London midday: Footsie consolidates gains

London is participating in a global rally by stock markets, as doubts over the Dubai debt crisis ease.Buoyant manufacturing data from China is lifting miners. HSBC said the Purchasing Manager's Index (PMI) for China climbed to a seasonally adjusted 55.7 in November from 55.4 in October. The index has only been at this high a level in its first month of existence, in April 2004. The Chinese government's PMI, also released today, was unchanged in November.ENRC is the outstanding performer in the sector after an upgrade from Credit Suisse, outdoing even Xstrata, which has agreed to sell its 19.9% stake in Australian gold and copper miner Indophil Resources to Zijin Mining Group. Chinese mining company Zijin is using the Xstrata stake as a launch-pad for a bid for Indophil. It paid AU$1.28 per share for Xstrata's stake.Rio Tinto is also on the up despite the proposed sale of 56% of the Alcan Engineered Products Cable division to private equity investor Platinum Equity falling through.Asia-focused bank Standard Chartered is emerging from the cloud it has been under since the Dubai World debt story broke, but Lloyds Banking has taken its place on talk that it is the most exposed of the UK banks to possible bad debts in Dubai. London Stock Exchange, another stock hit by the Dubai debt situation because of the 20.56% stake held in the London bourse by Dubai Borse, also claws back some recent losses. Telecoms regulator Ofcom has asked for views before deciding whether to reflect the cost of BT's growing pension scheme deficit in charges to rivals that use its network. To date, Ofcom has used BT's reported pension costs, excluding deficit repair payments, when determining regulated prices.Travel operator TUI saw profits rise in the year to September 30 despite flat revenues and reduced demand in the tough economic climate as it managed to raise ticket prices and keep its planes full. The shares fall back, however, taking fellow package tour firm Thomas Cook with them.Britain's biggest retailer Tesco is available at a cut price after Barclays Capital downgraded the shares to 'neutral' ahead of results next week. In other broker comment, property group Hammerson gets a lift from Morgan Stanley, which issued a 'buy' note on the stock.Shares in pub group and brewer Greene King are fizzing after it shrugged off the worst of the downturn over the last six months with sales and underlying profits rising modestly thanks to a strong performance from its Scottish arm Belhaven. Revenue to 18 October rose by 4.3% to £464.5m. Operating profit was 3.3% lower than last year at £103.3m, but underlying profits rose by 2.8% at £62.4m. Fellow brewing and pub group Marstons rises in sympathy.Sticking with the pub groups, hopes of an end to board room shenanigans at Mitchells & Butlers (M&B) have sent the shares soaring. The pub group axed a director and appointed its senior independent director as the new chairman. Richard McGuire, appointed by the investment vehicle of billionaire Joe Lewis's Piedmont Inc, has been asked to step down. M&B also intends to get rid of non-exec directors Denis Jackson, Ray MacSharry and Douglas McMahon. Irn Bru maker AG Barr warned that economic conditions continue to be challenging but said it is trading in line with expectations and remains confident of delivering its plans for the full year. Revenue for the quarter ended 31 October increased by 21.4% compared to the same period last year. Like for like sales increased by 10.8%. Interserve has won a £200m facilities management (FM) contract with HSBC and is commencing service delivery today. In a three-year agreement, which has a potential two-year extension, Interserve will deliver facilities services at over 1,600 retail and 120 office sites across the UK, Channel Islands and the Isle of Man.Bus and train group Go Ahead Group has completed the acquisition of Plymouth CityBus from Plymouth City Council. The council ratified the takeover, first announced on November 23. The enterprise value of the transaction is £20m and gives Go-Ahead 100% control of Plymouth CityBus.Shaftesbury, the property company with assets in London's Chinatown and Covent Garden, said the economy in London's West End remains resilient. The group saw property values rebound in the second half of the financial year, though over the full year to 30 September the company's diluted adjusted net asset value (NAV) per share still fell to 336p at the end of September from 376p a year earlier.Private equity investment firm Electra said its investment portfolio is 'in good shape' despite a tough year. NAV per share in the year to 30 September fell 4.5% to 1,720p from 1,801p, reflecting, in part, the requirement to write off its investment in office supplies group Vasanta. FTSE 100 - RisersEurasian Natural Resources (ENRC) 904.50p +4.99%Fresnillo (FRES) 881.00p +4.51%Intertek Group (ITRK) 1,216.00p +4.47%Standard Chartered (STAN) 1,543.00p +3.98%Hammerson (HMSO) 416.40p +3.92%Home Retail Group (HOME) 305.70p +3.91%Liberty International (LII) 482.90p +3.74%London Stock Exchange Group (LSE) 780.50p +3.72%Wolseley (WOS) 1,199.00p +3.36%SEGRO (SGRO) 336.40p +3.35%FTSE 100 - FallersTUI Travel (TT.) 241.70p -1.71%Lloyds Banking Group (LLOY) 54.49p -1.20%Thomas Cook Group (TCG) 209.80p -1.04%Resolution (RSL) 83.75p -0.89%Severn Trent (SVT) 1,049.00p -0.10%National Grid (NG.) 660.00p -0.08%Cadbury (CBRY) 806.50p +0.06%Serco Group (SRP) 518.00p +0.10%Tesco (TSCO) 423.95p +0.22%Admiral Group (ADM) 1,065.00p +0.38%