London open: Weak start for Footsie
London's top stocks have opened slightly lower after US stocks dropped overnight following the Federal Reserve's decision to cut interest rates.
Miners are doing well in early dealings. BHP Billiton's board has approved a $1.9bn expansion of the Worsley alumina refinery in Western Australia.
Ferrochrome producer Eurasian Natural Resources Corporation has exercised an option to buy a 50% stake in Bahia Mineracao Limitada (BML) from Zamin for $300m in cash.
Kazakhmys, Anglo American, Xstrata, Antofagasta and Vedanta Resources are also among the top risers.
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.
Furniture retailer Galiform is up as it 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.
Micro Focus has made a recommended $7.20 per share cash offer for Nasdaq-listed software provider NetManage. The group also said it expects full-year revenues to be in the range of $226m to $228m, reflecting a combination of improved operational performance and the positive impact of exchange rate movements.
Engineering group GKN said it expects 2008 to be another year of solid progress with performance in line with its earlier expectations.
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National Express has made a good start to the year and is trading in line with management expectations, the bus and rail operator said Thursday.
Packing firm Rexam says first quarter results are in line with company expectations and its outlook for 2008 remains unchanged.
Engineer Tomkins said the majority of the end markets it sells into remain robust but added that some of its end markets have weakened further since its year-end results.
Toy train maker Hornby has agreed to buy model car maker Corgi for £7.5m in cash as it beefs up its toy brands.
Bluetooth specialist CSR said first quarter sales had been in line with expectations, as it maintains its market share despite challenging trading conditions.
Abcam, which sells antibodies online, said sales are expected to be ahead of expectations and added that outlook for profit for the year has improved "significantly".
Higher costs and deteriorating market conditions have forced financial services firm Merchant Securities to admit its full year loss will be bigger than expected.
AT Communications has bagged a multi-million pound contract with the UK division of Swedish mobile phones giant Ericsson to act as it master distributor in Britain.
