LONDON Pre-Market Report

London open

City sources predict FTSE 100 will open 7 points down from its previous close of 5,626.

Stocks to watch

Investment trust giant Witan’s investment performance beat its benchmark index in 2009 after calling the bottom of the market a month early in February. The Trust achieved 25.9% total return in net asset value in 2009, versus a 24.5% return from the company’s benchmark measurement. The total dividend for 2009 is 10.5p, up from 10.2p the year before.

Rio Tinto has been cleared by an internal Chinese investigation of wrong doing over the collapse of its proposed tie-up with aluminium group Chinalco. The investigation instead blamed naivety, poor PR and soaring metal prices for the breakdown of the deal.

Distribution and outsourcing group Bunzl has bought Switzerland-based consumable products supplier Weita Holding for an undisclosed sum. In 2009 the Swiss company’s revenue was SFr.70.9m while at the end of the year the company had gross assets worth SFr.47m.

In the Press

Lord Adonis yesterday became the first senior Labour minister to publicly criticise the Unite trade union, saying the move was "totally unjustified", not just because of the damage to passengers but "the threat it poses to the future of one of our great companies". BA's cabin crew are to walk out for seven days this month after the trade union Unite failed to come to an agreement with the company over cost-cutting measures and pay, the Independent reports.

Finance ministers from eurozone states will today attempt to paper over cracks and try to reach agreement on a €20bn-€25bn aid package to help ease the financial crisis in Greece. The carefully orchestrated series of measures, designed to avoid infringing EU policy banning a bailout for member states in financial difficulties, is seen as a stop gap to help Greece buy more time if it struggles to sell debt in bond markets demanding a heavy premium, the Telegraph reports.

J Sainsbury is set to beat the UK's tax hike on high earners next month by paying its bonuses early, with experts saying more companies were preparing to do the same. The supermarket group is trialling a "new award timetable" to pay its 1,200 senior managers three months earlier than usual. This will see the pay awards taxed under the current rate of 40 per cent and avoid the rise to 50% for those earning over Ł150,000 which is introduced on 6 April, the Independent reports.

Newspaper tips

Some Kenmare shareholders were disgruntled by the company's Ł180m financing. They buy into the logic of expanding, but they were irritated because the new shares were priced so low and the stock is now trading at just 13.75p. For new investors however, the current price for the miner offers an exciting opportunity to pick up shares on the cheap. Buy says the Mail on Sunday.

BP shares are trading on a December 2010 earnings multiple of 9.1 times, falling to 7.9 next year. The rating remains buy, says the Telegraph.

Shares in antibodies distributor Abcam have risen from 600p in February 2009 to 1140p, so investors who bought last year have gained by 90%. At this level, they should consider selling half their holding, but keep the rest as Abcam has further to go, the Mail on Sunday reports.

US close

US shares were mixed at the end of trading as better than expected retail sales figures were offset by indications of weak consumer confidence.

Retail sales showed an unexpected rise in February, up by 0.3% on the previous month, according to the Commerce Department. Analysts were looking for a 0.2% fall.

However, the University of Michigan preliminary consumer sentiment index fell from 73.6 in February to 72.5 in March. The figure had been expected to rise. Rising unemployment has hit sentiment.

The Dow Jones closed 12 points higher at 10,624, with the Nasdaq flat at points at 2,367. The S&P 500 was also flat at 1,150.

KKR, the parent company of private equity firm Kohlberg Kravis Roberts, today announced plans to list its shares in New York.