Wednesday March 26, 08:53 AM
London open: Xstrata leads Footsie lower
LONDON (ShareCast) - Xstrata (LSE: XTA.L - news) is leading London's top stocks lower in early dealings after plans by Vale to buy its
Swiss rival collapsed last night.Reports recently had suggested that concluding a deal was proving problematic, with Xstrata's board apparently turning down an offer of £40 per share consisting of cash-and-shares. The other blue chip miners were mixed, with Anglo American (LSE: AAL.L - news) and Kazakhmys (LSE: KAZ.L - news) the two top risers, while Vedanta Resources (LSE: VED.L - news) and Rio Tinto (Frankfurt: 855018 - news) are down. Sainsbury (LSE: SBRY.L - news) is better on news that the supermarket giant has formed a £1.2bn property joint venture with real estate firm British Land (LSE: BLND.L - news) . It (Frankfurt: A0MLX5 - news) also announced today that like-for-like sales in the fourth quarter rose 4.1%, including fuel it rose 6%. Total sales for the quarter rose 5.1% excluding fuel. Friends Provident (LSE: FP.L - news) is on the rise after the FT reported that JC Flowers is working on a fresh approach to the embattled life assurer. Energy supplier Scottish Southern Energy said it would double the amount of energy it generates from renewable sources in the UK and Ireland in five years. Housebuilder Bellway (LSE: BWY.L - news) posted lower interim profits and is battening down the hatches for a tough second half of the year. Oil and gas exploration firm Soco International (LSE: SIA.L - news) saw profits for the year rise despite production being slightly lower. United Utilities (LSE: UU.L - news) expects to deliver full-year results in line with forecasts and said it remains on track to meet the tougher leakage target set by water regulator Ofwat for 2007/08. Tile retailer Topps Tiles (LSE: TPT.L - news) will report a small decline in underlying interim sales this year, adding the consumer market is getting "increasingly challenging". Photographic retailer Jessops (LSE: JSP.L - news) said like for like sales for the 25 weeks to 22 March is down 5.1% with total sales falling 24.6%, reflecting the closure of 81 stores last year. Sofa retailer ScS Upholstery (LSE: SUY.L - news) moved to a first half pre-tax loss after a 'challenging' trading period, but said it remains confident of a profitable second half. Strong food sales helped wholesaler Booker lift sales in the last quarter despite a further decline in tobacco revenues. Chrome and nickel miner Oriel Resources (LSE: ORI.L - news) has agreed to a £749m takeover from Russian mining and metals firm Mechel.
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