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London close: Lower finish as Irish relief fades

Mon, 22nd Nov 2010 16:51

Footsie was nursing significant losses as trading closed after relief over the Irish bail-out gave way to concerns that the problems will now spread to other eurozone countries. Royal Bank of Scotland, which has strong exposure to Ireland on both sides of the border through its subsidiary Ulster Bank, was nursing significant losses, as was Lloyds. Bank of Ireland, which is listed in Dublin and London, was sharply lower, amid worries that the bail-out, which Ireland's government intends to use to stabilise its banking sector, would dilute existing shareholders' stakes. Fellow bank Allied Irish and bancassurer Irish Life & Permanent were also sharply lower.Miners got a boost on hopes the bail-out will stabilise the global economy but lost their momentum. Xstrata was slightly higher but BHP Billiton and Rio Tinto were among the fallers. It's a slow start to the week on the company front. But Rolls-Royce has picked up a morale boosting $1.8bn (£1.1bn) engine order from China just weeks after the problems that grounded Airbus A380 super-jumbos around the world.Defence group Qinetiq has nabbed a $2bn five-year deal to provide engineering services to the Kennedy Space Centre in Florida. The contract, with US space agency NASA, is a cost-plus-award-fee contract to begin next March and will run for five years. Go-Ahead chief financial officer Nick Swift is swapping trains and buses for planes as he takes up the same position at British Airways, replacing Keith Williams who becomes chief executive of BA when it merges with Spanish peer Iberia. Mining heavyweight Anglo American has puts its Callide thermal coal mine up for sale. The mine in Central Queensland, a low cost coal producer, will go as part of Anglo's focus on growing its metallurgical coal and high margin export thermal coal businesses.Mitie has grown interim profit by 12% and the outsourcing and asset management group is confident of meeting expectations for the full-year and picking up new government work next year. Profit before tax and one-off items was up to £47.5m in the six months to 30 September from £42.3m a year ago on revenue 15% higher at £918.7m. Estate agent chain Winkworth expects to beat full-year profit forecasts after growing revenue by 20% in the first nine months, but 2011 is expected to be another low volume year, like 2010. Franchise offices enjoyed a strong third quarter, it said Monday, despite low transaction volumes, especially outside London, and a drop in prices compared with the first half. Education solutions provider RM reported record full year profit as growth continues in each of its three divisions. Pre-tax profit rose to £24m for the year to 30 September 2010 from £16.3m the year before. Revenue increased to £380.1m from £346.9m the year before.FTSE 100 - RisersTUI Travel (TT.) 208.00p +3.59%Compass Group (CPG) 539.00p +1.89%Kingfisher (KGF) 249.20p +1.84%Severn Trent (SVT) 1,459.00p +1.39%Scottish & Southern Energy (SSE) 1,167.00p +0.95%Pearson (PSON) 939.00p +0.91%Vedanta Resources (VED) 2,221.00p +0.59%Serco Group (SRP) 558.50p +0.45%National Grid (NG.) 581.00p +0.43%Wolseley (WOS) 1,754.00p 0.00%FTSE 100 - FallersRoyal Bank of Scotland Group (RBS) 39.84p -4.62%Lloyds Banking Group (LLOY) 63.93p -4.18%Standard Life (SL.) 216.00p -3.10%Legal & General Group (LGEN) 94.80p -2.82%Land Securities Group (LAND) 651.50p -2.69%ICAP (IAP) 462.30p -2.67%Resolution Ltd. (RSL) 230.80p -2.62%Lonmin (LMI) 1,734.00p -2.58%Old Mutual (OML) 124.50p -2.58%Cobham (COB) 199.90p -2.49%FTSE 250 - RisersSpirax-Sarco Engineering (SPX) 1,844.00p +4.77%Kesa Electricals (KESA) 166.10p +3.88%Premier Foods (PFD) 17.45p +3.44%Taylor Wimpey (TW.) 25.30p +3.27%Sports Direct International (SPD) 132.30p +2.96%Dunelm Group (DNLM) 507.00p +2.38%Thomas Cook Group (TCG) 192.40p +2.01%Devro (DVO) 263.90p +1.93%Renishaw (RSW) 1,194.00p +1.88%Kier Group (KIE) 1,259.00p +1.86%FTSE 250 - FallersGartmore Group Ltd. (GRT) 98.00p -10.83%Fenner (FENR) 293.00p -3.93%Xchanging (XCH) 117.90p -3.76%Aquarius Platinum Ltd. (AQP) 327.00p -3.54%Daejan Holdings (DJAN) 2,498.00p -3.51%Regus (RGU) 74.90p -3.35%Redrow (RDW) 103.50p -3.27%Cable & Wireless Communications (CWC) 45.56p -3.13%SIG (SHI) 117.80p -3.05%St James's Place (STJ) 246.80p -2.99%
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