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London close: Comfortable gains posted

Fri, 28th Aug 2009 16:40

London's benchmark index finished the day with decent gains, though off earlier highs, with banks and miners proving the catalyst. Lloyds was the major riser on rumours that it is considering alternatives to the government's toxic asset protection scheme (APS), which could include the sale of Scottish Widows or even a rights issue. The part-nationalised lender may also sell Clerical Medical, a provider of investment products and pensions, while rumours over the future of CEO Eric Daniels were also circulating. Banks in general were firmer, with Barclays, Standard Chartered and Royal Bank of Scotland doing well.Miners littered the risers as metal prices moved higher. Kazakhmys, Xstrata, Rio Tinto, Antofagasta, Randgold Resources, Anglo American and Vedanta Resources were all amongst the major risers.National Express dropped after it rejected the improved 450p per share offer from a consortium led by its main shareholder, saying that it undervalued the group and its prospects.Bus and rail operator Stagecoach said conditions remain challenging as it reported a 4.4% rise in like-for-like UK bus revenues and a 0.9% rise in UK rail revenues in the 12 weeks to July 26. Online gaming giant PartyGaming saw pre-tax profits rise at the half year stage, but revenues fell by 21% predominantly due to the strength of the dollar against the euro and sterling. Cost control measures and a refusal to slash prices helped Restaurant Group, the company behind the Frankie & Bennie's and Chiquito chains, to post a rise in profits for the first half of the year despite falling sales at its restaurants.Oil explorer Dana Petroleum reported a sharp drop in first half profits in what it called a very difficult macro economic environment. Profit before tax for the period was £21.9m from £133.1m last time. JKX Oil meanwhile saw lower oil prices crimp profits for the half-year but said its second half performance is expected to be in line with expectations.Oil explorer Heritage Oil reduced half year losses and said growth prospects never looked better, while fellow oil and gas firm Melrose Resources upgraded its full year production guidance but saw half-year results also hit by lower commodity prices.Independent News and Media, the Irish publisher of the UK's Independent newspaper, swung to a first-half net loss and said it expects full-year profits to be at the low end of guidance.Edinburgh based publisher Johnston Press said half year pre-tax losses swelled to £94m as revenues fell 25%. The group, which produces the Yorkshire Post and The Scotsman, said pre-tax loss swelled to £94.2m in the 26 Weeks to 30 June 2009 from a loss of £53.7m the year before. Revenue fell to £218.6m.Advertising firm Aegis saw profits slide in the first half of the year after the downturn in the sector proved more difficult than expected. Pre-tax profits for the period totalled £6.6m compared with £47.4m for the first half of 2008. Revenue climbed to £636.7m from £607.6m due to positive currency effects.Laundry and workwear firm Davis Service Group posted a slight fall in pre-tax profits in the first half of the year as it continued to experience tough trading in its main markets.Investment bank Evolution saw adjusted operating profit jump 102% in the half year ended 30 June to £9.1m as Investment Banking income rose 93% to £33.9m, mainly from more sustainable secondary equities and fixed income commissions.Upmarket cooker maker Aga moved into the red in the half year to 30 June but rose after it said sales will pick up along with consumer confidence. FTSE 100 - RisersLloyds Banking Group (LLOY) 111.34p +6.34%Kazakhmys (KAZ) 988.50p +5.50%Xstrata (XTA) 826.50p +4.36%Eurasian Natural Resources (ENRC) 865.00p +4.22%Randgold Resources (RRS) 3,622.00p +4.08%Royal Bank of Scotland Group (RBS) 57.65p +3.78%Fresnillo (FRES) 623.50p +3.74%Antofagasta (ANTO) 766.50p +3.51%Lonmin (LMI) 1,461.00p +3.32%Wolseley (WOS) 1,449.00p +3.13%FTSE 100 - FallersSerco Group (SRP) 468.30p -3.02%United Utilities Group (UU.) 452.80p -2.77%BG Group (BG.) 1,017.00p -2.31%National Grid (NG.) 592.50p -1.90%Smith & Nephew (SN.) 524.00p -1.78%Pennon Group (PNN) 461.00p -1.43%ICAP (IAP) 429.50p -1.38%Severn Trent (SVT) 979.00p -1.26%International Power (IPR) 281.60p -1.19%AstraZeneca (AZN) 2,840.00p -1.01%FTSE 250 - RisersYell Group (YELL) 46.00p +13.58%Restaurant Group (RTN) 191.00p +9.77%Aquarius Platinum Ltd. (AQP) 268.40p +8.40%Melrose (MRO) 161.00p +8.05%Henderson Group (HGG) 129.00p +6.61%Savills (SVS) 360.00p +5.98%BlueBay Asset Management (BBAY) 283.70p +5.86%Melrose Resources (MRS) 340.00p +5.59%Telecity Group (TCY) 340.00p +5.39%Novae Group (NVA) 337.00p +5.31%FTSE 250 - FallersSVG Capital (SVI) 128.60p -6.81%Bodycote (BOY) 170.80p -4.31%Dana Petroleum (DNX) 1,408.00p -3.69%Tullett Prebon (TLPR) 402.90p -3.68%PartyGaming (PRTY) 256.30p -3.65%Punch Taverns (PUB) 131.40p -2.67%JKX Oil & Gas (JKX) 244.10p -2.55%National Express Group (NEX) 398.40p -2.50%Heritage Oil (HOIL) 525.50p -2.32%Rightmove (RMV) 535.00p -2.28%
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