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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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18 Sep 2009 06:17

Friday newspaper round-up: Lloyds Banking, BSkyB, African Minerals

Lloyds Banking Group has been forced to abandon its plan to withdraw from the Government's toxic debt insurance scheme after failing to raise enough capital to meet the Financial Services Authority's strict requirements. The decision dashes the hopes of Eric Daniels, chief executive, who wanted a w

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19 Aug 2009 11:41

Former bank bosses rehired

Banks have lost tens of billions of pounds over the past few years, so it's perhaps a little surprising that men held responsible for the credit crunch have found gainful employment at some of Britain's biggest companies. Back in May, Richard Burrows apologised for Bank of Ireland's £6.2bn full-yea

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3 Jul 2009 17:12

London close: Stocks tread water

A late swoon saw Footsie relinquish virtually all of its gains, with losses on resource stocks counter-balancing gains made by banks. Barclays, Royal Bank of Scotland, HSBC and Lloyds Banking were the pick of the banking sector, despite chancellor Alistair Darling firing a warning about the re-eme

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3 Jul 2009 14:30

London afternoon: Banks lead the fight back

Share prices are creeping higher after yesterday's heavy falls, with banking stocks leading the fight back. Barclays, HSBA and Lloyds Banking lead the banking sector higher while insurers such as Aviva and Legal & General are also wanted. An exception to the general strength of insurers is Friends

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3 Jul 2009 12:02

London midday: Shares remain dull

Trading remains quiet in London, today after yesterday's excitement following dismal US unemployment figures. Friends Provident is the worst performing blue-chip as the market adjusts its share price to take account the demerger of its 52% stake in F&C Asset Management. Resource stocks are friendl

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3 Jul 2009 08:49

London open: Blue chips shrug off Wall St woes

London has shrugged off last night's collapse on Wall Street to trade higher in the absence of traders in the US, closed for Independence Day on Friday. The Dow Jones slumped more than 200 points Thursday as the market reacted badly to awful jobs data. Banks are a strong spot, despite chancellor A

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3 Jul 2009 07:38

London pre-open: Early buying forecast

London is promising to shrug off last night's collapse on Wall Street to trade higher in the absence of traders in the US, closed for Independence Day on Friday. The Dow Jones slumped more than 200 points Thursday as the market reacted badly to awful jobs data. The FTSE 100 is seen up about 8 point

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3 Jul 2009 07:19

Bank of Ireland under intense pressure

Ireland's premier bank, Bank of Ireland, has warned it is facing a squeeze on profit margins in addition to the huge impairment charges it will take this year and next. "Demand for new lending remains muted and the lower interest rate environment together with the impact on deposit pricing of more

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19 May 2009 09:34

Bank of Ireland chairman resigns, debt buyback

Bank of Ireland chairman Richard Burrows stepped down today after the bank slumped into losses for the year due to an increase in writedowns But shares moved ahead on a buyback programme, which will boost Tier 1 capital. The bank will purchase €1.4bn out of €3bn of debt. The group swung into loss

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