in the fourth quarter.
Sportswear retailer JD Sports said that like-for-like sales were up 5% year-to-date, leading the group to reiterate guidance for full-year headline pre-tax profits in line with its record performance in the year ended 29 January.
JD Sports also expects that the phasing of profits in the current trading year will reflect "a more normalised trading pattern", with approximately 35-40% of profits generated in the first half.
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