London pre-open: Early slip in store

21st Aug 2009 07:39

UK blue chips are expected to give back a little of their recent gains early Friday, about 25 points, on profit taking ahead of the weekend and weaker Asian markets.Last night's gains in the US and yesterday's 10½ month high in London counted for nothing in the East today where stocks have tumbled. Hong Kong stocks were unsettled by fears the China's banking regulator may tighten capital rules, while a stronger yen hit Japan's exporters. The Hang Seng and Nikkei are both down about 1.5%.Over here, Rio Tinto has received clearance from the US Federal Trade Commission on the pending sale of its Jacobs Ranch coal mine to Arch Coal. The deal is expected to close within the next six weeks. Rio announced the $761m sale of Jacobs Ranch in March. Jacobs, 55 miles south of Gillette, shipped 42.1 million tons of coal in 2008.Property website Rightmove remains confident of beating full-year forecasts after notching up its second highest monthly operating profit ever in July. Operating profit fell 6% in the six months ended 30 June to £18.90m and pre-tax profit by 8% to £18.19m. Revenue slipped 1% to £33.6m. Page impressions have 'remained strong' in May, June and July.Birmingham City football club have received an offer from Grandtop, the company owned by Hong Kong businessman Carson Yeung, worth £81.5m. The offer will be made on the basis of 100p per share, which is a 55% premium to last night's closing price. Grandtop directors include ex-Liverpool player Steve Mcmanaman and former French international Christian Karembeu.Stobart's trading in the first six months of the year is in line with expectations and the transport and logistics company said it is confident for the full year. It also anticipates a strong performance in the second half as a result of recently announced contracts, new business wins and action taken to reduce costs. Electrical engineering and contracting company T Clarke has reported a drop in first-half pre-tax profits after taking a £1.4m charge in relation to its restructuring programme. The group, which warned last month that it does not expect to meet current market expectations for the year after it initiated a strategic review of the group, saw pre-tax profit fall to £3.1m in the six month ended 30 June from £5.4m last time. Revenue fell to £95.8m from £109.3m.