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Date: Tuesday 01 Jul 2008

LONDON (ShareCast) - London is tipped to give back some of yesterday's gains after a weak end on Wall St.Traders expect Footsie to open 15 points lower.

Struggling housebuilder Barratt Developments may be the early focus as the Telegraph reported it is close to securing a rescue refinancing with lenders that will relax its banking covenants and help it ride out the property downturn.

BP may also be busy after after authorities in Moscow refused half of the work permits requested by TNK-BP.

Manitowoc, the American industrials group, last night emerged as victor in a long-running takeover tussle for Enodis, the UK food equipment maker, beating its US rival, Illinois Tool Works.

Mail order group N Brown increased revenues by 12.3% in the 17 weeks ended 28 June 2008, a slight rise from the rate up until April. Sales were particularly strong during the sunny spell in May, which coincided with the mailing of summer catalogues. The growth in sales continues to be broadly based across various customer and product groups, it added.

Contractor Morgan Sindall has warned the prolonged slow down in the commercial property and open market housing sectors will impact its expectations for 2009, though it remains on track to meet its expectations for 2008. Sindall has experienced increasingly challenging market conditions over the last quarter.

Carpetright's profits fell from £67m to £59.5m last year with the carpet retailer adding it was more challenging than anticipated with the deteriorating economic environment, a decline in consumer confidence and a reduction in housing transactions having adverse impacts on revenue. "We remain cautious about the short-term prospects," it added.

Van hire company Northgate says profits for the 12 months to next April will be flat due to weaker conditions in the used vehicle market. Profit before tax for the year to April rose 5% to £79.5m (2007 - £75.4m).

Electric power group Tanfield says trading at a significantly lower level than previously forecasted with a "marked slowing" in its markets throughout June. As a result it will not meet the market's expectations for the year

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