London open: British Land bid talk lifts market

14th Aug 2009 08:44

London's blue chips have opened slightly higher on a relatively quiet day with bid rumours among the big property groups the main talking point.Reports this morning suggested a consortium of some of the world's richest families is plotting a bid for British Land. Hammerson and Land Securities are also well ahead in sympathy.Fund manager Man Group expects gross initial disposal proceeds of $112m, which it expects to receive early next week, from the disposal of its remaining stake in MF Global.Payment services group Paypoint said its trading performance since the end of March has been satisfactory. The company said that, as anticipated, mobile top-up volumes in the UK, Romania and Ireland are running at lower levels than last year as a result of mobile operators offering more airtime for lower prices.Industrial chain maker Renold said the sharp declines in sales it has seen recently appear to have stabilised and that customers destocking may be abating. The firm, which reported a 25% slump in first quarter sales, said it saw no indication of customers restocking in the short-term. Operations management software group EG Solutions expects results for the half year to be in line with expectations, including a return to profitability. Revenues are seen at approximately £2.1m (H1 2008: £2.3m), while profits are seen at around £0.05m compared to a loss of £0.8m in the second half of last year.Industrial auctioneer GoIndustry-DoveBid said it knows of no reason why its share price jumped 40% yesterday, while confirming it is considering a placing at a 'considerable' discount' to the current share price.