London open: Very quiet start

London's blue chips have opened lower but there is little momentum either way at present with modest gains for the banks offset by a stack of companies going ex-dividend.Derivatives broker Tullett Prebon is the stand-out after it confirmed preliminary discussions with a third party which may or may not lead to an offer.A much improved performance from Northern Rock has lifted the other state-controlled banks Lloyds and Royal Bank of Scotland.The Rock reduced losses to £257m, down from £1.36bn in 2008 and swung into the black in the second half of the year. Underlying losses were cut from £1.29bn to £383m, generating a bonus pot of £14.9m to staff for beating the loss target. In the press, the FT writes that Barclays is looking at buying a large US retail bank as it tries to rebalance its business away from a booming investment banking franchise. According to people briefed on the plan, Antony Jenkins, the new head of Barclays' retail banking activities, is preparing a strategy paper that will go to the board in the next two to three months.Life insurer Standard Life is lifting its efficiency targets for 2010 after delivering 'good profits and healthy cash flow' in 2009. Underlying profit before tax in 2009 rose to £291m from £154m the year before. Lower oil prices and production slashed Tullow Oil's net income in 2009, though it had an outstanding year for drilling with 13 out of 15 wells striking oil or gas. Net income fell 92% to £19m in 2009, as sales dipped 16% to £582m due to lower production volumes and commodity prices.Spread bet firm IG Group reported a 11% rise in quarterly revenue and said it is well positioned for further growth. Total revenue for the three months ended 28 February was approximately £69m compared with £62m in the corresponding quarter last year.Interserve, the services, maintenance and building group, has won contracts in the UK and through its Middle East associates worth over £200m in aggregate. Fund manager F&C missed out on the strong market rally since last March, though it did move back into profit last year. FCAM has been hit by a steady stream of institutions moving their money away in recent years and saw a further outflow in 2009, though the pace slowed. Car dealer Inchcape said 2009 profit fell less than expected but on a cautionary note, it warned market conditions in 2010 are expected to remain challenging.