London pre-open: Stocks to drift lower in quiet trade again

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Pre-open Market Report
06:37, 27th November 2020

(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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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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