The leading share index remains under pressure, with a slight slowdown in Chinese growth the latest development to jangle nerves over the state of the economy.
Latest talk is that increasing the capacity of the European Financial Stability Fund which would be used to bail out stricken Eurozone countries, could jeopardize France's AAA rating. So says the DIW institute in Germany, an adviser to chancellor Merkel.
Meanwhile, in China, third quarter growth fell short of expectations. GDP expansion moderated to to a rate of 9.1% from 9.5% in the second quarter.
Here, inflation jumped in September after a hike in utility prices, according to official figures. The Consumer Prices Index (CPI), the Government's preferred measure of inflation, rose to 5.2%, from 4.5% in August. This was higher than expected, with experts forecasting the figure would only reach 5%.
Unsurprisingly, it is miners that bear the brunt of the selling in the FTSE 100 amid concerns over global growth. Among the fallers is diversified giant Xstrata, which gave a taste of the uncertain global picture with a third quarter update that showed production of some commodities roaring on amid continued high prices, but others slowing down as prices ease.
Costa Coffee and Premier Inn owner Whitbread is bucking the downward trend today after it saw group like-for-like sales rise by 3.3% in the six months to the start of September. Total revenue was up 10.7% to £891.3m from £805.4m the year before, while underlying profit before tax was up 15.2% to £174.9m from £151.8m. "The first half performance puts us on track to deliver full year results in line with expectations," said Whitbread's chief executive, Andy Harrison.
Another riser today is Lamprell. The a specialist engineering firm serving the oil and gas industry has announced the National Drilling Company (NDC) of Abu Dhabi is exercising its option for Lamprell to build two "jack-up rigs". A jack-up rig is a platform that can stay still on the sea floor but then be moved if necessary. Some have described them as "boats on stilts."
Bellway, the house builder, is also wanted after it saw full-year profit before tax of £67.2m exceed market expectations of £63.8m. Turnover was also higher than expected, at £886m, versus the £859m expected by the market. Completed sales of 4,922 homes were made at an average price of £175,613, a shade above the £175,000 predicted by broker Peel Hunt. The final dividend has been increased by just over 30% to 8.8p.
Business events organiser and publisher UBM says underlying revenue for the nine months to the end of September rose 8.5% on the previous year to £706.2m. Adjusted operating profit at the publishers of Property Week and Farmer's Guardian rose by 16.4% to £127.5m giving a margin of 18.1% (Sept 2010: 17.0%). It is another stock bucking the downward trend.
Engineering group IMI has bought TH Jansen Armaturen, a German business specialising in severe service valves and related flow control products, for an enterprise value of €17.5m, including around €5.2m of assumed debt.
Sarantel, the maker of high performance antennas for military and consumer uses, is positioned higher after it said it has completed a trial of technology that records the location of photographs using GPS with a "major Japanese camera manufacturer" in Tokyo. Sarantel said the small size and high performance of its GeoHelix GPS technology make it particularly well suited to this application and reduce the cost of manufacture, compared to the lower performance alternatives.
FTSE 100 - Risers
G4S (GFS) 234.40p +6.59%
Tullow Oil (TLW) 1,394.00p +1.38%
BP (BP.) 431.15p +1.32%
British Sky Broadcasting Group (BSY) 672.00p +1.05%
Miniature antennas manufacturer Sarantel is considering selling its operating subsidiary in light of the group's weak balance sheet and limited financial resources, according to a company announcement issued on Monday morning. [14 Jan '13]
Sarantel Group jumped after it struck a deal to supply Leica Cameras with GPS antennas designed to give geotagging data to photographers who want to sort and display their images based on location. Sarantel said its Multifunctional Handgrip M accessory would "give photographers a reliable GPS solution in even the most challenging environments". Shares were up 8.3 per cent following the announcement despite no details of the size of the contract. [3 Oct '12]
Ambrian Capital slumped to a 52-week low after a trading update littered with references to subdued markets and downward adjustments to the book value of its investments which will cause the company to report a substantial pre-tax loss. [8 Feb '12]
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk!
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.