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FTSE 100 set to open lower, and Morrisons and house prices likely to be in focus

·1-min read
Morrisons has attracted a number of suitors (REUTERS)
Morrisons has attracted a number of suitors (REUTERS)

The top flight on Tuesday closed 29.35 points, or 0.4% lower, to 6996.08 and this morning investors will hear from several companies.

A number of firms on London’ blue chip index are due to report today, including Barclays, British American Tobacco and ITV. There are a host of other businesses also updating the City.

The IG trading platform is is calling the blue chip index to open 4 points lower.

Shares in Morrisons could be in focus to see what potential impact there may be from shareholder Silchester International Investors saying yesterday that it “is not inclined to support the existing Fortress offer at the upcoming court and shareholder meeting”.

Silchester has a 15.14% stake in the FTSE 250 grocer, making it Morrisons’ largest shareholder.

Morrisons’ directors in early July recommended a Fortress-led 254p per share proposal that valued the supermarket chain at £6.3 billion.

Investors in Morrisons will vote on the takeover bid on August 16.

Meanwhile, later this morning Nationwide will publish its July house price index, looking at whether the pandemic’s housing market boom is continuing or if there are any signs of cooling.

Numerous people have been reassessing housing needs during the virus crisis, such as whether they want more outdoors space. The sector has also been boosted by a stamp duty holiday.

June was the last month buyers could enjoy a suspension of stamp duty on property sales of up to £500,000. From July 1 to September 30 the threshold for the stamp duty holiday is £250,000.

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