London close: Weak finish for FTSE 100

30th Apr 2010 16:42

A poor start in the US added to Footsie's woes, sending the leading share index deep into the red by the trade of closing going into the weekend.Mining stocks were a drag on the index with BHP Billiton and Rio Tinto lower ahead of the release over the week-end of the Australian government's review of tax rates for mining companies. "This is a potential negative for Rio Tinto and BHP Billiton, in the first instance.," notes Bernstein Research, adding that if the Australian government decides to go down the increased taxes for miners route this could set a global trend. Banking giant Barclays is the worst performing blue-chip, however, despite the group reporting a 47% increase in first quarter profits. Concern over the retail business has offset bumper profits from Barclays Capital.Oil titan BP is also having a torrid time of it, as it continues to pull out all the stops to contain and clean up the Gulf of Mexico oil spill. The company said it is "ramping up preparations for a major protection and cleaning effort on the shorelines of Louisiana, Mississippi, Alabama and Florida."FT owner Pearson reports all parts of the company have made a good start to 2010 with first quarter revenues up 7% to £1.08bn or by 12% on a constant currency basis. "The first quarter is always a very light trading period for Pearson owing to the seasonal phasing of our book publishing businesses, and we expect these growth rates to moderate as we go through the year," it said.Advertising giant WPP said a stabilisation and subsequent growth in revenue came earlier than expected. Reported revenues were £2.078bn in the first quarter, down just under 2% from last year. Revenues in constant currency were up 0.5%, reflecting the strength of the pound sterling against the US dollar and Euro. Growth in Data and Managed Services revenue failed to offset a decline in Voice revenue at telecoms operator Colt Telecom in the first quarter of 2010. Earnings before interest, tax, depreciation and amortisation eased to €77.4m from €78.9m a year earlier.Trading at Davis Service Group has been in line with expectations in the first quarter with revenues broadly in line with the corresponding period of 2009. The laundry and workwear group said that, as expected, operating margins have improved as the effects of the cost cutting programme kick in.While Davis Service heads higher fellow laundry operator Rentokil Initial heads the other way. The pest control giant posted a profit before one-off items of £30.4m for the first three months of 2010, 41% more than the year before and up 38% on the fourth quarter of 2009.Magners cider maker C&C Group has sold its spirits and liqueurs division to whisky maker William Grant for €300m in cash.Bid target Forth Ports has thus far resisted all overtures from potential bidders, the Northstream consortium. The Tilbury docks operator said today that trading in the first quarter of 2010 was well ahead of the corresponding period of 2009. Sticking with the takeover theme WIN announced it is in talks with IMI mobile (IMI) which may lead to a recommended cash offer by IMI for the mobile phone services company at a proposed price of 141p per share.Gulfsands Petroleum has again rejected the 315p a share bid proposal from Oil India Limited and Indian Oil Corporation, first made last month and reiterated again earlier this week.Blacks Leisure has resurrected its £20m fund raising plan after its previous attempt was scuppered by rival and 28.5% shareholder Sports Direct.FTSE 100 - RisersRandgold Resources (RRS) 5,585.00p +3.04%InterContinental Hotels Group (IHG) 1,159.00p +2.02%Prudential (PRU) 579.50p +1.85%Kingfisher (KGF) 250.00p +1.54%Rexam (REX) 323.40p +1.32%3i Group (III) 272.30p +1.00%Next (NXT) 2,295.00p +0.97%WPP Group (WPP) 698.00p +0.94%BG Group (BG.) 1,113.00p +0.86%Investec (INVP) 521.00p +0.77%FTSE 100 - FallersBarclays (BARC) 338.25p -6.37%Rio Tinto (RIO) 3,379.00p -4.36%Xstrata (XTA) 1,086.50p -4.10%Vedanta Resources (VED) 2,525.00p -3.81%Cable & Wireless Worldwide (CW.) 86.40p -3.52%Royal Bank of Scotland Group (RBS) 54.35p -3.29%BHP Billiton (BLT) 2,025.50p -3.06%Tullow Oil (TLW) 1,147.00p -2.96%Lloyds Banking Group (LLOY) 66.13p -2.75%BAE Systems (BA.) 344.40p -2.74%FTSE 250 - RisersRPS Group (RPS) 227.20p +5.19%BlueBay Asset Management (BBAY) 373.60p +4.33%F&C Asset Management (FCAM) 66.00p +3.53%SIG (SHI) 131.90p +3.05%Tullett Prebon (TLPR) 352.90p +2.92%Morgan Crucible (MGCR) 214.80p +2.73%Shanks Group (SKS) 103.60p +2.57%DS Smith (SMDS) 135.20p +2.42%Talvivaara Mining Company (TALV) 456.60p +2.15%Davis Service Group (DVSG) 431.20p +2.11%FTSE 250 - FallersGKN (GKN) 137.00p -5.65%Rentokil Initial (RTO) 127.40p -4.14%Mcbride (MCB) 187.50p -3.60%UK Commercial Property Trust (UKCM) 79.00p -3.07%Taylor Wimpey (TW.) 40.57p -2.85%SVG Capital (SVI) 163.50p -2.79%TR Property Inv Trust Sigma Shares (TRYS) 69.00p -2.75%Renishaw (RSW) 668.00p -2.62%Mondi (MNDI) 445.00p -2.56%888 Holdings (888) 78.00p -2.50%