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London midday: Banks lift FTSE 100

Wed, 16th Feb 2011 12:13

The top share index remains comfortably in positive territory, with banks helping to offset losses in the mining sector.Rocketing commodity prices meant record profits for BHP Billiton in the first half, bankrolling a huge investment programme and share buyback scheme. Still, the shares are slightly lower today. Profit attributable to shareholders jumped 71.5% to US$10.5bn (£6.5bn) on revenue up 39% to $34.2bn. The group announced an ambitious investment programme that's expected to top $80bn over five years, and a $10bn share buyback programme, expected to complete by the end of 2011.Rio Tinto is lower in sympathy, but elsewhere in mining, full year revenue rose to $309.5m from $229.6m in 2009 as African Barrick has moved ahead after saying it put in a strong finish to the year. Profit before tax tripled to $104.9m from $34.4m the year before.Banks RBS and HSBC are going well.BG Group has announced yet another new discovery of oil in its highly prospective Santos Basin acreage, offshore Brazil but Tullow Oil has plugged and abandoned its Gharabi-1 well, located in Block 6 offshore Mauritania after poor drilling results. In the FTSE 250, Game Group was due to unveil its new strategic update to investment analysts in London on Wednesday and the proposals will include a greater emphasis on online and digital revenues. The group's chief executive, Ian Shepherd, warned that the group's "gross margin percentage will decrease as online and digital revenues become a larger part of our sales mix."Engineering group Morgan Crucible has set itself a target of doubling underlying profits by 2013 after a strong performance in 2010. The firm, which specialises in engineered metals and thermal ceramics, saw profits in the year just ended jump by 115% to £67.7m on revenues up 8% at £1.02bn. Underlying profits rose by 59% to £75.7m.rEngineering contractor WS Atkins is trading in line with expectations, but government spending cuts mean hundreds of jobs are likely to go by the end of the year. The highways business has been hardest hit by the coalition's spending review, forcing Atkins to axe staff despite a strong forward workload of long term contracts in highway services. Trading at specialist chocolate retailer Thorntons has turned down since January with trading through its High Street stores described as weak. "As a result the board is now more cautious about Own Store trading for the remainder of the current financial year and including the important trading periods of Mothers' Day and Easter," chairman John von Spreckelsen said. Corporate travel services firm Hogg Robinson said full year profit is expected to be slightly ahead of expectations, despite travel disruption caused by freezing weather conditions, as businesses increase travel budgets. The group issued an upbeat outlook as the group benefits from a recovery in corporate travel budgets as firms lift executive travel bans imposed during the financial crisis.FTSE 100 - RisersResolution Ltd. (RSL) 276.60p +4.77%GKN (GKN) 217.00p +4.48%Land Securities Group (LAND) 726.00p +3.42%International Consolidated Airlines Group SA (IAG) 253.70p +2.75%Royal Bank of Scotland Group (RBS) 46.42p +2.59%British Land Co (BLND) 556.50p +2.49%HSBC Holdings (HSBA) 720.50p +2.35%Kingfisher (KGF) 259.20p +2.10%Fresnillo (FRES) 1,475.00p +1.94%Prudential (PRU) 729.50p +1.91%FTSE 100 - FallersBHP Billiton (BLT) 2,445.00p -2.20%Tullow Oil (TLW) 1,400.00p -1.89%Wolseley (WOS) 2,148.00p -1.69%Rio Tinto (RIO) 4,505.50p -1.67%Man Group (EMG) 302.70p -1.66%Serco Group (SRP) 545.00p -1.09%Capita Group (CPI) 680.50p -0.73%Petrofac Ltd. (PFC) 1,539.00p -0.71%Schroders (SDR) 1,748.00p -0.64%Pearson (PSON) 1,050.00p -0.57%FTSE 250 - RisersPremier Foods (PFD) 28.51p +10.72%Morgan Crucible Co (MGCR) 296.30p +7.16%Inchcape (INCH) 415.30p +6.76%Hargreaves Lansdown (HL.) 605.50p +3.59%Exillon Energy (EXI) 412.00p +3.28%William Hill (WMH) 188.60p +3.06%Mcbride (MCB) 149.00p +2.97%Derwent London (DLN) 1,605.00p +2.82%Schroder Asia Pacific Fund (SDP) 219.90p +2.76%Micro Focus International Plc (MCRO) 298.60p +2.61%FTSE 250 - FallersMitie Group (MTO) 198.80p -6.31%Kenmare Resources (KMR) 38.25p -4.09%Catlin Group Ltd. (CGL) 388.90p -2.58%SIG (SHI) 133.30p -1.91%Bovis Homes Group (BVS) 438.40p -1.84%Hays (HAS) 123.30p -1.67%Centamin Egypt Ltd. (CEY) 141.70p -1.60%Dunelm Group (DNLM) 451.00p -1.53%QinetiQ Group (QQ.) 132.60p -1.49%Britvic (BVIC) 432.40p -1.39%
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