LONDON (ShareCast) - London’s leading index remains in the red with this morning's stream of results seemingly offering more bad news than good.

Kazakhmys is the biggest faller so far as poor weather and changes in the timing of sales hit first half revenue and earnings at the miner. Iron ore pellet producer Ferrexpo on the other hand had a sparkling first half, with revenue and earnings sharply higher.

Tour operators TUI Travel, Thomas Cook and German airline Lufthansa are in "early discussions" to merge Condor, Germanwings and TUIfly Germany.

Full year earnings came in weaker than expected at Guinness brewer Diageo due to rising costs and lower consumer spending. Earnings per share for the 12 months to 30 June rose 7% to 59.3p, shy of forecasts

Engineering and project management firm Amec raised its margin target for 2010 and said it saw record trading performance in the first half with continuing strength in energy end markets.

Aircraft services group BBA Aviation is a heavy faller after reporting flat underlying earnings and predicting a similar second half.

Engineer Bodycote has made good on its pledge to sell its ledge to sell its testing unit and said it will return some of the proceeds from the sale to shareholders.

The acquisition of rival Alfred McAlpine helped construction and support services firm Carillion post first half results slightly ahead of expectations.

JP Morgan has initiated coverage on sweet maker Cadbury with a ‘neutral’ rating and a 710p target price.

Johnston Press’s revenue trends are ‘abysmal’ JP Morgan said as it shaved its target price on the newspaper publisher by a fifth to 40p.

Oil and gas exploration and production company SOCO International is once again generating operating cash inflows after selling its sole producing asset earlier this year.

Expectations of lower hydrocarbon production in the second half of 2008 prompted KBC Peel Hunt to lower its rating on oil and gas producer Premier Oil to ‘reduce’ from ‘hold’.

Profit before tax from continuing operations fell 29% to £3.6m at Branston pickle and Hovis bread Premier Foods in the first half.

Soaring fuel costs have sent Aer Lingus into the red at the half way stage and the Irish low cost airline expects to report a loss for the full year.

Marketing communication firm Aegis has achieved a “good” result for the half year but said the trading environment is becoming tougher with its revenue outlook for the second half less certain.

High oil prices and an increase in production sent first half net profit up to $71.2m at Premier Oil, 247% better than the previous year.

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