FTSE 100 movers: Tullow unfazed by production shortfall

The share price reaction to the trading update from oil firm Tullow has been favourable, even though most brokers agree that first half production levels were a bit below expectations, due to a slower than anticipated ramp-up in production at the Jubilee field in Ghana.Production levels may have been a bit below par, but the company still enjoyed record revenues in the first half of the year while achieving a 79% exploration and appraisal success rate.A soaring oil price helped six-month revenues more than double to about $1.05bn from $486m the year before.The realised oil price in the first six months of 2011 was around $112 a barrel (pre hedge) and $109 (post hedge), compared to a figure of $77 a barrel in 2010. Quality and safety services provider Intertek is friendless after French bank Societe Generale downgraded the stock to "hold" from "buy" after meeting with the management. FTSE 100 - RisersIMI (IMI) 1,121.00p +3.99%Tullow Oil (TLW) 1,301.00p +3.83%Reckitt Benckiser Group (RB.) 3,587.00p +2.84%Marks & Spencer Group (MKS) 376.70p +2.70%Man Group (EMG) 248.60p +2.30%Capita Group (CPI) 723.50p +2.05%BT Group (BT.A) 204.40p +1.95%Resolution Ltd. (RSL) 298.00p +1.85%Next (NXT) 2,340.00p +1.61%Scottish & Southern Energy (SSE) 1,420.00p +1.28%FTSE 100 - FallersIntertek Group (ITRK) 1,908.00p -2.80%Lloyds Banking Group (LLOY) 48.63p -2.50%Rio Tinto (RIO) 4,471.00p -1.44%ARM Holdings (ARM) 601.50p -1.31%Barclays (BARC) 259.70p -1.14%Xstrata (XTA) 1,379.50p -1.04%ICAP (IAP) 494.00p -0.96%Lonmin (LMI) 1,437.00p -0.96%Associated British Foods (ABF) 1,077.00p -0.83%Vedanta Resources (VED) 2,072.00p -0.77%--jh