Market overview: 16 April

TODAY: UK shares open modestly higher, but amid a mood of continuing caution. China has slightly liberalised its currency by widening the bands within which it can trade against other currencies. Spain's rising bond yields continue to cause concern. US retail sales data is due out this afternoon and Wall Street's first-quarter earning season continues.

Key UK company news:

• French power producer GDF SUEZ has won the support of the independent directors of UK subsidiary International Power after upping its bid from 390p to 418p a share.

• Cairn Energy announced that Agora Oil and Gas, a firm it is set to buy, has struck oil at its Skarfjell Prospect in the Norwegian North Sea.

• Shares in oil exploration technology firm ViaLogy leapt in early trading on Monday after the firm said it had made good progress in discussions with oil and gas majors and should be able to make public announcements soon

• Chaarat Gold said it suspended development activities in Kyrgyzstan until such time as talks with the government over a 'stabilisation clause', protecting it from future changes in legislation, have concluded.

• Set-top box technology firm Pace said its business is continuing to feel the impact of the hard disk drive supply issues but otherwise has made an encouraging start to 2012

• Capital and Counties, the real estate firm which wants to redevelop a huge swathe of west London, now has a clearer idea of how much it will have to pay for land in Earls Court & West Kensington.

• Caspian Sea-focused oil and gas giant Dragon Oil said it confident of delivering 15 per cent output growth in 2012 and has brought five new wells into production since the start of the year.

• Coal producer New World Resources saw production fall slightly from the fourth quarter of 2011 to the first quarter of 2012 but maintained its full-year forecasts.

• Gem Diamonds has seen the value of sales from its biggest mine fall in the first three months of the year but production has risen.

• East London focused residential developer Telford Homes said pre-tax profit in the year ended March 31 2012 is expected to be ahead of market expectations after strong sales in the second half.

• Engineering data and design information technology systems provider AVEVA put in a strong finish to the financial year just ended, driven by strong demand from the oil and gas industry.

• Russian mining giant Polymetal said it was on track to hit ambitious targets this year after significant increases in gold and silver production in the first quarter.

• Mining giant EVRAZ said that consolidated crude steel production increased by five per cent from the fourth quarter of 2011 to the first quarter of 2012 as growth in Russia, North America and South Africa offset declines in output in Ukraine and Europe

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