London open: Strong start for FTSE 100

3rd May 2011 08:32

Shares have hit the ground running following the long weekend. Hedge fund manager Man Group is setting the pace after it announced the launch of an AHL open-ended fund in Japan, Nomura Global Trend, which has raised $1.5 billion. The fund began trading at the end of April 2011.Catering giant Compass has added to its overseas operations with the acquisition of a food service business in Sweden. It will pay 16m (£1.6m) SEK for BGP Resurs, which is based in northern Sweden and serves business, industry and leisure sectors. BGP posted revenes of 26.5m SEK in 2010.It looks like another attempt by rebel shareholder Petr Shura to gain control of RGI, the AIM-listed developer of quality residential and retail properties within Moscow and the surrounding areas, has been thwarted. RGI's major shareholder, DES, has decided not to sell on its 40.22% stake in RGI to Synergy Classic, the company controlled by Shura.Chocolate maker and retailer Thorntons warned that profit for the year would be lower than expected as soaring temperatures hurt demand during its key Easter period. Scorching hot weather and the 'ongoing challenging retail environment' put off customers buying chocolate.Mining titan BHP Billiton said Brazilian mining company, Vale, its partner in the Samarco project, has approved the $3.5bn expansion plan for the joint venture. The expansion will increase Samarco iron ore pellet production capacity by 8.3m tonnes to 30.5m tonnes per annum. First pellet production is expected in the first half of calendar year 2014.Mining giant Rio Tinto signalled the end of its protracted takeover bid for Riversdale by announcing that the Australian coal miner would be delisted from the Australian Stock Exchange. Rio Tinto, which controls more than 73% of Riversdale's shares after a bid battle stretching back to Christmas 2010, has taken control of Riversdale's nine-person board after Rio Tinto Energy chief executive Doug Ritchie and Rio Tinto Energy vice president human resources Rosemary Fagen were appointed as directors.---RG