London open: Good run continues

23rd Dec 2009 08:49

Footsie has continued its strong run ahead of the Christmas break, though trading is light with news slowing to a trickle.The release of the minutes from the most recent meeting of the Bank of England's Monetary Policy Committee will have the usual suspects poring over the statement searching for clues to future policy.Mining giant Rio Tinto has accepted a $2.025bn offer for its Alcan Packaging pharmaceutical, tobacco and food divisions from the packaging group Amcor as it continues its programme of asset sales to ease its debt pile.Support services contracting firm Balfour Beatty has won a facilities management contract from defence technology outfit QinetiQ. The seven year contract has a base-line value of £15m per annum, and will be supplemented with additional fees for non-core services.Tullow Oil has firmed its view on the potential of the West Cape Three Points block, offshore Ghana, after it latest test drill. The Mahogany Deep-2 well, drilled 3 km from Mahogany-3, was the furthest down-dip Jubilee well in the West Cape Three Points licence, Tullow said.Minera Penmont, the joint venture 56% owned by silver miner Fresnillo,has made a bid to snatch Canadian mining company Canplats Resources from bullion producer Goldcorp. Minera is offering C$4.20 in cash plus one share, with a notional value of C$0.20, in a new exploration company for every Canplats share. The offer terms trump those offer by Goldcorp, the world's second largest bullion producer. Goldcorp launched an offer in November worth C$238m. A bid battle could still be on the cards for care home group Supporta after its main shareholder suggested it should consider a possible cash offer from a third party rather than an agreed all-share deal with Mears.Africa-focused diamond producer Pangea DiamondFields has completed an upgrade of processing facilities at its Cassanguidi project in Angola but lowered its production targets. It now expects to produce 6,000 carats a month in the first quarter of 2010, compared with a previous estimate of 8,000 tonnes.