LONDON (ShareCast) - Oil majors are posting good gains after BP’s second-quarter results but the Footsie is being weighed lower by banks and other finanicals

Barclays, Royal Bank of Scotland and HBOS are posting big losses, while life insurer Friends Provident and Old Mutual were also down. Yesterday, Merrill Lynch said it will book more writedowns and sell $8.5bn of stock to balance its books.

Oil major BP was higher after it saw second-quarter replacement cost profit rise 6% to $6,853m as it benefited from the rise in crude prices. BP also said is not possible to predict the outcome of the differences it is having with its joint venture business in Russia TNK-BP. Tullow Oil, Cairn and BP are up in sympathy

Vedanta Resources saw firs-quarter EBITDA increases to $739m compared with $695.4m last year despite lower zinc prices and rising energy and other costs. It saw record first quarter production of 4.6 million tonnes of iron ore, up by 57%.

Chemical firm Croda saw profits surge 90% and raised dividends by 25% for the half year as it experienced good sales in both of its divisions.

Imperial Leather soaps maker PZ Cussons served up a 12% rise in full year pre-tax profit, ahead of forecasts, after strong trading across all regions, especially Nigeria.

Bluetooth specialist CSR slumped into losses for the half year and said this year’s financial performance will be framed by the difficult economic environment.

Car retailer Inchape saw profits rise 4.4% for the half year and expects to trade in line for the year as it contends with the challenging environment in its markets.

Imperial Leather soaps maker PZ Cussons served up a 12% rise in full year pre-tax profit, ahead of forecasts, after strong trading across all regions, especially Nigeria

Shares in Scottish semiconductors firm Wolfson Microelectronics fell after it said third quarter revenues are expected to be in the range of $56m - $62m amid uncertain economic conditions.

Sales have fallen 3.1% during the 25 weeks to 26 July at troubled high street chain Woolworths and by 6.7% on a like for like basis in the six weeks since its last update in June.

• News Channel