JKX.L Share News (JKX)

News that the UK economy limped out of recession in the fourth quarter has failed to cheer equities, which remain more concerned about China and the possibility its government will slam the economic brakes on.The UK economy grew just 0.1% in the fourth quarter, far less than expected. Economists had pencilled in expansion of 0.4% for the quarter.China worries continue to weigh on miners, with the likes of Fresnillo, Xstrata and Kazakhmys leading the sector lower. Energy stocks fare little better with Cairn Energy and Tullow Oil bearing the brunt of selling pressure.With the mood remaining bearish, defensive stocks are back in favour, with tobacco conglomerate IMPs, energy grid outfit National Grid plus food retailers Morrisons, Marks & Spencer and Tesco the favoured picks.Severn Trent might ordinarily expect to benefit from the switch to defensive stocks but the share price is a little weaker after the company's trading statement this morning. The water company said the decline in consumption by non-residential customers tailed off in the fourth quarter and now estimates that the cutback in consumption will now result in a year on year fall in revenue of around £5m to £10m in the current financial year, compared to its previous estimate of a £15m to £20m fall.Standard Chartered is a bright spot after Nomura said the recent share price fall represents a buying opportunity.Business management software provider Sage Group has seen no sign of a market recovery yet as it posted an in-line trading update. Performance in all regions had been consistent with management expectations in the final quarter of 2009, the company addedm with a rise in subscription revenues once again offsetting subdued markets for software and software related services.Soap manufacturer PZ Cussons managed to post a sharp rise in profits despite flat revenues in the year to November 30. Pre-tax profits climbed by 28% to £44.7m from £34.8m the previous year as revenues edged up to £369.9m from £367.2m.Healthy banknote demand has meant a strong few months for De La Rue despite tough trading conditions for its cash processing arm. Mezzanine finance provider Intermediate Capital has seen a 'material' improvement in prospects for realising its investments with the recent pick-up in equity and bond markets and is now lending again.Heritage Oil shareholders have approved the sale of the company's 50% stake in Blocks 1 and 3A in Uganda to either Tullow Oil or Italy's Eni. Eni agreed in November to buy Heritage's Ugandan interests for $1.35bn in cash and a deferred consideration of $150m, but Tullow Oil gatecrashed the deal last week, exercising a pre-emption right to snap up the holding for the same price.In one of the year's more off the wall announcements toy maker Character Group has said it is to launch a collection of official Michael Jackson dolls later this year. Two figures based on the singer, who died in controversial circumstances in June 2009, will be launched in August with another two designs set to be unleashed in time for Christmas. FTSE 250 oil company JKX Oil & Gas is to raise £37.8m through a share placing. The company is increasing its issued ordinary share capital base by about 9.1% through the issue of 14.26m shares at 265p each. Struggling global payments provider Earthport is trying to grab itself a lifeline with a placing of up to 7m shares at 12.5p to raise £875,000. Directors are subscribing for 1.88m shares.FTSE 100 - RisersImperial Tobacco Group (IMT) 2,013.00p +1.10%Standard Chartered (STAN) 1,459.00p +0.97%National Grid (NG.) 643.00p +0.94%Morrison (Wm) Supermarkets (MRW) 293.40p +0.86%Invensys (ISYS) 304.20p +0.83%Carnival (CCL) 2,262.00p +0.76%Marks & Spencer Group (MKS) 349.00p +0.72%Tesco (TSCO) 418.65p +0.71%FTSE 100 - FallersICAP (IAP) 379.90p -3.77%Fresnillo (FRES) 690.00p -3.43%Xstrata (XTA) 1,069.50p -2.99%Kazakhmys (KAZ) 1,266.00p -2.91%Cairn Energy (CNE) 328.20p -2.70%Tullow Oil (TLW) 1,227.00p -2.70%Vedanta Resources (VED) 2,461.00p -2.46%Royal Bank of Scotland Group (RBS) 34.50p -2.43%