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London midday: US coast guard verdicts lifts BP

Mon, 20th Sep 2010 12:09

Investors are in an optimistic frame of mind ahead of the Federal Reserve's Federal Open Market Committee (FOMC) meeting tomorrow. The 'glass half full' crowd are expecting the FOMC to announce further measures to revitalise the global economy.Barely a dozen Footsie constituents are in the red, and they include Vedanta, Kazakhmys and African Barrick in an otherwise generally firm mining sector.Elsewhere in the resource sector a sense of relief is evident in the rise of BP's share price after the US coast guard signalled that the oil spill into the Gulf of Mexico has been permanently sealed. US authorities described the leak from the Macondo well in the Gulf of Mexico as "effectively dead". Insurer Brit Insurance is wanted after Friday's late announcement that the consortium headed by US private equity firm Apollo has upped its bid offer to £10.75 per share. BAE Systems has strengthened its position in the US counter-terrorism market with the acquisition of the consultancy division of American firm L-1 Identity Solutions. The UK weapons group will pay $296m in cash for the L-1 division, which comprises three firms SpecTal, Advanced Concepts and McClendon. Global banking titan HSBC is to sell its wholesale banknotes business in Asia to United Overseas Bank (UOB). UOB is paying $15m in cash for the assets, with the transfer expected to take place in the final quarter of 2010.WPP has beefed up its Asian business will the acquisition of a 51% stake in Singapore-based Comwerks, a full service digital agency with a big list of government and public sector clients. Comwerks Interactive, only eight years old, specializes in digital media and web 2.0 solutions. Salamander Energy, the oil and gas exploration and production company focused on Asia, said the rig to be used on its Bontang PSC asset in Indonesia should arrive in the drilling area in the first week of October. Another oil and gas company, Sterling Energy, has seen its share price slump after mixed results with its latest exploration well drill tests in Kurdistan.Wind turbine blade maker Clipper Windpower also dived as it warned the credit crisis has impacted the availability of financing for its projects. Net loss for the six months ended 30 June 2010 is expected to be in the range of $26 to $30m compared to a net loss of $120.2m for the same time a year earlier. Motive Television has raised the £4.75m in needs to buy Adecq Digital, the digital terrestrial television technology company confirmed Monday.ViaLogy, a developer of sensor network technology used in the oil and gas industry , saw revenue in the year to 31 March 2010 grow to $0.15m from $0.13m the year before, but with losses holding steady at £6.2m the company is keen to add some blue-chip clients to its customer base. Bid target Silence Therapeutics said 2010 has been a pivotal year with the company making advances in the three areas it sees as the most important in the coming years: partnerships, intellectual property and clinical progress.Discovery Metals, the Botswana-focused miner, has lived up to its name, having unearthed two new exploration targets southwest of its Boseto Copper Project. FTSE 100 - RisersIntertek Group (ITRK) 1,853.00p +3.64%Reckitt Benckiser Group (RB.) 3,495.00p +2.95%Rexam (REX) 311.10p +2.81%Old Mutual (OML) 138.30p +2.60%Land Securities Group (LAND) 636.00p +2.50%Reed Elsevier (REL) 548.00p +2.43%Hammerson (HMSO) 391.90p +2.38%Morrison (Wm) Supermarkets (MRW) 305.70p +2.31%Carnival (CCL) 2,423.00p +2.19%Unilever (ULVR) 1,788.00p +2.17%FTSE 100 - FallersResolution (RSL) 242.90p -1.74%Weir Group (WEIR) 1,410.00p -1.33%Cobham (COB) 234.90p -0.68%TUI Travel (TT.) 220.30p -0.63%G4S (GFS) 248.80p -0.56%Vedanta Resources (VED) 2,135.00p -0.47%Kazakhmys (KAZ) 1,384.00p -0.29%National Grid (NG.) 550.00p -0.27%InterContinental Hotels Group (IHG) 1,119.00p -0.27%African Barrick Gold (ABG) 598.50p -0.25%FTSE 250 - RisersJD Sports Fashion (JD.) 781.50p +7.64%Brit Insurance Holdings NV (BRE) 1,038.00p +5.11%FTSE 250 - FallersHikma Pharmaceuticals (HIK) 720.00p -6.01%Halfords Group (HFD) 439.60p -4.89%
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