London pre-open: Downward trend to continue

Stocks are set to open lower with City traders predicting the blue-chip index will open some 60 points down from last night's close of 5,332.FTSE 100 mining giants Anglo American and Xstrata have announced that a coal mine in Colombia, in which they own a 33.3% interest each, has received approval for its $1.3bn expansion project.Also on the expansion trail is International Power, the power generator that is 70% owned by French utility company GDF Suez. The company said its 50.1%-owned subsidiary, Energia Sustentavel do Brasil, is to expand the Jirau Hydro project, the largest hydro power project currently under construction in the world. International property advisor Savills saw group profit before tax rise 39% to £20.0m in the first half of 2011, from £14.4m the year before, driven by the strength of key transactional markets in the UK and Asia Pacific.Holidaybreak, the short break specialist that is being taken over by Cox and Kings, said sales intake is down 4% on last year but it has seen a late surge in bookings at its camping division. Martin Davies, group chief executive, said the group is confident of performing in line with management expectations for the year ending 30 September, 2011.--jh