London open: Footsie slips 0.46% early on

25th May 2011 08:54

The Footsie has slipped into the red in early trading heading towards the 5,800 mark, offsetting the gains made yesterday.Fashion retailer Next and B&Q owner Kingfisher are among the worst performers. Following suit is new kid on the block Glencore, which is under the weather on its debut on the top-share index.On the FTSE 250, Cable & Wireless Communications has taken a tumble after the results from its first year of independence. Earnings remained virtually static at the telecoms group, largely as a result of a more difficult Caribbean market than expected.Valerie Gooding, the former chief executive of health insurance firm BUPA, is to be the new chairman of Premier Farnell, the electronic and industrial components distributor. Share are off the mark this morning.Stockbroker and investment manager Brewin Dolphin is wanted after profits came in roughly in line with expectations at the interim stage.Specialist healthcare company BTG is lower after it swung to a pre-tax loss during the year ended 31 March, despite revenue rising by 13.1%, as the group reported a 44% rise in operating expenses.Engineering software firm Aveva has taken a hit despite registering record revenues in the year ended 31 March, helped by a strong performance in the emerging markets, mainly driven by growth in the oil and gas sector.Elsewhere, corporate travel services firm Hogg Robinson is a high riser after revealing a 36% increase in annual pre-tax profit, a 25% hike in the dividend, and saying that trading this year has been strong than previous years.---BC