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London midday: FTSE 100 buoyant as Next rallies retailers

Wed, 14th Sep 2011 12:12

The volatility continues with the top share index in the blue now after a weak start.In what it confessed has been a difficult year so far, clothing retailer Next saw half-year sales rise 3% to £1,565m from the year before, while profit before tax jumped 8.5% to £228m. Excluding its Ventura arm, Next is guiding to full-year profit before tax of between £545m and £590m. The shares are sharply higher, as are fellow retailers such as Marks & Spencer and Debenhams. "Looking ahead to our full year results, we believe that VAT exclusive NEXT Brand sales for the year will be between 2.0% and 4.5% ahead of last year, which would result in NEXT Group profits being up between +0.4% and +8.7% and EPS up between +7.5% and +16.4%," the group said.Oil giant BP, which has moved to take full control of its Brazilian biofuels mills, buying the remaining half of ethanol mill owner Tropical BioEnergia and a 3% stake in sugar and ethanol producer Companhia Nacional de Açúcar e Álcool (CNAA), is in demand.Property groups British Land and Land Securities, downgraded to sell from hold by Societe Generale on euro debt crisis worries, are among the laggards in the FTSE 100House building and construction group Galliford Try exceeded its profit expectations last year after putting on a spurt in the second half. Underlying profit before tax rose 34% to £35.1m from £26.1m the year before, on revenue that climbed 5% to £1,284m from £1,222m.Also in housebuilding Barratt Developments returned to profit (before exceptional costs) for the full year with a pre-tax return of £42.7m, versus a loss of £33.0m the year before. For the first 11 weeks of the current financial year, the house builder's average net private reservations totalled 183 per week, 10.2% above the same period last year.Strong carbon markets helped coal supplier Hargreaves Services post a sharp rise in profits for the year to 31 May. Underlying pre-tax profits rose to £40.5m from £34.3m on revenues up to £552.3m from £459.8m. Underlying diluted earnings per share rose to 103.7p from 88.8p. Broker Panmure Gordon had predicted a profit of £40m for the year, with earnings per share climbing by 34.1% to 101.4p.Avingtrans, the designer, manufacturer and supplier of critical components and associated services to the energy, medical, industrial and global aerospace sectors, posted a 32% increase in full year earnings and reintroduced a dividend payment. EBITDA increased 32% to £3.3m for the year ended 31 May 2011 from £2.5m in 2010. Turnover increased by 27% to £36.3m. Gross profit margin increased to 29% from 26% the year before. AIM listed integrated wealth management group Brooks Macdonald said underlying pre-tax profit rose 37% to £7.8m in the year ended 30 June 2011. Revenues rose by 29% to £52.2m while statutory pre-tax profits advanced 28% to £7.3m. Total funds under management increased by 36% to £2.969bn. Gold miner Noricum is shining after it reported more positive results from its sampling and reconnaissance work at its Altenburg Valley target in south-central Austria. The company took 92 samples from the valley, which showed values up to 86.4 g/t (grams per tonne), a high grade.Film and TV content distributor Entertainment One, which owns the franchise for the cartoon character Peppa Pig, jumps after confirming speculation that it is considering being bought. FTSE 100 - RisersNext (NXT) 2,494.00p +6.81%Royal Bank of Scotland Group (RBS) 23.22p +6.12%Kingfisher (KGF) 245.10p +4.79%InterContinental Hotels Group (IHG) 1,031.00p +4.51%BP (BP.) 398.25p +4.36%Inmarsat (ISAT) 506.00p +4.07%International Consolidated Airlines Group SA (IAG) 152.40p +4.03%GKN (GKN) 181.90p +3.94%Burberry Group (BRBY) 1,345.00p +3.94%Lloyds Banking Group (LLOY) 32.99p +3.64%FTSE 100 - FallersLand Securities Group (LAND) 659.00p -1.64%British Land Co (BLND) 495.00p -1.30%Imperial Tobacco Group (IMT) 2,035.00p -0.93%Aggreko (AGK) 1,799.00p -0.72%Capita Group (CPI) 702.00p -0.50%Capital Shopping Centres Group (CSCG) 317.70p -0.47%Admiral Group (ADM) 1,265.00p -0.39%ARM Holdings (ARM) 584.50p -0.34%Pearson (PSON) 1,068.00p -0.19%Standard Chartered (STAN) 1,337.50p -0.11%FTSE 250 - RisersBwin.party Digital Entertainment (BPTY) 128.20p +12.46%Debenhams (DEB) 56.85p +8.39%Thomas Cook Group (TCG) 36.61p +8.15%Enterprise Inns (ETI) 37.62p +7.18%Inchcape (INCH) 285.70p +5.39%Perform Group (PER) 215.00p +4.88%Dixons Retail (DXNS) 11.46p +4.66%Ocado Group (OCDO) 119.40p +4.55%Lamprell (LAM) 280.00p +4.52%Carpetright (CPR) 527.00p +4.25%FTSE 250 - FallersKesa Electricals (KESA) 90.15p -3.84%Hansteen Holdings (HSTN) 75.30p -2.14%Rathbone Brothers (RAT) 1,045.00p -1.79%F&C Asset Management (FCAM) 65.55p -1.65%International Public Partnerships Ltd. (INPP) 114.00p -1.64%RPC Group (RPC) 303.50p -1.59%Savills (SVS) 292.20p -1.28%FirstGroup (FGP) 342.10p -1.21%JPMorgan Asian Inv Trust (JAI) 198.40p -1.10%SEGRO (SGRO) 238.70p -1.04%
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