Market reports from ShareCast

London pre-open: Hesitancy ahead of US GDP data

City traders are expecting the UK's blue-chip index to open lower this morning with investors likely to sit on their hands until US gross domestic product figures are released this afternoon. The FTSE 100 index is seen opening around 12 points lower.

The bid battle for oil explorer Dana Petroleum is widely regarded as done and dusted but the North Sea-focused firm is not giving up without a fight. It cranked up pre-tax profit by 274% in the first half of 2010 to £82m, pointedly noting that this was higher than its profit figure for all of 2009. The UK group said it will provide detailed reasons for its rebuttal of KNOC's £18 per share offer by 8 September.

JKX Oil & Gas thanked higher oil prices and an increase in overall production for an 11% rise in after-tax profit for the half-year, but it warned output had fallen in the third quarter. Sales jumped 33% to $104.5m.

Serviced office specialist Regus said the market remains very challenging and difficult to predict as it announced a slump in half-year profits. Profit before tax and exceptional items in the first half of 2010 tumbled to £9.7m from £50.7m the year before. After exceptional items the company posted a loss of £6.1m, compared to a profit of £69.0m the year before. Revenue slipped to £515.5m from £557.4m a year earlier.

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