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London close: Footsie bounces back

Fri, 27th Nov 2009 16:28

Footsie ended the day with good gains as investors' nerves calmed following sharp declines on the back of worries about the financial sector's exposure to a debt default by Dubai World.Shares initially fell, adding to heavy losses yesterday after Dubai stunned financial markets when it announced that Dubai World and its subsidiary Nakheel were seeking a debt standstill ahead of a restructuring.Royal Bank of Scotland led the recovery after saying it has signed up for the government's asset protection scheme (APS). The bank said in a statement that the agreement was signed on Thursday, 26 November, on the terms summarised in the announcement published on 3 November. Peer Barclays is another top riser.London Stock Exchange moved higher after a bad day yesterday when the exchange had to shut down due to a technical glitch.Elsewhere, mobile phone retailer and broadband provider Carphone Warehouse climbed after it upped its full year guidance following better than expected half year figures. The group increased its headline EPS guidance for March 2010 to between 14.0p and 15.0p.Pub groups are doing well led by Punch Taverns, which has gained nearly 15%. Enterprise Inns and Mitchells and Butlers are also higher.Holidaybreak has suffered a big drop in full-year profit, but the firm's education business had a better time of it as parents refused to let their kids go without. Headline profit before tax for the year to 30 September fell by 12.9% to £28.4m, while statutory profit slumped to £5.4m from £23.4m in 2008. Revenue rose to £473.4m from £455.1m.Things are not looking a lot better in the business travel world, where the recession hit travel agent Hogg Robinson in the first half, with profits almost halving. Domino's Pizza is higher after it scrapped its tender offer, announced last week, because the shares have fallen about 7% below the tender price. A straightforward share buy-back might now be on the cards.Respiratory inhaler firm Vectura reported a 67% reduction in half year pre-tax losses and said it plans to establish an infrastructure in the US marketAccident Exchange expects a first half loss and has warned it needs to refinance as insurers continue to drag their heels over settling claims.FTSE 100 - RisersRoyal Bank of Scotland Group (RBS) 34.73p +5.24%Xstrata (XTA) 1,072.00p +4.89%Thomas Cook Group (TCG) 216.20p +4.70%Cairn Energy (CNE) 3,040.00p +3.65%Lonmin (LMI) 1,783.00p +3.48%Rio Tinto (RIO) 3,089.50p +3.17%SEGRO (SGRO) 337.40p +3.15%InterContinental Hotels Group (IHG) 840.00p +3.13%Legal & General Group (LGEN) 80.95p +3.12%Amec (AMEC) 793.00p +3.12%FTSE 100 - FallersInmarsat (ISAT) 635.00p -2.53%United Utilities Group (UU.) 480.00p -1.19%Lloyds Banking Group (LLOY) 58.60p -0.93%Fresnillo (FRES) 845.50p -0.82%Next (NXT) 1,989.00p -0.75%Home Retail Group (HOME) 298.40p -0.73%Rentokil Initial (RTO) 102.20p -0.68%Reed Elsevier (REL) 462.10p -0.58%BT Group (BT.A) 144.50p -0.55%Reckitt Benckiser Group (RB.) 3,119.00p -0.54%FTSE 250 - RisersPunch Taverns (PUB) 78.90p +14.02%Lamprell (LAM) 180.00p +10.43%Gem Diamonds (GEMD) 228.20p +10.19%Melrose (MRO) 184.00p +8.24%Redrow (RDW) 137.00p +7.96%Melrose Resources (MRS) 336.20p +7.76%PayPoint (PAY) 457.70p +6.64%Shaftesbury (SHB) 385.80p +6.43%Enterprise Inns (ETI) 104.10p +6.33%Interserve (IRV) 212.10p +6.16%FTSE 250 - FallersDomino Printing (DNO) 281.00p -2.43%JKX Oil & Gas (JKX) 282.00p -2.15%Yell Group (YELL) 37.01p -2.12%Euromoney Institutional Investor (ERM) 395.00p -1.50%DSG International (DSGI) 36.50p -1.35%Kesa Electricals (KESA) 154.80p -1.34%Game Group (GMG) 157.00p -1.32%Davis Service Group (DVSG) 396.00p -1.25%Regus (RGU) 88.90p -1.22%Tate & Lyle (TATE) 423.60p -1.21%
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