London open: Quiet start for Footsie

5th Oct 2009 08:43

London has made a cautious start with markets still seemingly unsettled by last week's US jobs data.Over here, Aviva has confirmed it is to sell a minority stake in its Dutch insurance business Delta Lloyd through a float on Euronext in Amsterdam. No more details were released, but weekend reports suggested the life insurer would sell between 30-40% of Delta and value it at about £4bn.BAE Systems is higher. Reports today suggest the firm is prepared to settle the Serious Fraud Office's six-year investigation into allegations of bribery in Africa and Eastern Europe, but will not do so "at any cost".Miners are the top performers so far with buyers across the sector, though Antofagasta, Rio Tinto and Kazakymys are the best of the bunch. Royal Bank of Scotland is higher despite a report it will finalise a £4bn share placing this week. The cash raised will reduce the cost of entry to the Asset Protection Scheme.Chemring will supply the US Department of Defense with a range of military decoy flares in a five-year deal worth up to $804m (£502m). Soap manufacturer PZ Cussons said it remains 'cautiously optimistic' for the full year despite uncertain economic conditions after seeing strong trading in its main market of Nigeria and in the UK. Kopane Diamond, which mines for the gemstones in Lesotho, has entered into a 60-day exclusivity agreement with a potential investor in its Liqhobong mine. Semiconductor wafers technology specialist IQE is buying rival gallium nitride materials supplier NanoGan for up to £3.6m, dependent on performance.Scottish semiconductors group Wolfson's sales continue at a level well below last year with third quarter revenue expected to come in at $35m though it is more optimistic over 2010 as new products come on stream.