LONDON (ShareCast) - The morning’s gains have all but evaporated, with fallers now outnumbering risers among FTSE constituents.

Oils and miners remain strong on the back of rising commodity prices, but the rest of the market seems to be taking its cue from Wall Street, which has opened modestly lower.

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. The oil price rise overshadows the results however, and the shares fall back, as do those of sector peer Thomas Cook.

British Airways, American Airlines and Spanish carrier Iberia have agreed to form a transatlantic joint venture, confirming press speculation that an announcement was imminent.

Banks are lower after Goldman Sachs said Barclays may need to write down another £1.5bn over the next year and a half and suggested the dividend may be under threat.

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.

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 sharply higher 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." Sector peers Taylor Wimpey, Barratt Developments and Persimmon give up ground in the wake of Bellway’s update.

Broker comment lifts jeweller Signet and oil explorer JKX Oil. The former is still buoyant after yesterday’s upgrade from Investec while the latter is wanted after being upgraded by UBS from “neutral” to “buy”, with a price target of 520p.

In contrast, rat-catcher Rentokil Initial slides after UBS cut its price target to 90p from 105p on the back of a reduced earnings forecast, while newspaper group Johnston Press is lower after Landsbanki changed its view on the shares from “hold” to “reduce”.

Drug developer Protherics is on a high after it announced after last night’s close of trading that it has received numerous bid approaches.

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.

IT services company Phoenix IT Group said first quarter results are in line with company expectations and it remains confident in its growth prospects. The shares fall back, however, after the company said some softening in the market for Partner Services had slowed growth.

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