London open: Vultures circle round Blacks Leisure

The top-share index briefly broke through the 5500 barrier this morning but could not sustain it, as traders' thoughts turn to mince pies, mulled wine and a dash to the shops for a bit of last minute Christmas shopping - and, while they are at it, to check that the shops are still in business.Blacks getting ready to fold up its tentsOn that subject, the situation is looking very bleak for Blacks Leisure, the outdoor clothing retailer which looks to be in a death spiral. The company has given up looking for a saviour, and seems resigned to the prospect of interested parties camping outside its headquarters, waiting for it to go into administration so they can pick up the best of the retailer's assets on the cheap. Blacks says it continues, however, to hold discussions with a number of selected parties with a view to concluding the sale of trade, assets and brands of the company in January 2012.It warns, however, that "it is most unlikely that any value will be attributable to the ordinary shares."While Blacks struggles to weather the storm, Amlin, the insurance company, has increased its coverage against hurricanes and earthquakes in the US and wind-storm peril in Europe through a $150m bond. The deal has seen Bermudian company Tramline Re take on the re-insurance contract then package it up into "principle-at-risk" three-year variable rate notes or bonds. The proceeds from these notes will make up the collateral for Tramline Re's obligations to Amlin.Out in the UK section of the North Sea, there has been good news for Antrim Energy and Premier Oil. Antrim Energy, the Canadian oil company, says it has drilled a successful sidetrack well to assess the Erne discovery, an asset it jointly owns with Premier Oil. Antrim says the work on Erne has "de-risked" other drilling in the region.M&A activityProperty group London and Stamford has sold 17 warehouses, comprising the Triangle Distribution Portfolio and including the recently acquired 5110 Magna Park, Lutterworth. The selling price is £265m, a figure which exceeds the valuation figure for the portfolio as at 30 September 2011. The sale will only complete at the year end so allowing the Company to retain the benefit of this income for its full financial year.Perform, the digital media firm specialising in sports content, has acquired two related German businesses: Spox Media and mediasports Digital. The two businesses are being acquired for an initial cash consideration of €3.65m, with a maximum deferred cash consideration of €12.35m payable. FTSE 100 - RisersBP (BP.) 459.30p +2.00%ITV (ITV) 65.70p +1.94%National Grid (NG.) 614.00p +1.82%Pearson (PSON) 1,208.00p +1.43%Admiral Group (ADM) 831.00p +1.40%Reed Elsevier (REL) 510.00p +1.29%Burberry Group (BRBY) 1,199.00p +1.18%Barclays (BARC) 178.15p +1.16%Schroders (Non-Voting) (SDRC) 1,068.00p +1.14%Randgold Resources Ltd. (RRS) 6,660.00p +1.14%FTSE 100 - FallersHargreaves Lansdown (HL.) 431.40p -0.51%HSBC Holdings (HSBA) 487.95p -0.12%Standard Chartered (STAN) 1,387.50p -0.11%International Consolidated Airlines Group SA (IAG) 149.80p -0.07%Evraz (EVR) 390.30p +0.08%BHP Billiton (BLT) 1,871.50p +0.08%Carnival (CCL) 2,109.00p +0.09%Glencore International (GLEN) 396.15p +0.09%Resolution Ltd. (RSL) 248.50p +0.16%Experian (EXPN) 841.50p +0.18%FTSE 250 - RisersCape (CIU) 324.50p +3.11%Domino Printing Sciences (DNO) 516.00p +2.58%Ocado Group (OCDO) 60.45p +2.46%Exillon Energy (EXI) 247.60p +2.02%FTSE 250 - FallersCOLT Group SA (COLT) 84.85p -1.45%Devro (DVO) 253.80p -1.09%--jh