London pre-open: Moderate gains expected

16th Dec 2011 07:22

The Footsie is expected to build on gains made yesterday following on from a strong performance in Asia markets overnight after some upbeat economic data from the US temporarily distracted everyone's attention away from the Eurozone.City sources predict the FTSE 100 will open up 38 points from yesterday's close of 5,401.  In company news, mining giant Kazakhmys has signed a memorandum of understanding for a $1.5bn loan facility to be used for the development of its Aktogay copper project in East Kazakhstan. The facility has been signed with the China Development Bank Corporation and Kazakhmys can draw down funds over a three-year period once the feasibility study has been completed. It is expected that this will happen towards the end of next year, the group said. BP has said that Cameron International Corporation, the designer and manufacturer of the Deepwater Horizon blowout preventer, will pay BP $250m to settle all claims between the two companies related to last year's oil spill. The funds will be applied to the $20bn trust BP made to meet other claims arising from the incident. "Today's settlement allows BP and Cameron to put our legal issues behind us and move forward to improve drilling in the safety industry," said BP's Chief Executive Bob Dudley.Drinks giant SABMiller has now completed the acquisition of all of the shares of Australian lager firm Foster's pursuant to the implementation of the Scheme of Arrangement today. SABMiller will pay Foster's shareholders by next Wednesday.