LONDON (ShareCast) - London’s blue chips are moving ahead in early dealings as miners track metal prices higher.

Antofagasta, Rio Tinto, BHP Billiton, Xstrata, Vedanta Resources, Anglo American and Kazakhmys are all among the top performers.

Travel giant TUI Travel delivered a 39% rise in underlying operating profit in the third quarter. Revenue for the quarter rose 9% to £3.6bn. TUI said it is confident that its expectations for 2008 and 2009 can be achieved.

British Land has reported an underlying pre-tax profit of £74m for the first quarter to 30 June, down from £76m a year ago, but an IFRS loss of £572m versus a £266m profit in 2007. The portfolio valuation is down 5% this quarter, while the Net Asset Value has dropped 10% to 1,212p a share. “While values are marked down in a thin market, our prime assets - buildings and customer contracts - provide strength in difficult times and opportunity when the cycle turns,” said chairman Chris Gibson-Smith.

Rolls-Royce and Goodrich Corporation have signed a letter of intent proposing the formation of a joint venture company, which would develop and supply engine controls for Rolls-Royce aero engines. Under the proposals, each group would own 50% of the joint venture company.

Logica is the main FTSE 250 riser after the software group upped its full-year revenue growth forecast and reported a 31% jump in adjusted operating profits in the first half.

Bellway sold 6,556 home in the twelve months ended 31 July, 14% less than the year before. It doesn't expect widespread land write downs, "but the position is being monitored in light of market conditions." Reservations dropped by around 45% in the second half, while the group's order book of future sales at 31 July was £370m versus £594m last year.

Earnings are in line with expectations at electronic payment services group Paypoint, while revenue rose 11% to £71m between the end of March and 27 July.

Stockbroker Daniel Stewart has narrowed its full year pre-tax loss to £2m from £5m in 2007 and boosted turnover by 11% to £8.4m.

Private aviation services group Air Partner expects results for the full year to be better than market forecasts, after experiencing good trading conditions.

Heat pump maker Turbotec reported a 7% hike in first quarter pre-tax profit following robust demand for its energy efficient heating products as consumers face rising energy costs.

• News Channel