London open: Blue chips move higher

Footsie has moved higher following a positive finish for US shares on Friday.Second line oil groups Cairn and Tullow Oil are the best performers following the spike in the crude price on Friday on renewed tension between Iran and Iraq.Banks have also rallied a little after heavy falls last week on the recommendations by the Basel Committee. Analysts suggest it could mean European banks having to raise up to €400bn in extra capital. Lloyds, Barclays and Royal Bank of Scotland are all higher.London Stock Exchange (LSE) is to acquire Turquoise, the trading platform that was set up by banks in 2008 to challenge LSE's dominance. LSE said it will merge Turquoise with its trading facility Baikal Global to create a pan-European trading venture.Embattled bus and train group National Express said full year profits are likely to be in line with previously indicated levels. The group's underlying revenue trends have stabilised in the fourth quarter.Sportswear retailer Sports Direct is in trouble according to the Times, which says it has been reported to the Financial Services Authority (FSA) for allegedly breaking City rules in its attempt to buy Blacks Leisure. Satellite operator Avanti Communications is to raise £86m in new equity and has agreed £194m of new borrowings to fund the launch of its second wireless broadband satellite, HYLAS 2.Oil services specialist Hunting results this yearvwill be 'towards the high end of market expectations' after good results from aviation offset weak exploration and shipping activity.The share price of Prosperity Minerals shot up after the iron ore trader said the proposed sale of its Chinese cement business is to go ahead. Prosperity expects its cash position will be boosted by HK$3,800m (around £300m) as a result of the sale of Upper Value Investments, which will also leave it debt free.