London close: Footsie climbs after updates

29th Apr 2010 16:49

Investors were busy digesting a stream of company updates today and, seeing more good news than bad, sent the FTSE 100 into the blue.Pay TV and Internet service provider British Sky Broadcasting (BSkyB) was a top performer. Not only did it see subscriber numbers improve by a better than expected 62,000 in the first three months of 2010, with average revenue per user up 11%. The company has also reached a temporary agreement with the broadcasting regulator Ofcom in their dispute over whether rival broadcasters should have to buy Sky sports content at regulated prices.Under the agreement, BT Vision, Virgin Media and Top Up TV will pay the price Sky wishes to charge them for content, but the difference between that price and the regulated price Ofcom proposed by Ofcom will be paid into an escrow account until a long-term agreement is reached.Insurer Standard Life was wanted after saying has made a strong start to the year with strong growth in net flows and assets in the first quarter. Net inflows across the group more than tripled to £2.1bn in the first quarter of 2010 from £0.6bn a year earlier after taking into account the discontinued banking operations.Investors stocked up on Unilever. Volume growth at the Anglo-Dutch household products giant came in ahead of market expectations in the first quarter of 2010, with the company boasting of strong momentum across all geographic regions. Underlying volumes growth was 7.6%, versus market expectations of 5.4%.Oil group BG Group rose after it reported first quarter figures that beat market expectations. The oil titan benefitted from a rise in production and stronger oil and gas prices. Revenue and other operating income increased 4% to $4,647m, reflecting a 6% increase in E&P production volumes and higher oil and liquids prices.BP fell after chief operating officer Doug Suttles has admitted that the amount of oil leaking from the oil spill in the Gulf of Mexico may be more than 5,000 barrels a day rather than the 1,000 barrels a day initially estimated.AstraZeneca has upped its profit target for the full year after strong growth from key drugs and emerging markets helped the drug giant post a sharp rise in earnings in the first quarter.Elsewhere in the pharmaceuticals sector Shire said first quarter products sales were down 5% from a year earlier at $718m but the performance of core products was better, with sales advancing 36% to $626m.Copper miner Kazakhmys achieved output of 78.4kt copper cathode equivalent in the first three months of 2010, an increase on the previous quarter, and is on track to hit its annual target. Property group Hammerson was wanted after it saw an increase in demand for office space in the first quarter but occupancy rates at its retail assets in the UK and France were marginally lower.A fourth quarter pick-up in trading enabled underlying profits at hotel to coffee shop group Whitbread to come in near the top of market forecasts. Underlying profits before tax increased by 6.6% to £239.1m in the year to February, from £224m. The shares are slightly weaker though.In the FTSE 250, music retailer HMV has fallen back after it reported a sharp decline in fourth quarter like for like sales but said it was on track to meet full year forecasts. HMV UK & Ireland total sales fell 8.2% in the 16 weeks ended 24 April 2010, with like for like sales down 13.2%. Fellow computer game retailer Game declines in sympathy.BBA Aviation was also on the descent after the aviation services provider said group revenue was flat, thought it did issue an upbeat assessment for the rest of the year.Taylor Wimpey, which has lifted selling prices of homes in the UK by 9% since January as the housing market continues to recover, climbed. The housebuilder adds that UK market conditions remain "encouraging, with continued gradual improvements in mortgage availability and buyer confidence".Personal care products group McBride announced that overall trading for the four months to 28 April has been in line with expectations. Group revenues in the four month period rose by 2% from the same time a year before on a reported and constant currency basis.Bookmaker William Hill reports a decent start to the year with progress at its online operation offsetting a tougher time for its betting shops. Net revenue for the 13 weeks to March increased by 1% with pre-exceptional operating profit up by 3% reflecting the strong online performance.Bus and train firm Go-Ahead said overall trading in the third quarter was in line with company expectations while its full year outlook remains unchanged.Joinery company Galiform said it has performed well after a slow start to the year due to the prolonged cold weather.Hays said current trading is still in line with the comments made when it last updated the market in early April.The recruiter said at the time that is has continued to see progress in most of its markets, although the dynamics vary by region.Home Services USA, the US subsidiary of Homeserve, the home maintenance firm, has signed a five year contract with the Southern California Gas company to jointly market the company's home emergency services.Trading systems developer Fidessa Group has continued to make progress in 2010 against a background of improving financial markets. Nevertheless the company reiterated its previous observation that consolidation and restructuring within Fidessa's customer base will temper growth rates this year.Raymarine said it remains in advanced discussions with a third party regarding a sale of the business, a day after Garmin launched a 15p a share bid for the marine electronics firm.FTSE 100 - RisersInterContinental Hotels Group (IHG) 1,136.00p +6.07%British Sky Broadcasting Group (BSY) 625.00p +4.87%Eurasian Natural Resources (ENRC) 1,256.00p +4.58%Standard Life (SL.) 202.00p +4.39%Prudential (PRU) 569.00p +4.31%Kazakhmys (KAZ) 1,432.00p +3.84%Pearson (PSON) 1,050.00p +3.75%Johnson Matthey (JMAT) 1,757.00p +3.47%Burberry Group (BRBY) 677.00p +3.44%Kingfisher (KGF) 246.20p +3.36%FTSE 100 - FallersBP (BP.) 584.20p -6.53%Whitbread (WTB) 1,545.00p -2.40%Imperial Tobacco Group (IMT) 1,906.00p -2.01%British American Tobacco (BATS) 2,085.00p -1.07%BG Group (BG.) 1,103.50p -0.59%Shire Plc (SHP) 1,454.00p -0.55%Royal Dutch Shell 'A' (RDSA) 2,033.00p -0.54%Royal Dutch Shell 'B' (RDSB) 1,961.00p -0.43%Rio Tinto (RIO) 3,533.00p -0.37%Scottish & Southern Energy (SSE) 1,100.00p -0.36%FTSE 250 - RisersTate & Lyle (TATE) 457.80p +5.46%Galiform (GFRM) 81.55p +5.23%Inchcape (INCH) 35.01p +5.04%Rightmove (RMV) 700.00p +4.63%Morgan Crucible (MGCR) 209.10p +4.55%Melrose (MRO) 239.40p +4.50%GKN (GKN) 145.20p +4.16%Greggs (GRG) 490.90p +4.11%Millennium & Copthorne Hotels (MLC) 464.30p +3.82%Laird (LRD) 133.70p +3.80%FTSE 250 - FallersHMV Group (HMV) 72.30p -8.60%Wellstream Holdings (WSM) 602.00p -7.74%Gartmore Group (GRT) 157.30p -4.09%Mcbride (MCB) 194.50p -3.28%BBA Aviation (BBA) 207.00p -2.22%888 Holdings (888) 80.00p -2.08%Heritage Oil (HOIL) 453.00p -2.03%National Express Group (NEX) 242.20p -1.94%Go-Ahead Group (GOG) 1,446.00p -1.83%Ecofin Water & Power Opportunities (ECWO) 142.50p -1.72%