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London midmorning: Shares recover after weak start
Thu, 09 Feb, 2012
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London midmorning: Shares recover after weak start
Thu, 9 Sep 2010, 10:11:00
Footsie has moved into the blue following a weak start that came as retailers failed to impress the market. Supermarket
Morrisons
posted profits broadly in line with expectations for the six months to August 1. 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
Home Retail Group
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
HMV
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 Eurasian Natural Resources (ENRC) and Canadian miner First Quantum Minerals (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 Renishaw 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 Redrow 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
Premier Farnell
said underlying pre-tax profit more than doubled after strong sales, particularly in the US, but remains cautious about the economic backdrop. Underlying pre-tax profit rose to £23.8m during the second quarter ended 1 August 2010 from £10.7m the same time a year earlier. Revenue during the period increased 30% to £252.1m. Spread-betting firm IG Group saw higher revenues in the three months to August 31, but said that volumes were subdued in the second half of that period and warned that future trends remain difficult to predict. Revenues were up to £79m from £68m in the same period the previous year.
FTSE 100 - Risers
ARM Holdings (ARM) 402.40p +3.79% Vedanta Resources (VED) 2,027.00p +2.79% Carnival (CCL) 2,338.00p +2.68% Xstrata (XTA) 1,130.50p +2.59% Lloyds Banking Group (LLOY) 74.17p +2.56% Lonmin (LMI) 1,652.00p +2.48% Royal Bank of Scotland Group (RBS) 46.95p +2.44% Rio Tinto (RIO) 3,554.00p +2.41% Tullow Oil (TLW) 1,269.00p +2.34% Barclays (BARC) 315.00p +2.27%
FTSE 100 - Fallers
Home Retail Group (HOME) 214.00p -3.34% BAE Systems (BA.) 319.10p -1.30% 3i Group (III) 268.90p -1.10% Capita Group (CPI) 726.50p -1.02% Cairn Energy (CNE) 446.70p -0.73% BT Group (BT.A) 140.60p -0.71% Morrison (Wm) Supermarkets (MRW) 290.50p -0.68% United Utilities Group (UU.) 594.00p -0.67% Vodafone Group (VOD) 158.80p -0.63% International Power (IPR) 390.00p -0.61%
FTSE 250 - Risers
Renishaw (RSW) 954.50p +8.84% Croda International (CRDA) 1,393.00p +3.80% Charter International (CHTR) 673.50p +3.78% Cookson Group (CKSN) 464.50p +3.43% Premier Farnell (PFL) 247.50p +3.30% Michael Page International (MPI) 432.90p +3.17% Shanks Group (SKS) 102.10p +3.13% Keller Group (KLR) 601.50p +3.08% Fenner (FENR) 223.60p +3.04% CSR (CSR) 319.00p +3.00%
FTSE 250 - Fallers
Redrow (RDW) 123.30p -5.37% Game Group (GMG) 69.85p -4.90% Aveva Group (AVV) 1,408.00p -4.86% Laird (LRD) 131.00p -2.75% Computacenter (CCC) 288.60p -2.66% Yell Group (YELL) 16.26p -2.52% Moneysupermarket.com (MONY) 74.80p -1.58% Dixons Retail (DXNS) 24.57p -1.48% Davis Service Group (DVSG) 383.10p -1.11% Dana Petroleum (DNX) 1,789.00p -1.11%
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