Kingfisher expecting top-end profits in current year, Land Sec rent collection strong in December

London open

The FTSE 100 is expected to open six points higher on Tuesday, having closed down 1.09% on Monday at 6,798.48.

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B&Q owner Kingfisher said it expected current year profits to be at the top end of forecasts as fourth quarter like-for-like sales rose 16.9%, driven by people purchasing online. Current sell-side analyst expectations for full year adjusted profit before tax is £667m to £742m, according to company-compiled consensus estimates at January 4.

Land Securities Group updated the market on its rent collection for December on Tuesday, reporting that there was £35m outstanding of the £112m due by the 25th of the month. The FTSE 100 company said that of that outstanding amount, £14m related to customers who had withheld payment pending the documentation of agreed concessions.

Newspaper round-up

A year ago Matthew Moulding – undoubtedly one of the business names of 2020 – was perhaps best known for founding a controversial VAT-free online sales operation for Tesco, Asda, WH Smith, Dixons and Best Buy. Until 2011, he based certain operations in the Channel Islands to take advantage of European tax rules that exempt imports below £18 from VAT, until the loophole was closed by the then chancellor, George Osborne, in his budget of that year. - Guardian

The UK has been accused of failing to honour its promise to curb shipments of plastic waste to developing countries, after it emerged Britain’s new post-Brexit regulations are less stringent than those imposed by the EU. From 1 January, shipments of unsorted plastic waste from the EU to non-OECD countries were banned. But Britain will continue to allow plastic waste to be exported to developing countries, despite a Tory party manifesto commitment to banning the practice, and promises of no regression of environmental standards post-Brexit. - Guardian

Foreign truckers bringing freight to Britain have raised their prices by almost 700pc over fears of getting stranded in the UK or not being able to secure loads for the return journey. Hauliers who previously charged €1.50 per kilometre now want €10 because of the impact of new Brexit customs controls, according to the Road Haulage Association. - Telegraph

Marks & Spencer has bought Jaeger after the upmarket fashion brand’s collapse in the autumn. The retailer is expected to buy only Jaeger’s intellectual property, which would allow it to sell Jaeger-branded goods on its website as a third-party brand. M&S did not disclose the amount paid, but it is understood to be about £5 million. - The Times

US close

Stocks on Wall Street closed in negative territory on Monday, with the Dow Jones Industrial Average falling 0.29% to 31,008.69.

The S&P 500 was down 0.66% at 3,799.61 by the close, while the Nasdaq Composite was 1.25% weaker at 13,036.43.