London close: Modest gains for FTSE 100

24th May 2011 16:47

Stocks finished in the blue although off earlier highs and the gains were modest against yesterday's losses. In company news, high street stalwart Marks & Spencer eased even after it said it was winning market share in both clothes and food sales as it posted pre-tax profits in line with expectations for the year to 31 March. Underlying pre-tax profits totalled £714.3m, up from £694.6m the previous year. Revenue rose to £9.7bn from £9.5bn.Oil and gas outfit Cairn Energy moved higher after it said the government of Greenland recently approved the location of seven exploration drill sites, which gives the company some flexibility in its planned 2011 programme. The UK economy is recovering, albeit slowly, if the experience of self-storage company Big Yellow, another faller today, is anything to go by, but the company is still waiting for the pace of recovery to change gear. Revenue in the 12 months to 31 March rose 7% to £61.9m from £58.0m the prior year. Adjusted profit before tax surged 22% to £20.2m from £16.5m a year earlier.Cable & Wireless Worldwide is posting big gains after it said it saw underlying profit before tax jump 23% to £143m in the year to 31 March from £116m the year before. The board said it intends to hold the annual dividend at 4.5p until it is covered by free cash flow.The buy-to-let mortgage lender Paragon was in demand after posting a sharp rise in profits, helped by an upturn in tenant demand in the private rented sector.Plastics group Victrex, which serves transport, electronics and other markets, was another strong riser after it hailed a recovery in all its main areas as it posted a rise in revenues and profits.MITIE enjoyed a second day of gains after its results yesterday. Peel Hunt has upgraded the outsourcing group to 'hold' from 'sell', noting the company's underperformance against the peer groupShares in EMED Mining soared after it said it received formal approval from the Andalucian government to restart its Rio Tinto copper mine.Travel group Holidaybreak took off after it narrowed half year losses and said it remains on course to meet management expectations for the year despite tough operating conditions. The education and activity travel specialist reported a pre-tax loss of £16.8m in the six months ended 31 March 2011 from a loss of £20m previously. Revenue fell to £139.6m from £150.2m. Improved efficiencies and price rises helped Scottish sweetmaker Lees, another double-digit riser today, post a rise in profits in the year to 31 December. Pre-tax profit was up by 22% from a year ago at £1.03m on sales that climbed 3% to £18.19m. Lees earlier this year reported that it was being squeezed by higher commodity prices, but said today that steps to combat this trend are taking effect. FTSE 100 - RisersFresnillo (FRES) 1,356.00p +4.15%Cairn Energy (CNE) 435.80p +3.96%Aggreko (AGK) 1,769.00p +3.33%Antofagasta (ANTO) 1,196.00p +3.10%BG Group (BG.) 1,376.50p +2.46%Kazakhmys (KAZ) 1,235.00p +2.32%Rio Tinto (RIO) 4,115.00p +2.03%Randgold Resources Ltd. (RRS) 4,813.00p +1.97%Centrica (CNA) 321.00p +1.84%BHP Billiton (BLT) 2,345.00p +1.78%FTSE 100 - FallersMarks & Spencer Group (MKS) 385.60p -2.87%Lloyds Banking Group (LLOY) 49.74p -2.22%International Consolidated Airlines Group SA (IAG) 230.80p -1.79%ITV (ITV) 68.10p -1.30%RSA Insurance Group (RSA) 134.10p -1.18%Whitbread (WTB) 1,657.00p -1.13%Royal Bank of Scotland Group (RBS) 40.44p -1.08%Associated British Foods (ABF) 1,067.00p -1.02%Vodafone Group (VOD) 169.75p -1.02%Barclays (BARC) 265.60p -0.99%FTSE 250 - RisersVictrex (VCT) 1,509.00p +7.71%Sports Direct International (SPD) 227.50p +7.11%Mitie Group (MTO) 231.90p +5.22%Cable & Wireless Worldwide (CW.) 52.10p +4.91%Pace (PIC) 102.80p +4.68%Centamin Egypt Ltd. (CEY) 126.00p +3.79%Babcock International Group (BAB) 694.50p +3.35%Premier Oil (PMO) 467.40p +2.95%Hochschild Mining (HOC) 521.50p +2.86%Travis Perkins (TPK) 1,028.00p +2.70%FTSE 250 - FallersCPP Group (CPP) 125.00p -6.02%TalkTalk Telecom Group (TALK) 145.10p -2.68%Micro Focus International Plc (MCRO) 371.60p -2.47%Petropavlovsk (POG) 720.50p -2.31%FirstGroup (FGP) 341.50p -2.21%Grainger (GRI) 124.00p -2.13%Dixons Retail (DXNS) 19.49p -2.11%COLT Group SA (COLT) 143.50p -2.05%Big Yellow Group (BYG) 338.00p -1.86%Britvic (BVIC) 428.70p -1.85%