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London pre-open: Early losses ahead

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Date: Thursday 01 May 2008

LONDON (ShareCast) - London’s blue chips are tipped to open lower with traders suggesting Footsie could shed about 18 points in early dealings.

Real estate firm Hammerson said there have been further declines in UK property values in the first quarter of the year as activity in the real estate market remains restricted.

In the occupational markets, many retailers in the UK are continuing to face challenging conditions but Hammerson said it is continuing to attract retailers.

BHP Billiton’s board has approved a $1.9bn expansion of the Worsley alumina refinery in Western Australia.

The expansion project will lift capacity of the refinery, which is 86% owned by BHP Billiton, from 3.5m tonnes per annum (Mtpa) of alumina to 4.6 Mtpa through expanded mining operations, additional refinery capacity and upgraded port facilities.

Engineering group GKN said it expects 2008 to be another year of solid progress with performance in line with its earlier expectations.

First quarter sales and profits have shown good growth against last year, it said.

Bus and rail operator National Express said it has made a good start to the year and is trading in line with expectations, despite the current economic back drop.

However, the strengthening of the Euro against the Pound since 1 January has resulted in an increase in reported net debt of around £70m. The group added that its financial position remains unchanged.

Packing firm Rexam says first quarter results are in line with company expectations and its outlook for 2008 remains unchanged.

In a statement the group said it has made a good start to the year with beverage can growth in Europe particularly strong. Plastic Packaging is performing as expected, it added.

Furniture retailer Galiform saw sales at its main Howden Joinery division rise by 11%, or 5.9% on a same-deposit basis, in the first four periods of the year ending 19 April.

In the press, the FT said that hopes of a bidding war for British Energy were dealt a blow on Wednesday after it emerged that Vattenfall, Suez and Eon were not planning to bid for the UK nuclear group.

BSkyB chief executive Jeremy Darroch said he would look at making an offer for Tiscali, the UK pay-TV and broadband operator, as he unveiled a third-quarter increase in net subscribers of 60,000, reports the Telegraph.

Anglo-Swiss miner Xstrata effectively issued a call to rivals to "come and get us" yesterday, as chief executive Mick Davis said he would have no issue with the company being taken over, provided it brought shareholder value, writes the Telegraph.

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