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London midday: Shares buoyant as updates impress

Thu, 18th Nov 2010 12:05

With some kind of resolution to the Irish crisis in sight and many of today's updates impressing the market, shares have moved sharply higher.The Bank of Ireland chief has confirmed a loan is likely with brokers suggesting it could be as much as €85bn, including €20bn to provide support for the country's beleaguered banks, Bank of Ireland, Allied Irish and Anglo Irish.In company news, SABMiller is fizzing after a strong performance in all regions but Europe helped the brewing giant post a rise in profits in the half year to September 30. Pre-tax profits at the brewer of famous brands such as Miller and Peroni climbed to $1.69bn (£1.06bn) from $1.5bn over the same period the previous year as revenues rose to $9.43bn from $8.84bn. Business process outsourcing colossus Capita is taking a beating after it warned revenue growth in the second half of 2010 has been subdued due to the pressures on public spending.Anglo-Dutch publishing giant Reed Elsevier is trading much the same as it did in the first half, with subscription revenues constrained, and advertising, promotion and other cyclical markets continuing to stabilise.Engineering and project management company AMEC has won a double-headed contract from ConocoPhillips for oilfield services in the North Sea.Quality and safety services provider Intertek has run into profit taking after a decent update with market conditions strengthening across many parts of its business in the second half. In the first ten months of 2010 all divisions grew revenues, with the group as a whole achieving year on year organic revenue growth of 6.5%. In the FTSE 250, QinetiQ is on the attack after a sharp rise in half-yearly revenues at the defence technology group.London Stock Exchange grew profits by 26% in the first half, helped by cost cutting and a sharp increase in the number of new issues. Profit before tax for the six months ended 30 September jumped to £100.2m from £79.4m a year earlier. Halfords pedals forward after the bike and car part retailer's results. The company reported a healthy rise in sales and profits in the 26 weeks to 1 October, but trading remains tough, with like-for-like sales under pressure.Car hire firm Avis said current trading has continued to improve and expectations for the remainder of the year are unchanged. Overall rental income for the 4 months to end of October was up 4.5% from the previous year, having been 1.1% ahead for the six months to 30th June, the group said. Ground preparation engineer Keller is in a hole after cautioning full year results will be around the bottom end of market expectations as intense competition continues to bite. "Conditions in the group's mature markets continue to be difficult and the overall picture remains challenging," Keller said in a company statement.FTSE 100 - RisersSABMiller (SAB) 2,147.00p +4.63%British Airways (BAY) 272.20p +4.13%Cairn Energy (CNE) 378.30p +3.36%Fresnillo (FRES) 1,389.00p +3.19%ARM Holdings (ARM) 371.60p +3.05%Kingfisher (KGF) 246.70p +2.92%Rio Tinto (RIO) 4,265.50p +2.85%InterContinental Hotels Group (IHG) 1,131.00p +2.63%Diageo (DGE) 1,195.00p +2.58%Lloyds Banking Group (LLOY) 68.02p +2.44%FTSE 100 - FallersCapita Group (CPI) 682.50p -5.47%Intertek Group (ITRK) 1,862.00p -4.51%Reed Elsevier (REL) 526.00p -1.87%National Grid (NG.) 577.00p -1.28%Man Group (EMG) 276.80p -1.25%BT Group (BT.A) 164.30p -0.48%Centrica (CNA) 330.90p -0.39%Serco Group (SRP) 558.00p -0.36%Smith & Nephew (SN.) 586.00p -0.26%United Utilities Group (UU.) 621.50p -0.24%FTSE 250 - RisersQinetiQ Group (QQ.) 109.80p +10.91%Halfords Group (HFD) 435.80p +5.91%Imagination Technologies Group (IMG) 318.90p +5.07%Regus (RGU) 81.00p +5.06%Melrose (MRO) 287.70p +4.66%PartyGaming (PRTY) 229.10p +4.14%Laird (LRD) 137.60p +3.93%Hansen Transmissions International NV (DI) (HSN) 53.40p +3.89%Talvivaara Mining Company (TALV) 549.00p +3.78%Redrow (RDW) 103.20p +3.72%FTSE 250 - FallersKeller Group (KLR) 547.50p -7.98%Melrose Resources (MRS) 241.50p -4.32%Babcock International Group (BAB) 533.50p -3.87%Micro Focus International Plc (MCRO) 322.90p -2.45%Mitie Group (MTO) 199.30p -2.21%Gartmore Group Ltd. (GRT) 113.00p -2.16%Heritage Oil (HOIL) 368.00p -2.08%Amlin (AML) 383.90p -1.94%TR Property Inv Trust Sigma Shares (TRYS) 73.00p -1.75%Hiscox Ltd. (HSX) 357.00p -1.68%
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