Date: Thursday 03 Jun 2010
- Market Movers
- FTSE 100 5,237.23 +1.67%
- techMARK 1,613.87 +1.44%
- FTSE 250 9,812.71 +1.58%
LONDON (ShareCast) - Fallers are still in the minority as miners and resource stocks rally on the back of last night's improvement on Wall Street, with more gains expected when the US market opens today.
Gains for the miners are being fuelled by a rebound in copper prices. Eurasian Natural Resources, Kazakhmys, Rio Tinto and Vedanta are the picks of the sector. Gold miner Randgold is the exception.
Anglo-Swiss miner Xstrata has suspended A$586m of expenditure on Australian projects, saying neither will be viable under the government's proposed tax on super profits.
DIY retailer Kingfisher, which owns the B&Q chain in the UK, reported a 1.8% decline in like for like (LFL) sales in the first quarter in which adverse weather conditions across Europe and ongoing economic uncertainty impacted consumer demand. Total sales in the 13 weeks ended 1 May were broadly flat on a reported basis and 0.2% down in constant currency terms. Retail profit was up 12%, helped by margin and cost self-help initiatives.
BP has agreed to fund the six sections of the Louisiana barrier islands proposal, which is estimated to cost the oil explorer $360m. The group will not manage or contract directly for the construction of the island sections and said it will not assume any liability for unintended consequences of the project.
The recovery in platinum prices last year came slightly too late for Johnson Matthey, which refines the precious metal, to post a rise in profits or revenues in the year to March 31. Pre-tax profits for the year totalled £254.1m, down from £267.9m the previous year, on revenues that slipped to £7.84bn from £7.85bn.
Synergy Health, which provides outsourced support services to the health industry, posted a 50% rise in profits and said it starts the new year in a “strong position.” Profit before tax for the year came in at £24.5m from £16.3m before on revenue that rose 4.5% to £286.4m. Underlying revenues rose 7.5%.
Property firm Helical Bar swung into an annual pre-tax profit and increased its dividend as the value of its investment properties rose. For the year to 31 March 2010 the group posted a pre-tax profit of £7.9m compared to a loss of £71.9m the same time a year before. Revenue for the period fell to £67.4m from £81.8m.
Property investor Quintain Estates said full year pre-tax losses narrowed as the value of its assets fell 1.5%.
Cellcast, provider of interactive TV programming, swung into losses as it continued to invest in additional distribution channels on Freesat and Freeview.
Real Good Food Company said it has made a very good start to its financial year with results in the first four months of the current year are above expectations.