UK Market News

LONDON (ShareCast) - Footsie (news) is tipped to edge higher in early dealings.

Marks and Spencer (LSE: MKS.L - news) 's saw like-for-like sales fall across its major divisions in the first quarter, though total group sales were up. In the 13-weeks to June, UK like for like sales fell 1.4%, General Merchandise slipped 2.4% and Food was down 0.5%. Overall group sales however rose 2.9%.

Bus and rail group National Express (LSE: NEX.L - news) has reported challenging trading conditions for the first half of the year and announced the resignation of its chief executive, Richard Bowker. The company, whose operations are largely resistant to economic weakness, said all of its businesses have experienced difficult market conditions.

Power generator International Power (LSE: IPR.L - news) is to offload its Czech operations to Czech-Slovak investment firm J&T Group. International Power will sell its wholly owned subsidiary International Power Opatovice (IPO) plus IPO's interests in its subsidiaries Pražská Teplárenská (PT) and Energotrans (ET) for CZK 22.5bn (£738.3m).

Legacy software group Micro Focus (LSE: MCRO.L - news) has upped its cash offer for Borland by a second time to see off a potential rival bidder. Micro Focus is now offering $1.50 cash for each outstanding share of Borland Software Corporation (BORL - news) , which values it, on a fully diluted basis, at approximately $113m.

Energy services provider John Wood Group (LSE: WG.L - news) said performance in the year to date remains in line with expectations. The group said although the oil price has strengthened over recent weeks, market conditions remain broadly similar to those outlined in May.

AstraZeneca (LSE: AZN.L - news) has received EU marketing approval for its lung cancer treatment Iressa four years after its was withdrawn from use after disappointing trial data.

Brewing company SABMiller (LSE: SAB.L - news) is to give a 10% stake in its South African subsidiary to agencies representing the black community in South Africa.

Engineer and construction contractor Balfour Beatty (LSE: BBY.L - news) said its joint venture company Gammon Construction has won a contract for the redevelopment of the Hennessy Centre in Hong Kong.