London pre-open: Stocks to drift lower in quiet trade again
(Sharecast News) - London stocks were set to drift lower at the open on Friday on what is expected to be another quiet day, with many traders in the US still away from their desks after the Thanksgiving holiday.
The FTSE 100 was called to open 12 points lower at 6,350.
CMC Markets analyst David Madden said: "The US stock market reopens today for a half day but volatility is likely to be quiet across the board - it is typically the case following Thanksgiving.
"The excitement that we saw at the start of the week with respect to the progress made by AstraZeneca-Oxford University on their Covid-19 vaccine and the hopes that President Trump will leave office quietly in January will probably be the main points of the week."
In corporate news, outsourcing group Capita said it was in exclusive talks with private equity firm Montagu over the potential sale of its Education Software Solutions unit.
The London-listed company in June put the division, whose platform SIMS is used by 21,000 schools in England, Wales and Northern Ireland, up for sale to secure at least £500m.
Reports last month stated rival private equity house CVC Capital Partners was exploring a possible bid.
"There can be no certainty that a sale will be concluded nor any certainty over the terms of any such sale," Capita said.
Cairn Energy announced that non-executive director Nicoletta Giadrossi would be appointed chair of the company, with effect from 1 January.
The FTSE 250 firm said she was succeeding Ian Tyler who, after seven years on the Cairn board including six as chairman, announced in May that he would retire on appointment of a successor.
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