London open: Footsie heads lower as G20 heats up

BThe Footsie fell lower on Thursday morning, with investors keeping a cautious eye on developments in the Eurozone, as the G20 Summit begins to heat up in Cannes.GREEK ROWS ONGOINGIt's now make-or-break time for Greek prime minister George Papandreou, after German chancellor Angela Merkel and French president Nicolas Sarkozy told him that Greece would not receive the next €8bn tranche of aid unless the referendum on the bail-out is passed.Angela Merkel told reporters last night before today's summit: "We would rather achieve a stabilisation of the euro with Greece than without Greece, but this goal of stabilizing the euro is more important."The managing director of the International Monetary Fund (IMF), Christine Lagarde, said: "As soon as the referendum is completed, and all uncertainty removed, I will make a recommendation to the IMF executive board regarding the sixth tranche of our loan to support Greece's economic program".BT & RSA IN DEMAND; MINERS & FINANCIALS HEAD LOWERTelecoms titan BT was a high riser early on after a strong second quarter performance reinforced its confidence of hitting its full-year targets. Adjusted profit before tax, which excludes the effects of a retrospective regulatory ruling in Germany, rose 15% to £570m in the three months to 30 September from £496m in the corresponding period of last year. Ireland popped up as an unexpected bright spot in the interim management statement of insurance behemoth RSA, which appears to be firing on all cylinders. Net written premiums rose by 11% from the year before to £6.1bn in the third quarter, with all regions said to be delivering good growth. Canada and Ireland, however, were singled out as especially strong performers, supported by acquisitions made by year.Mining companies and financial stocks - typically sensitive to macroeconomic developments - headed lower in the opening hour.Insurance giant Aviva was among the worst performers after revealing that revenues in the first three quarter fell by 4.7%. Nevertheless, the firm reiterated its targets for the full year.Other financials, including Old Mutual, Barclays, Admiral and Schroders were close behind, registering moderate losses.Mining peers Kazakhmys, Rio Tinto and Antofagasta fell lower as well.Cable & Wireless Communications jumped on the FTSE 250 after seeing revenues rise by 24% in the first half.BCFTSE 100 - RisersTate & Lyle (TATE) 685.50p +5.95%Man Group (EMG) 146.80p +3.89%BT Group (BT.A) 194.00p +3.52%RSA Insurance Group (RSA) 107.40p +1.99%ARM Holdings (ARM) 596.00p +1.53%Burberry Group (BRBY) 1,362.00p +1.26%BAE Systems (BA.) 272.30p +1.23%Petrofac Ltd. (PFC) 1,394.00p +1.16%United Utilities Group (UU.) 616.50p +0.90%Fresnillo (FRES) 1,797.00p +0.79%FTSE 100 - FallersAviva (AV.) 317.50p -2.34%Barclays (BARC) 177.15p -2.18%Old Mutual (OML) 107.40p -2.10%International Consolidated Airlines Group SA (IAG) 159.00p -1.67%Admiral Group (ADM) 1,141.00p -1.64%Unilever (ULVR) 2,039.00p -1.59%Antofagasta (ANTO) 1,157.00p -1.45%Rio Tinto (RIO) 3,326.50p -1.44%Kazakhmys (KAZ) 893.00p -1.43%Schroders (Non-Voting) (SDRC) 1,183.00p -1.42%