London pre-open: Stocks to edge up ahead of long weekend

(Sharecast News) - London stocks were set to edge up at the open on Wednesday, with trade expected to be fairly quiet ahead of the Platinum Jubilee bank holiday.

The FTSE 100 was called to open eight points higher at 7,615.

CMC Markets analyst Michael Hewson said: "With US markets closing modestly lower, but well off their lows of the day, European markets look set to open the month higher with a late sell-off in oil prices threatening to act as a drag on the FTSE 100, on reports that OPEC might be open to expelling Russia from its oil production deal, paving the way for a possible unilateral supply increase."

On the macro front, the S&P Global/CIPS manufacturing PMI for May is due at 0930 BST.

In corporate news, iconic bootmaker Dr Martens said annual pre-tax profits had surged in the twelve months ended 31 March, driven by a "very strong performance" in the Americas and Europe, the Middle East and Africa.

Dr Martens said full-year pre-tax profits had shot up 207% to £214.3m, while adjusted pre-tax profits were 43% higher, and both revenue and underlying earnings grew 18% to £908.3m and £263.0m, respectively.

Retail group Frasers has acquired embattled online womenswear retailer Missguided for £20.0m in cash.

Frasers said it had acquired certain intellectual property of Missguided and Mennace, both of which were in administration, as well as Missguided (IP) Limited.

Following completion, the business will be operated by the administrator under a transitional agreement for a period of approximately eight weeks. It will then operate as a standalone business within the group.