Resources stocks helped FTSE indices to a positive start out of the blocks, with Balfour Beatty's (BBY) blunt rebuff of suitor Carillion (CLLN) the story of the day. The heavy construction specialist adds 1.5% to 240p as it rejects its peer Carillion a second time, now on the grounds that the synergies being proposed do not add up. Balfour is also adamant that its proposed sale of the US-based Parsons Brinckerhoff will go ahead. Shares in Carillion rise 5.3% to 336.9p.
Mining giant BHP Billiton (BLT) reveals that it is considering demerging some assets in an effort to make the company 'simpler and more productive.' Revealed by Shares back in April, BHP, the largest mining company in the world by revenues, is currently undergoing a strategic review focusing on its 'four pillars', iron ore, copper, coal and petroleum. The shares rise 2% to £20.80.
In the US last night, the Dow gained 62 points to 16,714, the Nasdaq pushed ahead 19 points at 4,453 and the S&P 500 crept up 8 points at 1,955. In Asia, the Nikkei was recently up 3 points to 15,318 and the Hang Seng was up 191 points to 24,999.
High quality ceramic tableware manufacturer Churchill China (CHH:AIM) is a non-mover at 460p, despite confirming the appointment of David O'Connor as CEO 'with immediate effect'. O'Connor, Chief Operating officer since 2010, takes over from long-serving Churchill stalwart Andrew Roper, who remains on the board as a non-executive.
Tungsten Corporation (TUNG:AIM), down 1.72% to 292.88p, has applied to the British Business Bank for a potential investment of up to £50m in matched funding in support of a debt placement by Tungsten.
Fortune Oil (FTO) says its overall business performance is in line with expectations and the board remains optimistic about its prospects. This was despite the Chinese government's plans to accept a slower economic growth than previously. Its shares rose 0.72% to 9.75p.
Noricum Gold (NMG:AIM), the Austria-focused gold exploration and development company, says having now finalised a very successful and extensive soil sampling programme over the Schonberg licence, it is preparing to commence its initial 3,000 metre drill programme. Noricum's shares rose 0.93% to 0.54p.
Property investor Japan Residential (JRIC:AIM) rises 1.3% to 56.7p on an 95% average occupancy across its portfolio in the year to August.