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London midday: Results flood encourages buyers
Wed, 08 Feb, 2012
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London midday: Results flood encourages buyers
Thu, 26 Aug 2010, 11:22:00
London's mood remains upbeat as a rise in commodity prices continues to boost mining heavyweights. Investors may also be choosing to focus on the miners in preference to wading through the stack of results out today. <b>Kazakhmys</b> is the main beneficiary as an improvement in copper prices helped it post a sharp rise in interim revenues and earnings. <b>Eurasian Natural Resources </b> and <b>Rio Tinto</b> are close behind, as is <b>Xstrata</b>, bid up after Glencore, the world's largest commodities trader and owner of a 34% stake in the Anglo-Swiss firm, reported a 42% jump in first half net income. But investors have sold off <b>SEGRO</b> and <b> Diageo</b> after today's results. The industrial property owner is the biggest faller despite edging up interim net asset value. Broker Panmure Gordon remains buyers of the shares, but Evolution Securities playing down the prospect of NAV growth in the second half. Brokers called full-year numbers from <b> Diageo</b> "lacklustre". Developing markets drove overall growth at the Guinness brewer, but North America and Europe remained weak. The group, famous for brands such as Smirnoff, Johnnie Walker, Captain Morgan and Baileys, said US volumes fell 2% in the year to 30 June. Organic sales growth of just 2% failed to impress. Sales and underlying profits from security group <b>G4S</b> in the first half of 2010 were slightly ahead of market expectations, despite the trading environment remaining challenging. Group turnover was up 4% at to £3,63bn from £3,49bn. The market had pencilled in a figure of £3.6bn for sales. Betting firm <b>William Hill</b> only posted a small rise in half year profits as gains from the football World Cup were partly offset by poor horseracing results. Pre-tax rose to £105.7m in the 26 weeks ended 29 June 2010 compared with £103.1m. Russian gold miner <b>Petropavlovsk</b> fell into the red in the six months to June 30 after problems at its main mine led to a shortfall in production. Student landlord <b>Unite</b> posted an 8% rise in adjusted fully diluted NAV per share and said it is well placed to build on progress over the remainder of 2010 and into 2011. Revenues at oil and gas group <b>Soco International</b> fell back in the first six months of 2010 as production declined, but the company expects development activities to lead to much higher output in coming years. Average daily production totalled 5,191boepd (barrels of oil equivalent a day), down from 6,734boepd in the same period the previous year. Profits soared at <b>Premier Oil</b> in the six months to June 30 as the Asia-, Middle East-, North Sea- and West Africa-facing oil group ramped up output and benefited from higher prices. Fund manager <b>F&C Asset Management</b> halved its interim dividend as part of a plan to rebuild its financial strength after another six months of heavy losses and shrinking funds under management. Creditcard and identity protection specialist <b>CPPGroup</b> reported a rise in first-half profits thanks to an increase in new revenues and a steady renewal rate.
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