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Date: Wednesday 20 Aug 2008

  • Market Movers
  • FTSE 100 5,345.30 +0.47%
  • techMARK 1,409.63 -0.37%
  • FTSE 250 8,889.40 +0.25%

LONDON (ShareCast) - London has rallied slightly in early dealings despite another tough day on Wall Street.

Oil companies and miners are responsible for the gains. Tullow, Rio Tinto, BHP Billiton and Ferrexpo are all posting healthy rises.

Fallers include BT and Scottish and Southern, both of which went ex-dividend today.

Elsewhere, European newspaper publisher Mecom is under pressure after it posted a £19.7m loss (£24.6m loss) in the first half of 2008 after hefty one-off costs and write-offs. On a like-for-like basis operating profits were down by 3% to £64m on flat revenues of £770m. Newspaper advertising sales slipped 2% and it expects a similar second half performance.

Shares in IMSG almost halved after the marketing services group said results for the first half will be below market expectations, primarily due to a significant deterioration at its Turkish advertising agency RPM Radar.

Printing group Xaar posted slightly higher interim profits but warned that lower sales in China could impact second half profitability. The group said it is not immune from the current international economic issues affecting the global printing market.

Building contractor Tolent's first half profit fell to £1.1m (2007: £1.53m) in tough trading conditions and after a £750,000 bad debt. Revenue rose to £85m (£76m) but the first half saw a slowing of inquiries and conversion of these inquiries into firm orders. The interim dividend is reduced to 4p from 5p.

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