UK Market News

LONDON (ShareCast) - Footsie (news) has started the day with a gentle lift upwards following overnight gains in the US.

Housebuilder Taylor Wimpey (LSE: TW.L - news) may increase outlet openings during the second half of the year following continued stability in the UK housing market since April's final results. It leads the FTSE 350 risers and its comments have pulled up rivals Redrow (LSE: RDW.L - news) and Barratt.

Troubled private equity group Candover Investments has agreed the sale of oil and gas research house Wood Mackenzie to Charterhouse Capital Partners for an enterprise value of £553m. Candover will receive £36.2m in total, made up of cash now of £19.6m and the rest on an earn-out basis.

Dairy Crest said its pension fund has purchased a second bulk annuity, which insures a further tranche of liabilities for pensions in payment. The group also said it has recently begun consultation with employees looking at various options for the future of its final salary scheme.

Services group Mavinwood (LSE: MVW.L - news) anticipates that the trading out-turn for the document handling division for the twelve months ending 31 December 2009 will be a bit weaker than 2008.

Serica Energy (LSE: SQZ.L - news) said it has been awarded two offshore permits in Morocco. The group has signed agreements to the contiguous areas of Sidi Moussa Offshore and Foum Draa Offshore. The agreements are valid for up to 8 years.

White collar recruiter Harvey Nash has traded in line in the first three months of its current year despite a weak market for permanent recruitment and limited visibility. Revenues rose by 3% in the three months to end April.