London open: Flat start for Footsie

London's blue chips are pausing for reflection after yesterday's big gains both here and on Wall Street.

Supermarket Sainsbury's is lower despite a 4.6% rise in like for like sales excluding fuel in the quarter to 3 October. Excluding the impact of the VAT cut, like-for-like sales in the quarter, the second of the company's financial year, were up by 5.4%. The figures look good, especially compared to rival Tesco, but sales slowed a touch and analysts are wary of the market getting tougher.

Miners have run into some sporadic profit-taking after gold hit a new all-time high yesterday, though silver specialist Fresnillo is pushing on again. Insurer Admiral is the most notable ex-dividend faller.

Sausages and pork products supplier Cranswick said sales were strongly ahead at the interim stage, helped by a contribution from the recently acquired Bowes of Norfolk. Sales in the six months to 30 September rose by 19% from a year earlier, with 7% attributable to the contribution from Bowes, Cranwsick, one of whose main customers is Sainsbury's, said.

White collar recruiter Michael Page made a third quarter operating profit and noted 'increasing degrees of stabilisation across our regions' in the last three months. Its Asia Pacific and Americas regions both recorded sequential growth.

Defence outfit Cobham has won two orders from global security firm Northrop Grumman for digital vehicle intercom systems. The orders are worth $40m and are for the ongoing provision of Cobham's ROVIS (AN/VIC-3) digital intercom systems to the US army.

Struggling Irish airline Aer Lingus is to cut a further 676 jobs as part of a swingeing cost cutting programme designed to reduce operating costs by EUR97m by the end of 2011. The job cuts are in addition to 100 staff on fixed term contracts who will leave at the end of the year. The shares are up on hopes Ryanair will make a third bid suggested analysts.