London open: Gains short-lived

Renewed interest in the insurance sector and strong miners nudged London into positive territory, but Monday morning blues soon kicked in and stocks are now in the red.Reports in his morning's papers reveal RSA, Resolution, Switzerland's Zurich Financial Services and Germany's Allianz discussed mounting a multibillion-pound break-up bid for Aviva. Its shares are among the early performers.Antofagasta, Anglo American and Kazakhmys had risen. The World Steel Association has also predicted that global steel demand will hit levels next year not seen since before the financial crisis. But banks are weaker. Economic think-tank, the New Economics Foundation (NEF), reckons we could be heading for another credit crunch, with taxpayers having to fill a £25bn-a-month funding gap. Barclays is down.The launch of the Banking Commission may also have killed off hopes that taxpayers may soon see a return from the investment in Lloyds Banking and Royal Bank of Scotland (RBS), according to reports.Meanwhile, the market is preparing for chancellor George Osborn's speech calling on Britain to back spending cuts on 20 October or face "crippling economic instability".Elsewhere, Hovis bread and Branston Pickle owner Premier Foods has confirmed reports in the weekend papers that offers have been made for its meat free business that includes Quorn.And it's been a morning of musical chairs in Britain's board rooms.Steve Lucas, the finance director of energy pipeline grid operator National Grid is to retire from the board at the end of this year. His replacement will be ex-Cadbury chief financial officer Andrew Bonfield.Consumer electronics retailer Kesa Electricals has appointed Alan Parker, chief executive of hotels and coffee house group Whitbread to its board as a non-executive director.The chief marketing officer at Ukrainian iron ore producer Ferrexpo has resigned. Simon Wandke who joined the Swiss headquartered resources giant in 2006, will leave at the end of the year.Struggling Yellow Pages publisher Yell has brought in Tony Bates, former chief operating officer at telecoms operator Colt Group, to run its finance function. Bates, who becomes finance boss when Yell reports second quarter results on 9 November, replaces John Davis who announced his departure along with chief executive John Condron in May.