LONDON (ShareCast) - London’s benchmark index is just above flat having started brightly as stocks look for direction.

Hotel and restaurant group Whitbread is up after it said like-for-like sales across the group has risen 7% in the 24 weeks to 14 August, with total sales increasing 14.2%.

Anglo Dutch consumer group Unilever has named Nestle's Paul Polman as chief executive Patrick Cescau's replacement. Cescau, who is retiring at the end of the year, has worked for Unilever for the last 35 years and has served as chief executive for the last four.

BP is higher on newspaper reports that it is expected to sign an agreement aimed at preserving its 50% stake in TNK-BP.

In response to press speculation, private equity group Hellman & Friedman has disclosed it is no longer part of the consortium contemplating a bid for publishing group Informa.

Higher costs of raw materials saw own label specialist McBride report a 30% fall in operating profits to £21.4m for the year despite revenue increasing 18% to £700.9m. The group said it had made a satisfactory start to the new year.

Network monitoring firm Endace said its strategy for growth of the business remains on track as it saw continued growth in sales across its main verticals and geographical segments in the first 5 months of the year.

European Islamic Investment Bank said despite challenging market conditions it has continued to progress in the first half of 2008 as it swung back into profit for the period.

First Calgary, the oil and gas company that specializes in Algeria, confirmed that it received a number of proposals, which could lead to the sale of the company or a major asset disposal. The group announced the news late yesterday after shares jumped in London and Toronto.

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