London open: Shares start lower

21st Aug 2009 08:17

London's top stocks have opened lower on profit taking ahead of the weekend and weaker Asian markets.Last night's gains in the US and yesterday's 10½ month high in London counted for nothing in the East today where stocks have tumbled. Hong Kong stocks were unsettled by fears the China's banking regulator may tighten capital rules, while a stronger yen hit Japan's exporters. The Hang Seng and Nikkei are both down about 1.5%.Over here, Rio Tinto has received clearance from the US Federal Trade Commission on the pending sale of its Jacobs Ranch coal mine to Arch Coal. The deal is expected to close within the next six weeks. Rio announced the $761m sale of Jacobs Ranch in March.Property website Rightmove remains confident of beating full-year forecasts after notching up its second highest monthly operating profit ever in July. Operating profit fell 6% in the six months ended 30 June to £18.90m and pre-tax profit by 8% to £18.19m. Birmingham City football club have received an offer from Grandtop, the company owned by Hong Kong businessman Carson Yeung, worth £81.5m. The offer will be made on the basis of 100p per share, which is a 55% premium to last night's closing price. Stobart's trading in the first six months of the year is in line with expectations and the transport and logistics company said it is confident for the full year. It also anticipates a strong performance in the second half as a result of recently announced contracts, new business wins and action taken to reduce costs. Electrical engineering and contracting company T Clarke has reported a drop in first-half pre-tax profits after taking a £1.4m charge in relation to its restructuring programme. Silicon wafer reclaim specialist Pure Wafer, whose shares have been suspended since March due to money troubles, is raising up to £2.3m from a placing and open offer at 2p a share.Candover Investments said it is in a much stronger position than previously due to recent asset realisations and the lowering of its cost base. Drug developer SkyePharma narrowed first-half losses and said trading in the second half of 2009 is expected to remain in line with expectations.FTSE 100 - RisersIntertek Group (ITRK) 1,177.00p +2.88%Schroders (SDR) 1,046.00p +1.55%3i Group (III) 288.00p +1.12%Autonomy Corporation (AU.) 1,318.00p +1.00%Thomas Cook Group (TCG) 227.40p +0.75%Fresnillo (FRES) 611.00p +0.58%Admiral Group (ADM) 1,055.00p +0.48%FTSE 100 - FallersHammerson (HMSO) 380.00p -2.76%Sage Group (SGE) 219.10p -2.58%Lonmin (LMI) 1,410.00p -2.08%WPP Group (WPP) 497.90p -1.89%Antofagasta (ANTO) 742.50p -1.79%BHP Billiton (BLT) 1,535.50p -1.73%Randgold Resources (RRS) 3,445.00p -1.71%