London midday: Blue chips turn lower on volatile day

London's blue chips have turned lower again as investors await the US markets' reaction to Japan's devastating earthquake.Miners Rio Tinto, Xstrata, African Barrick and ENRC are the pick of the mining sector. Also going well is temporary power solutions provider Aggreko, which may find its services called upon extensively in the aftermath of the Japanese earthquake. But Burberry is lower. The luxury goods supplier has big exposure in Japan.Insurers are mixed. A second explosion occurred at Japan's Fukushima Dai-ichi nuclear plant on Monday following a blast on Saturday. The blast occurred at the plant's No. 3 reactor building, according to Tokyo Electric Power, the operator. The power company said the reactor's protective containment shell remained intact after the blast. An explosion similar in nature destroyed the plant's No.1 reactor on Saturday.London-based underwriter Chaucer says it does not expect any significant losses from the problems afflicting three nuclear plants shut down in the North-East of Japan, but cannot yet quantify its other exposure.The statement has prevented the company's share price from suffering the severe mark down that has affected fellow underwriters Catlin and Beazley. Elsewhere in the insurance sector Aviva and RSA Insurance are both off the pace. The dangers associated with nuclear power stations seems to have persuaded the market to reassess the merits of coal fired power stations, judging by the demand for shares in power station operator Drax Group. Housebuilder Bovis Homes didn't disappoint with full-year results towards the top end of forecasts, a first dividend since 2008, and an "encouraging" start to the current year. It made a pre-tax profit of £18.5m, up from £7.5m in 2009, driven by higher volumes, price increases and cost cutting. Revenue rose to £298.6m from £281.5m last time. Troubled sportswear retailer JJB Sports has responded to press speculation about its fund raising plans, and said the company expects its impending share placing will raise around £65m.Shares of care homes operator Southern Cross Healthcare sank over 60% after it walked away from offer talks and warned that it had seen a decline in its trading outlook since February 2011. The group also said its lenders are aware of an impending banking covenant breach but remain fully supportive of the actions which the company is taking to address its problems. GGG Resources, the miner quoted on London's AIM and the Australian stock exchange (ASX), is to make a takeover offer for ASX-listed mineral exploration outfit Auzex Resources, the company with which is shares ownership of the Bullabulling gold project. GGG is offering seven of its shares for every five Auzex shares held in a deal that values Auzex at about A$94.9m.Cash-strapped outsourced fire services provider AssetCo has rejected an "opportunistic" approach from a third party interested in taking over the company. The company announced it has entered into a short-term loan facility of £1.45m with its principle banker to meet certain critical payments that need to be made before it received the funds from its proposed £16m placing.Pennsylvania-focused coal miner Atlantic Coal has secured an option to buy a 158 acre anthracite mining property near to its existing assets in the state. "We have been actively looking to expand our portfolio in the Pennsylvanian Anthracite Field, where our Stockton mine is located, and we believe this asset, with the right investment, has the potential to add value going forward as it could significantly increase our coal resources," said Atlantic's managing director, Steve Best.Less than two weeks after accepting the role of non-executive chairman of surf wear brand Hot Tuna International, Melissa Sturgess has decided she is too busy to do the job. Oil company Aminex said its 1-for-6 open offer of 96.1m shares was oversubscribed by around 27%.