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London midday: Footsie flat as AstraZeneca provides a drag

Thu, 26th Apr 2012 11:51

- Footsie flat after strong start- AstraZeneca drops after disappointing first-quarter results- Domestic economic data comes in mixedAfter a strong rise early on, the FTSE 100 had erased gains to trade broadly flat by lunchtime after a mixed reception to a barrage of company results and trading updates.In domestic news, net lending to companies fell by £3bn in March, according to the latest figures from the British Bankers Association (BBA). This was much a bigger drop than usual, with the six-month average showing a contraction of £0.9bn in lending.Consumer confidence hit a nine-month high in March, according to a survey out on Thursday. The Consumer Confidence Index from the Nationwide Building Society registered 53, seven points higher than at the same time last year. However, the index remains well below its long term average of 76. Markets were also reacting to last night's comments from Federal Reserve Chairman Ben Bernanke who said that monetary policy in the US was "more or less in the right place". "The Committee expects economic growth to remain moderate over coming quarters and then to pick up gradually," according to the Federal Open Market Committee statement. FTSE 100: Astra drops after cutting EPS guidance Pharmaceuticals giant AstraZeneca tanked this morning after first-quarter revenues fell 11% year-on-year, missing consensus estimates by 8%. While core earnings per share (EPS) came in above forecasts, the group lowered its full-year guidance range by 2.4% at the mid-point. The firm also announced that Chief Executive David Brennan would retire in June.Car insurer Admiral fell after saying that UK policy growth was at the lower-end of targets. Nevertheless, first-quarter group turnover rose 9% to £586m from £539m in the first quarter of last year.Speciality chemicals manufacturer Croda International was out of favour despite saying it has achieved record results in the first quarter of 2012.Mining and power generation group Kazakhmys was lower after severe weather and transportation issues adversely affected copper cathode output in the first quarter of 2012. UK lender Barclays initially started the session in the blue but a cautious outlook statement prompted a fall into the red by midday. While adjusted pre-tax profits beat expectations in the first quarter, the group said that "the continued challenging market conditions mean it is too early to establish the trend for the year". Meanwhile leading the upside was coffee shops, restaurants and hotels operator Whitbread which topped expectations with full-year profits and sales, with the Costa Coffee chain once again driving growth. Oil and gas titan Royal Dutch Shell was in demand after its upstream activities drove a bigger-than-expected increase in the Anglo-Dutch group's first quarter earnings. Consumer goods giant Unilever rose after saying it had a good start to the year and was on track to hit its full year targets, with turnover increasing by 11.9% in the first quarter. FTSE 250: Elementis, Howden lead risersChemicals group Elementis was a strong performer after saying it is on track to hit full-year earnings forecasts with trading in the first three months of 2012 ahead of same period last year.Howden Joinery jumped after saying UK revenue was up 5.9% in the first 16 weeks of 2012 and increased 4% on a same depot basis despite challenging market conditions. ??House builder Taylor Wimpey rose after saying the UK housing market conditions remain stable and it is trading at the upper end of company expectations. ??Bus and trains operator Go-Ahead Group edged higher after reporting a solid first quarter, with growth seen in both parts of the business, leaving it on track to meet full year expectations. FTSE 100 - RisersWeir Group (WEIR) 1,728.00p +4.10%Whitbread (WTB) 1,879.00p +3.87%Randgold Resources Ltd. (RRS) 5,540.00p +3.65%Royal Dutch Shell 'B' (RDSB) 2,262.00p +3.33%Royal Dutch Shell 'A' (RDSA) 2,194.50p +3.12%Unilever (ULVR) 2,140.00p +2.93%Tullow Oil (TLW) 1,539.00p +1.85%Tate & Lyle (TATE) 687.00p +1.63%BP (BP.) 439.30p +1.62%ITV (ITV) 86.85p +1.46%FTSE 100 - FallersAstraZeneca (AZN) 2,682.50p -5.58%Admiral Group (ADM) 1,192.00p -3.17%Vedanta Resources (VED) 1,195.00p -2.45%Croda International (CRDA) 2,204.00p -2.39%Evraz (EVR) 367.00p -2.29%Aviva (AV.) 311.80p -1.95%Reed Elsevier (REL) 503.00p -1.85%Aberdeen Asset Management (ADN) 270.80p -1.71%CRH (CRH) 1,222.00p -1.61%International Consolidated Airlines Group SA (CDI) (IAG) 171.40p -1.55%FTSE 250 - RisersElementis (ELM) 208.80p +5.72%Howden Joinery Group (HWDN) 123.70p +5.10%Essar Energy (ESSR) 130.50p +3.49%Taylor Wimpey (TW.) 50.35p +3.47%Senior (SNR) 210.10p +3.29%Spirit Pub Company (SPRT) 54.75p +2.82%Oxford Instruments (OXIG) 1,252.00p +2.71%Big Yellow Group (BYG) 288.00p +2.49%Provident Financial (PFG) 1,146.00p +2.32%Barratt Developments (BDEV) 132.20p +2.24%FTSE 250 - FallersChemring Group (CHG) 324.70p -4.22%Talvivaara Mining Company (TALV) 179.90p -4.05%JD Sports Fashion (JD.) 787.50p -2.72%Gem Diamonds Ltd. (DI) (GEMD) 257.20p -2.58%Cobham (COB) 232.60p -2.39%Henderson Group (HGG) 119.60p -2.29%Daily Mail and General Trust (DMGT) 415.00p -2.26%Rentokil Initial (RTO) 87.55p -2.07%St James's Place (STJ) 337.60p -2.06%Kenmare Resources (KMR) 50.90p -1.93%BC
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LONDON BRIEFING: Deliveroo loss widens but pedalling toward breakeven

