London pre-open: FTSE to track Asian stocks lower

10th Aug 2012 07:36

City sources predict the FTSE 100 will open down 18 points from yesterday's close of 5,852, tracking losses seen in Asia, where data revealed a decline in its trade surplus.The surplus shrunk from $31.7bn in June to $25.1bn last month, with exports up just one per cent. Cobham, the defence technology supplier, has been awarded a contract to supply electronic systems to Boeing's Wideband Global SATCOM satellite programme. The $65m contract is for the production of three satellite flight sets, with additional options for three more sets. For each statellite Cobham will supply 1,000 modules, which together enable the satellite to transmit and receive communications. Work is expected to be completed in 2013 and will take place in the firm's facility in Lowell, Massachusetts. Reinforced polymer technology firm Fenner has announced its third acquisition of the month, and once again it has returned to Norway to make a deal. Fenner subsidiary Fenner Norway has exchanged contracts to purchase 100% of the share capital of Mandals, a privately owned group of companies based in Norway and Sweden. Mandals is a manufacturer of innovative lay-flat and speciality hoses for use in demanding applications and of circular looms for the manufacture of the woven fabric used in the production of hoses. Private equity investor SVG Capital boasted of strong returns in uncertain markets in the first half of 2012, as it comfortably outpaced gains on its benchmark index. The group saw a 12.3% increase in net assets per share to 378.5p (excluding SVG Advisers and SVG Investment Managers), showing a clean pair of heels to the FTSE All-Share Total Return index, which rose 3.35 over the same period.