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London midday: Footsie turns positive

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Date: Thursday 01 May 2008

  • Market Movers
  • techMARK 1,414.29 -0.84%
  • FTSE 100 6,103.00 +0.26%
  • FTSE 250 10,081.80 -0.40%

LONDON (ShareCast) - Although the majority of leading stocks are lower the Footsie has ventured into positive territory, thanks to a strong performance from miners and, to a lesser extent, oils.

Kazakhmys, Anglo American, Xstrata, Antofagasta and Vedanta Resources are among the top risers, as is BHP Billiton after its board approved a $1.9bn expansion of the Worsley alumina refinery in Western Australia.

Ferrochrome producer Eurasian Natural Resources Corporation has exercised an option to buy a 50% stake in Bahia Mineracao Limitada (BML) from Zamin for $300m in cash.

Packing firm Rexam is lurking near the top of the Footsie leaderboard after first quarter results that were in line with company expectations. The company said its outlook for 2008 remains unchanged.

Real estate firm Hammerson said there have been further declines in UK property values in the first quarter of the year as activity in the real estate market remains restricted.

Sector peer Land Securities is weaker after Deutsche Bank downgraded the stock to “hold” from “buy”.

Property asset manager Capital & Regional is also hit by a broker downgrade, this time from JP Morgan, which is now neutral on the shares having previously recommended its clients be “overweight” in the stock.

Furniture retailer Galiform is up as it saw sales at its main Howden Joinery division rise by 11%, or 5.9% on a same-deposit basis, in the first four periods of the year ending 19 April.

Elsewhere in the retail sector Home Retail Group gives back some of yesterday’s gains while fellow DIY retailer Kingfisher is laid low by a downgrade from Goldman Sachs. The US bank now rates Kingfisher shares as a “sell” having previously been neutral on the stock, and has cut its price target by a fifth to 110p.

Micro Focus has made a recommended $7.20 per share cash offer for Nasdaq-listed software provider NetManage. The group also said it expects full-year revenues to be in the range of $226m to $228m, reflecting a combination of improved operational performance and the positive impact of exchange rate movements.

Engineering group GKN said it expects 2008 to be another year of solid progress with performance in line with its earlier expectations.

National Express has made a good start to the year and is trading in line with management expectations, the bus and rail operator said Thursday.

Engineer Tomkins said the majority of the end markets it sells into remain robust but added that some of its end markets have weakened further since its year-end results.

Toy train maker Hornby has agreed to buy model car maker Corgi for £7.5m in cash as it beefs up its toy brands.

Bluetooth specialist CSR hits the skids again after saying its customers are reducing inventory levels. The company has also written off its investment in UbiNetics, having decided not to proceed with its entry into the broadband market.

Rank shares are wanted on hopes that the government will shortly announce a relaxation in the restrictions on category B3 gaming machines in bingo halls. Broker Investec said in a client note today that Sports Minister Gerry Sutcliffe is expected to make a statement to Parliament soon that could offer good news for the bingo industry.

Abcam, which sells antibodies online, said sales are expected to be ahead of expectations and added that outlook for profit for the year has improved "significantly".

Higher costs and deteriorating market conditions have forced financial services firm Merchant Securities to admit its full year loss will be bigger than expected.

AT Communications has bagged a multi-million pound contract with the UK division of Swedish mobile phones giant Ericsson to act as it master distributor in Britain.

Bodycote surrenders ground after advancing strongly yesterday after Merrill Lynch downgraded the engineering firm’s shares to “sell” from “neutral”.

Abcam, which sells antibodies online, said sales are expected to be ahead of expectations and added that outlook for profit for the year has improved "significantly".

Shareholders in specialist upholstery retailer Land of Leather are sitting more comfortably as the morning’s sharp losses have almost been wiped out. The shares fell sharply as the sofa retailer revealed a hefty drop in like for like sales orders.

FTSE 100 - Risers
Kazakhmys (KAZ) 1,673.00p +5.75%
Anglo American (AAL) 3,432.00p +4.99%
British Airways (BAY) 236.00p +4.19%
BG Group (BG.) 1,281.00p +4.06%
Xstrata (XTA) 4,096.00p +3.80%
Rexam (REX) 464.50p +3.74%
BHP Billiton (BLT) 1,861.00p +3.39%
Rio Tinto (RIO) 6,081.00p +2.88%
Vedanta Resources (VED) 2,307.00p +2.76%
Lonmin (LMI) 3,183.00p +2.61%

FTSE 100 - Fallers
Smith & Nephew (SN.) 601.00p -8.24%
Home Retail Group (HOME) 254.50p -3.60%
Kingfisher (KGF) 129.70p -2.33%
Persimmon (PSN) 569.00p -1.81%
InterContinental Hotels Group (IHG) 796.50p -1.79%
Shire (SHP) 920.50p -1.71%
Alliance & Leicester (AL.) 508.50p -1.64%
Land Securities Group (LAND) 1,515.00p -1.62%
Carnival (CCL) 1,955.00p -1.46%
British Land Co (BLND) 829.00p -1.43%

FTSE 250 - Risers
Micro Focus International Plc (MCRO) 257.50p +10.16%
Galiform (GFRM) 72.75p +6.59%
Rank Group (RNK) 93.50p +5.06%
St James's Place (STJ) 276.50p +4.73%
GKN (GKN) 297.00p +4.21%
DS Smith (SMDS) 136.00p +4.21%
888 Holdings (888) 155.00p +3.33%
Southern Cross Healthcare Group (SCHE) 349.50p +2.95%
LogicaCMG (LOG) 117.50p +2.40%
Dairy Crest Group (DCG) 413.50p +2.22%

FTSE 250 - Fallers
CSR (CSR) 310.00p -21.52%
Capital & Regional (CAL) 390.50p -9.87%
Spirent Communications (SPT) 68.00p -3.89%
Barratt Developments (BDEV) 265.75p -3.80%
Melrose Resources (MRS) 385.50p -3.63%
Bodycote International (BOY) 233.50p -3.41%
Taylor Wimpey (TW.) 124.75p -3.11%
Savills (SVS) 263.25p -3.04%
SIG (SHI) 730.00p -2.93%
Northern Foods (NFDS) 84.50p -2.87%

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