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London midday: No change from BoE
Wed, 08 Feb, 2012
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London midday: No change from BoE
Thu, 9 Sep 2010, 11:38:00
Footsie has fully recovered from a weak start and now boasts healthy gains driven by the banks and miners.

As expected, the Bank of England kept interest rates on hold at 0.5% and the quantitative easing programme intact. The minutes, detailing who voted for a rate rise, will be more telling.

Miners are pulling the index higher with gains for <b>Xstrata</b>, <b>Vedanta</b>, <b>Fresnillo</b> and <b>Lonmin</b> the stand-outs in a strong sector generally. Banks are also in favour led by <b>Royal Bank of Scotland</b>.

Supermarket <b>Morrisons</b> posted profits broadly in line with expectations for the six months to August. It also unveiled a move into the convenience store market as new chief executive Dalton Philips makes his mark on the company. 

The shares fell back in early dealings, but have bounced back, perhaps because new chief executive impressed analysts at the results presentation.

Home products retailer <b>Home Retail Group</b> disappointed the market with its prediction that unless Christmas is a cracker this year profits are likely to be in the bottom half of the range of analysts' estimates. In a trading update the group said things are getting worse more slowly at Argos while Homebase beat expectations over the summer months.

Music and DVD retailer <b>HMV</b> fell sharply, albeit after strong gains yesterday as it posted a 10.6% decline in first quarter sales as potential customers were distracted by the World Cup. The group, which is struggling to compete with internet rivals and supermarkets, said UK & Ireland like for like sales in the 19 weeks ended 4 September 2010 fell 14.9%. 

The spat between Kazakh mining giant <b>Eurasian Natural Resources (ENRC)</b> and Canadian miner <b>First Quantum Minerals</b> (FQM) over ENRC's acquisition of a majority interest in Camrose Resources is getting tetchier. 

ENRC has sent a letter to FQM complaining about recent statements made by the Canadian company which ENRC believes are an attempt to interfere with the Kazakh company's rights to develop the Camrose joint venture and the Kolwezi tailings project.

Precision engineer <b>Renishaw</b> is motoring ahead after it said trading in the first two months of the new financial year has been very positive after particularly strong demand from Japan and the rest of Asia.

Higher house prices helped home builder <b>Redrow</b> move back into profit in the year to June 30, but the outlook remains uncertain. The company posted a pre-tax profit of £0.7m against a loss of £44.2m the previous year, as revenues jumped to £396.9m from £301.8m.

Electronic and industrial components supplier <b>Premier Farnell</b> said underlying pre-tax profit more than doubled after strong sales, particularly in the US, but remains cautious about the economic backdrop. 

Spread-betting firm <b>IG Group</b> saw higher revenues in the three months to August 31, but added volumes were subdued in the second half of that period and warned that future trends remain difficult to predict.
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