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London open: Shares add to stellar gains

Thu, 15th Oct 2009 08:19

London's top stocks are adding to yesterday's gains in early trading after the Dow Jones closed above the key 10,000 barrier for the first time in over a year.Miner Xstrata said today that it has no intention of making an offer for rival Anglo American. The announcement came after a put-up or shut-up ruling following an appeal by Anglo to the Takeover Panel over the disruption to its business caused by the interest from Xstrata.Price rises helped brewing giant SABMiller post results in line with expectations in the six months to September 30 despite sales of lager falling by 1% in volume terms as consumers remained cautious across its markets.Newsagent chain WH Smith announced full year results that saw profit before tax climb by 8% despite a drop in sales. The group also announced that it is returning up to £35m of cash to shareholders through a rolling share buyback programme.Mothercare revealed a 7% rise in second quarter sales and issued a confident outlook for the remainder of the year. UK like-for-like sales during the thirteen weeks ended 10 October 2009 rose 3% while international retail sales during the period surged 23.2%.Hovis to Branston Pickle maker Premier Foods said it remains confident of achieving full year pre-tax profits within the range of market expectations.Greetings card group International Greetings said first half trading was in line with market expectations and believes it can return to profit in 2009/10. Focusing on its 'F-plan' - food, families, females and forty/fifty-somethings - helped tenanted pub group and brewer Marston's post flat turnover in the six months to October 3 in spite of poor summer weather and fragile consumer confidence.Soft drinks company Britvic served up a 5.6% rise in full year revenue and believes it will deliver a strong set of results for the year ahead. FTSE 100 - RisersBurberry Group (BRBY) 584.00p +3.27%Old Mutual (OML) 115.70p +2.39%RSA Insurance Group (RSA) 135.90p +2.18%Xstrata (XTA) 1,049.00p +1.75%Schroders (SDR) 1,155.00p +1.67%Royal Bank of Scotland Group (RBS) 49.10p +1.59%InterContinental Hotels Group (IHG) 853.00p +1.49%FTSE 100 - FallersAnglo American (AAL) 2,269.00p -1.82%Shire Plc (SHP) 1,015.00p -1.46%SABMiller (SAB) 1,611.00p -1.17%Vedanta Resources (VED) 2,363.00p -1.09%Tullow Oil (TLW) 1,230.00p -1.05%Compass Group (CPG) 393.00p -0.76%Fresnillo (FRES) 844.00p -0.76%

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