London pre-open: More falls expected

The top share index is expected to fall slightly, adding to the big losses seen at the end of last week.Imperial Tobacco has slashed profit expectations for its Spanish business after competition in the country forced it to cut prices for cigarettes. Imperial, whose brands include Lambert & Butler and Gauloises Blondes cigarettes, said operating profits in Spain could fall short of previous expectations by up to £110m.Mining giant Kazakhmys has secured a $1.5bn loan facility to help the development of a major copper project at Aktogay in Kazakstan. A memorandum of understanding was signed on Monday with the China Development Bank Corporation (CDB) for the loan.Aim-listed wine retailer Majestic Wine reported a 26.6% increase in full year profit, lifted its final dividend and said it was encouraged by current trading despite challenging market conditions. Energy services firm Wood Group will return 140p per share to its shareholders, in the second stage of its £1.08bn return of cash programme. Following the £412m returned through a tender offer two weeks ago, the company will return the residual £665m.---RG