London pre-open: FTSE to suffer slight drop in early trading

8th May 2012 07:31

City sources predict the FTSE 100 will open down eight points from Friday's close of 5,655, following the UK bank holiday weekend which saw polital uncertainty resurface in Europe following the Greek and French elections. Andrew Moss, the Chief Executive Officer of insurance giant Aviva, has taken the hint from disgruntled shareholders, and has quit the post with immediate effect. The move, instigated by Moss, follows last week's Aviva annual general meeting which saw a majority of shareholders vote against the remuneration report, an act seen as a protest against Moss's pay rising while the share price moved equally rapidly in the opposite direction.Tullow Oil has discovered further oil in the first exploration well at one of its Kenyan projects, increasing its potential 'significantly', the group said on Tuesday. The Ngamia-1 well, located in the Turkana Country of Kenya Block 10BB, is the oil company's first prospect to be tested as part of the project in Kenya and Ehtiopia. Medical devices maker Smith and Nephew said that its Bioventus joint venture with Essex Woodlands is now up and running. Essex Woodlands, a specialist healthcare growth equity and venture capital firm, pitched in with S&N to further develop S&N's Biologics and Clinical Therapies division.