London open: Telecoms power forward on AT&T move

Footsie has opened brightly with telecoms stocks powering ahead on the back of AT&T's huge $39bn bid for Deutsche Telekom's T-Mobile USA. Vodafone is top riser as analysts have wasted little time working out what it means in value terms for Vodafone's 45% stake in current US market leader Verizon Wireless. If the AT&T bid is allowed, the enlarged firm will become number one, but both companies will huge market power in the fast growing mobile data, video and apps market. Rival Spring has complained already and anti-trust politicians have expressed concern. For now, the market is focused on the upside benefits of the deal. Vodafone shares have jumped 5%, BT and TalkTalk are also higher.Elsewhere, engineers and Burberry continue to rally from last week's Japan-inspired sell-off. The firmer trend seen towards the end of last week has continued this morning as the situation in Libya looks like it is coming to a head while repair work gets underway at the damaged Fukushima Daiichi power plant in Japan.British Gas owner Centrica is to expand its retail presence in the US with the purchase of New York-based energy retailer Gateway Energy Services for $90m in cash, including $13m of tax assets plus additional working capital.Mining giant Rio Tinto is extending the acceptance period for its A$3.9bn bid for Australian coal miner Riversdale by three days to 6 April. The UK miner now either owns or has received acceptances in respect of 34.94% of Riversdale shares, up from 33.04% last Friday.Distribution group Bunzl has announced two acquisitions on opposite sides of the world. The company is to acquire cleaning and hygiene products distributor Cannon Consumables and has handed over the cash for Omega Hospitality Suppliers, an Australian supplier of catering equipment and disposables to contract caterers, hotels and other food service customers.Indian energy company Essar Energy saw record refinery throughput in 2010 as it pushed revenue up by more than two-fifths from 2009's levels. Revenue rose 42% to $10bn in 2010 from $7.9bn in 2009, while earnings before interest, tax, depreciation and amortisation advanced 8% to $719m from $664m.