FTSE 100 Movers: Essar tired of waiting

22nd Aug 2011 12:07

Essar Energy saw its share price take a hit despite announcing that its revenues had soared by more than a third over the first half of 2011. Revenue at the India-focused integrated energy company rose 37% to $6.53bn from $4.76bn in the first half of 2010 but net debt also rose, at $4.62bn up from $3.91bn a year earlier. Traders seized on evident frustration on the part of Essar's management over delays in certain regulatory approvals, particularly for the coal blocks in India and Indonesia.Heading north in a buoyant pharmaceuticals sector is GlaxoSmithKline.The pharma titan is to buy up over a quarter of UK-based biotech firm Autifony Therapeutics through its wholly-owned subsidiary, Glaxo Group. Glaxo is to invest £1.25m in Autifony is exchange for a 25.4% minority equity stake. FTSE 100 - RisersICAP (IAP) 428.90p +4.74%Fresnillo (FRES) 2,053.00p +4.21%Randgold Resources Ltd. (RRS) 6,880.00p +4.08%GlaxoSmithKline (GSK) 1,293.00p +4.06%Investec (INVP) 394.70p +4.03%Petrofac Ltd. (PFC) 1,215.00p +4.02%Hargreaves Lansdown (HL.) 439.30p +3.56%AstraZeneca (AZN) 2,828.00p +3.53%Compass Group (CPG) 535.00p +3.48%John Wood Group (WG.) 525.00p +3.45%FTSE 100 - FallersRoyal Bank of Scotland Group (RBS) 19.98p -3.80%Essar Energy (ESSR) 250.00p -2.99%Standard Chartered (STAN) 1,345.00p -1.28%Burberry Group (BRBY) 1,191.00p -1.24%WPP (WPP) 585.50p -0.76%Lloyds Banking Group (LLOY) 28.18p -0.72%GKN (GKN) 182.80p -0.38%Barclays (BARC) 149.95p -0.37%Weir Group (WEIR) 1,732.00p +0.12%Xstrata (XTA) 957.10p +0.57%NR