London pre-open: Small losses expected at opening bell

8th Jan 2013 07:26

City sources predict the FTSE 100 will open down 9 points from yesterday's close of 6,065, continuing Monday's profit taking.Losses were seen in both the UK and the US yesterday, following last week's highs, which delivered levels not seen in London for two years. In company news, mining giant Anglo American has appointed Mark Cutifani of AngloGold Ashant as Chief Executive to replace Cynthia Carroll. Cutifani will take the reins in April with a pay packet worth around £2.38m, including salary and bonuses.Debenhams reported a strong end to 2012 including record levels of sales in December, but said heavy discounting had hit margins. In the 18 weeks to January 5th, total sales values increased by 3.5%, while like-for-like sales grew by 2.9%. Over the five weeks to January 5th like-for-like sales increased by 5.0% compared to the year before and by 8.5% on 2010. Production has started on time and on budget at BG Group's Sapinhoá field offshore Brazil, the natural gas and oil explorer announced on Tuesday morning. The field, located in block BM-S-9, is one of BG's "big five" discoveries in the pre-salt Santos Basin.Balfour Beatty, the FTSE 250 global infrastructure group, has announced that role of Chief Executive will be passed from Ian Tyler to Andrew McNaughton at the end of March this year. McNaughton is currently Deputy Chief Executive and Chief Operating Officer. Tyler, who has been at the helm of the group for eight years, will remain on the board until the end of April to ensure a smooth transition, the firm said. UK economic announcements on the cards today include the BRC Retail Sales Monitor, while abroad investors can expect the EU unemployment reading, the German retail price index, and a US consumer credit reading.