London pre-open: Footsie to recoup losses

18th Aug 2009 07:44

Footsie is expected to win back some of the heavy losses it posted yesterday.British Land saw the value of its property portfolio fall to £8.18bn in the first quarter but said the pace of decline has slowed markedly. The group, which has been the subject of intense bid speculation, said £3.2bn (39%) of assets either increased (£1.7bn) or are unchanged (£1.5bn) in value since March 2009.Cash strapped miner Rio Tinto has received a $2.025bn offer for the majority of its Alcan Packaging business. The binding offer has been received from Amcor and covers the Alcan Packaging global pharmaceuticals, global tobacco, food Europe and food Asia divisions. The deal does not include the remaining Beaty packaging division which will be sold off separately.A joint venture including support services firm Carillion has won a 'Building Schools for the Future' contract for Durham. The Local Education Partnership (LEP), comprising Carilliom, Durham County Council and Building Schools for the Future Investments LLP, will deliver more than 40 schools in four phases over a 10-year contract period under the terms of the £500m programme.Car dealer Pendragon reported sharply lower profits in the six months to June 30 as recession-hit motorists held onto their old cars rather than splashing out on new ones. It posted a pre-tax profit of £11.4m, compared with £21.1m over the same period the previous year, as revenue slid to £1.59bn from £2.48bn.Respiratory inhaler firm Vectura remains "very confident" about prospects with important drug trials due to start later this year and plenty of cash in the bank. Phase III trials of QVA149 to treat chronic obstructive pulmonary disease are expected to start in late 2009. The drug combines Vectura's NVA237 and indacaterol (QAB149), developed by Swiss group Novartis.Online video services provider Amino Technologies posted an operating loss compared with a profit the same time a year before as challenging economic conditions continued hit the group. The group reported an operating loss before exceptional items of £3.10m for the six months ended 31 May 2009 compared with an operating profit £0.61m before.Nightclub owner Luminar can breathe a little easier on news that 95.5% of the shares available through an open offer have been taken up and buyers have been found for the remainder. The group raised £37.5m (£35.7m net) from a firm placing and open offer at 95p a share. Just 920,000 of the 19.4m shares available through the open offer were unwanted by shareholders.