London midday: Shares edge higher

London's blue chips are still edging higher, with banks leading the way after Swiss peer UBS beat earnings estimates.Barclays, Lloyds and Royal Bank of Scotland are the top risers in the FTSE 100. Net profit at UBS in the second quarter came to 2bn Swiss francs from a loss of 1.4bn francs last time. That was well above expectations for a 1.26bn francs profit.The oil giant BP confirmed Tony Hayward is to step down as chief executive of the group on 1 October to be succeeded by fellow executive director Bob Dudley. The group also unveiled a $32.2bn charge for the Gulf of Mexico oil spill, including the $20bn it has already committed to putting in escrow. As a result the company reported a headline loss of $17bn for the second quarter, the largest ever by a UK company.InterContinental Hotels is leading the fallers after it emerged that the Barclay brothers, the owners of the Daily Telegraph, have sold their 10% stake in the Holiday Inn owner. Shares in Whitbread, the Premier Inn owner have also fallen. Shares in ARM are slightly lower, even after revenues and profits continued soaring at the chip-designer in the second quarter as it continued to see strong demand for its technology from makers of mobile 'phones and other must-have gadgets. It posted a pre-tax profit of £43.5m in the three months to June 30, up from £16.3m over the same period the previous year.Diversified mining group Xstrata saw a small decline in copper production in the first half of 2010 but ferrochrome output rebounded strongly. The group, which is a major producer of seven major commodities (copper, coking coal, thermal coal, ferrochrome, nickel, vanadium and zinc) updated the market on first half production levels on Tuesday morning.Also in mining, higher production and a rising gold price sent half-year net income at African Barrick Gold up by 217% to $99m, but the shares are slightly lower. Revenue rose by 64% to $424m up 64% as production rose by 23% to 356,208 ounces and realised gold prices jumped by 28% to $1,155 per ounce.Updates in the FTSE 250 have been mostly well received though.Strong numbers from Croda have sparked a positive reaction in the speciality chemicals supplier's share price. Record results at its two main divisions helped double half year pre-tax profit, with strong trading trickling into the first weeks of the second half. Pre-tax profit surged to £96.2m in the six months to 30 June 2010 from £46.3m the year before. Sales on continuing operations rose 27.6% to £516.1m.Software group Misys is wanted after saying it has reduced the number of shares it will sell in the proposed disposal of its healthcare division Allscripts.The size of the planned placing will be reduced from 36m shares to 25m shares as Misys' board believes the current share price of Allscripts undervalues the business. The proceeds of the sale are still expected to be approximately $1bn, which will be returned to shareholders.Engineer Tomkins' board has backed the 325p per share cash offer from Onex and Canada Pension Plan Investment Board, prompting gains in the company's share price. The offer values Tomkins' existing issued and to be issued share capital at approximately £2.89bn. The independent directors intend unanimously to recommend to Tomkins shareholders to vote in favour of the offer.The top riser in the FTSE 250 is Connaught, which rallies partially after sliding yesterday as it warned of more woe following the emergency Budget, which will hurt the company severely.Shares in PZ Cussons fall back after results. The international consumer products group saw profitable growth last year in all three of its operating regions.Car parts and bicycles retailer Halfords drove through a 9.6% rise in group revenue from 3 April to 26 July, helped by its acquisition of Nationwide Autocentres in February, but it issued a cautionary stance on the economic environment.E-learning specialist Promethean World's first half revenues are up 35% with strong sales of both systems and handsets. Fantasy war games group Games Workshop saw sluggish sales in the year to May 30, but managed to lift profits as it cut back on costs.FTSE 100 - RisersBarclays (BARC) 339.20p +7.46%Lloyds Banking Group (LLOY) 69.99p +6.05%Royal Bank of Scotland Group (RBS) 48.84p +4.65%Prudential (PRU) 548.50p +3.98%Aviva (AV.) 366.00p +3.07%AstraZeneca (AZN) 3,222.00p +3.07%ICAP (IAP) 411.30p +2.57%Tullow Oil (TLW) 1,270.00p +2.50%HSBC Holdings (HSBA) 665.50p +2.49%Standard Life (SL.) 203.70p +2.36%FTSE 100 - FallersInterContinental Hotels Group (IHG) 1,106.00p -7.76%Whitbread (WTB) 1,430.00p -2.46%ARM Holdings (ARM) 338.50p -2.20%Unilever (ULVR) 1,886.00p -2.18%Fresnillo (FRES) 1,041.00p -2.07%Serco Group (SRP) 558.50p -1.85%Randgold Resources (RRS) 5,825.00p -1.85%Aggreko (AGK) 1,573.00p -1.81%Compass Group (CPG) 556.50p -1.77%Cobham (COB) 240.00p -1.68%