London open: Footsie in the red

13th Oct 2009 08:35

Stocks have fallen in early trade, with miners aiding the decline and as investors wait nervously for a flood of results from the US.Miners Randgold, Lonmin, Antofagasta and Rio Tinto are lower on weaker metal prices. But Whitbread was hot property, adding more than 3% after it reported an improving trend at its budget hotel chain Premier Inn. Half-year profit dropped 10.4% at the Costa Coffee chain owner.Banks were off colour again. Rights issue rumours continue to dog Lloyds Banking, while Barclays joined its government-owned rival in the red.Among the mid-caps, ITV rallied on news it has no plans for a rights issue. It will raise £120m through convertible bonds, it said today.Footwear to condom group SSL lifted underlying sales by 3% to more than £321m in the half year to September, helped by new products and good demand in Europe and the Far East. 'We are pleased with the first half performance. Housebuilder Bellway slumped to a full-year loss after one-off items, but it's maintained the final dividend and is keen to start buying up land, especially in the South East of England. International service company Serco Group announced that Chairman Kevin Beeston will step down the group's AGM in May 2010. The group said it will now begin the process of appointing a new chairman.There was some good news on housing and retail sales. Britain's housing market improved in September as demand continued to outstrip supply, with the number of surveyors reporting rising prices at its highest in well over two years.The Royal Institution of Chartered Surveyors said the number of surveyors and estate agents reporting an increase in prices beat the number recording a fall by 22%. That's higher than expected and the best since May 2007.Meanwhile, the British Retail Consortium (BRC) unveiled the best growth in total retail sales since January 2008, although it warned that "we mustn't get carried away".UK retail sales jumped 2.8% on a like-for-like basis in September versus the same time last year, but September 2008 was particularly weak, hit by turmoil in financial markets and very wet weather. This year also included the Bank Holiday Sunday and Monday, last year didn't.