(Alliance News) - Food delivery firm Deliveroo on Thursday said 2021 was a year of strong growth and strategic progress, which it believes will lead to long-term profitability.

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9 Mar 2022 11:41

IN BRIEF: Go-Ahead hires Royal Mail UK interim CFO as finance chief

Go-Ahead Group PLC - Newcastle, England-based public transport operator - Hires Sarah Mussenden to be chief financial officer, starting May 9. Mussenden currently is interim CFO at Royal Mail UK, part of Royal Mail PLC. Previous roles were at British Gas, part of Centrica PLC, and British Airways, part of International Consolidated Airlines Group SA. She currently is a non-executive director of asset manager Premier Miton Group PLC. At Go-Ahead, Mussenden will replace Interim CFO Gordon Boyd.

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24 Feb 2022 16:35

Go-Ahead expects to pay GBP30 million penalty amid "challenging" year

(Alliance News) - Go-Ahead Group PLC said on Thursday that it had narrowed its pretax loss but noted issues with the UK Department for Transport regarding its London & South Eastern Railway operations.

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24 Feb 2022 10:11

Go-Ahead records 'strong' performance in long-delayed results

(Sharecast News) - Go-Ahead Group reported a "strong" financial performance in its bus and Govia Thameslink Railway (GTR) operations in its much-delayed full-year results on Thursday, offset by challenges in its international rail division and its former Southeastern rail franchise.

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24 Feb 2022 08:15

LONDON BRIEFING: Warren East to depart as CEO of improving Rolls-Royce

(Alliance News) - Rolls-Royce on Thursday said Chief Executive Officer Warren East has decided to step down at the end of 2022, after nine years on the board and almost eight years as CEO.

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23 Feb 2022 09:51

IN BRIEF: Go-Ahead to release delayed annual results on Thursday

Go-Ahead Group PLC - Newcastle-based bus and train operator - Plans on Thursday to release its delayed results for the financial year that ended July 3 last year. At that point, Go-Ahead will ask for the suspension of trading of its shares and corporate bonds to be lifted. The suspension was imposed because the company missed the deadline for filing its accounts. The delay was to allow auditors Deloitte to consider the implications of a review of the London & South Eastern Railway franchise, operated by Go-Ahead. The UK government found that "serious errors" were made by LSER in its dealings with the Department for Transport over several years. Go-Ahead apologised for "failing to notify the DfT of certain overpayments or monies due to the DfT", but the government is considering enforcement action, including a financial penalty.

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31 Jan 2022 15:28

Moody's withdraws British rail firm Go-Ahead's rating

LONDON, Jan 31 (Reuters) - Moody's has withdrawn its credit rating of UK rail and transport firm Go-Ahead after the company delayed the publication of its financial results for a fourth time, the ratings agency said on Monday. "Moody's has decide...

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24 Jan 2022 10:02

IN BRIEF: Go-Ahead expects annual results release end February

IN BRIEF: Go-Ahead expects annual results release end February

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24 Jan 2022 09:00

Go-Ahead results delayed again as auditors ask for more time

(Sharecast News) - Crisis-hit transport group Go-Ahead on Monday delayed publication of its financial results for a third time as investigations continue into its rail franchise scandal.

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19 Jan 2022 15:18

EXECUTIVE CHANGES: Mode Global and Omega Diagnostics lose CEOs

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4 Jan 2022 14:02

Go-Ahead shares suspended due to late-running results

(Sharecast News) - Go-Ahead Group made a request for its shares and bond to be temporarily suspended from trading on Tuesday, pending its results for the year ended 3 July.

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4 Jan 2022 10:34

IN BRIEF: Go-Ahead suspends listing on annual results delay

IN BRIEF: Go-Ahead suspends listing on annual results delay

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21 Dec 2021 21:40

TRADING UPDATES: Charles Stanley sale greenlit; ASA portfolio grows

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20 Dec 2021 16:21

EXECUTIVE CHANGES: New senior independent directors for Go-Ahead, Wizz

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15 Dec 2021 16:03

UK shareholder meetings calendar - next 7 days

UK shareholder meetings calendar - next 7 days

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