London pre-open: Stocks seen lower on weak Asian cues

(Sharecast News) - London stocks were set to fall at the open on Monday following a downbeat session in Asia. The FTSE 100 was called to open 19 points lower at 7,469.

CMC Markets analyst Michael Hewson said: "With US markets finishing higher for the fourth week in a row, in a shortened Thanksgiving session on Friday, markets in Europe look set for a lower open on the back of a softer Asia session, with attention expected to be on the upcoming OPEC+ meeting and the possibility of further output cuts which could be announced at the end of the week with oil prices anchored close to their lows of last week, and on course for their second successive monthly decline."

In corporate news, Aviva said it has agreed to buy Optiom from Novacap and other minority shareholders for around £100m.

Optiom, which operates as a managing general agent (MGA), is a provider of vehicle replacement insurance in Canada and offers flexible payment options to customers.

Aviva said the deal expands its capital-light businesses, which make up over half of the company's portfolio, and grows Aviva Canada's presence in a profitable segment of the Canadian insurance market.

Elsewhere, Rightmove lifted its full-year forecast for annual revenue per advertiser as it hailed strong demand for its products since it last reported.

The company now expects ARPA growth to be between £112 and £116, up from previous guidance of £103 to £105.

"The majority of the growth has been driven by new homes developers, who have extended their usage of our Native Search Adverts and Advanced Development Listing products to sell their developments," it said.