London midday: Banks advance after ICB report

11th Apr 2011 12:03

Banking stocks are in focus on an otherwise dull day on the company news front after the Independent Commission on Banking (ICB) issued its interim report on changes proposed for the sector.It stopped short of recommending that banks that have investment banking arms should demerge those operations. Instead, it has recommended that banks' retail operations should be protected by a "firewall" from the investment banking division.Barclays and RBS are setting the pace in the FTSE 100. Lloyds is more subdued. It said the ICB's recommendation that it should have to sell more than 600 branches "would not be in the interest of our customers and appears to be based on limited evidence and may significantly delay meeting the commitments agreed between the UK Government and EU."Automotive and aerospace engineer GKN is motoring ahead it after it said that its car operations have been affected by the recent earthquake in Japan, while adding that market conditions have otherwise been as expected in the first quarter. Sales were up by 14% from the same period a year ago to £1.49bn, while pre-tax profits rose by more than 50% to £107m.In the FTSE 250, CPP, the identity theft and credit card insurer that is under investigation by the Financial Services Authority, is slightly lower after it said that Barclaycard is conducting a review of CPP's 'call to confirm' offering to Barclaycard customers, during which time the service will be suspended.Soaring international revenues helped recruitment group Michael Page post a sharp rise in profits in the first quarter, though growth was more subdued in the UK amid continuing difficult economic conditions. Total gross profit was up by 30% from the same period the previous year at £127.3m.Consumer packaging titan Rexam is to build a new beverage can plant n northern Brazil to meet burgeoning demand in the Latin American country.Catering giant Compass has added to its Indian operations with the acquisition of two catering outfits in the fast growing Asian economy. It has bought Delhi-based Vipul Facility Management (VPM), which has gross assets of 342.2m Indian rupees (£5.2m) and Hyderabad-based Ultimate Hospitality Services (UHS) for 42.1 rupees.FTSE 100 - RisersBarclays (BARC) 306.55p +3.16%GKN (GKN) 207.20p +2.37%BHP Billiton (BLT) 2,641.00p +2.15%Royal Bank of Scotland Group (RBS) 44.35p +2.12%Essar Energy (ESSR) 477.60p +1.96%Capital Shopping Centres Group (CSCG) 392.80p +1.71%Xstrata (XTA) 1,536.00p +1.49%ITV (ITV) 76.90p +1.32%Fresnillo (FRES) 1,667.00p +1.28%Cairn Energy (CNE) 450.40p +1.19%FTSE 100 - FallersBurberry Group (BRBY) 1,159.00p -2.03%3i Group (III) 270.00p -1.85%WPP (WPP) 747.00p -1.84%Aggreko (AGK) 1,643.00p -1.38%Serco Group (SRP) 541.00p -1.37%Whitbread (WTB) 1,632.00p -1.27%Invensys (ISYS) 330.70p -0.99%ICAP (IAP) 514.00p -0.96%Reckitt Benckiser Group (RB.) 3,245.00p -0.92%Capita Group (CPI) 727.50p -0.82%FTSE 250 - RisersKenmare Resources (KMR) 50.40p +2.86%Centamin Egypt Ltd. (CEY) 156.20p +2.76%Imagination Technologies Group (IMG) 479.40p +2.66%RPC Group (RPC) 309.80p +2.58%Lamprell (LAM) 368.30p +2.22%Exillon Energy (EXI) 470.00p +2.17%Dairy Crest Group (DCG) 371.60p +2.12%Filtrona PLC (FLTR) 310.80p +1.90%Phoenix Group Holdings (DI) (PHNX) 680.50p +1.72%Howden Joinery Group (HWDN) 109.10p +1.68%FTSE 250 - FallersCPP Group (CPP) 124.40p -17.07%Elementis (ELM) 159.90p -1.90%Charter International (CHTR) 782.00p -1.88%Fenner (FENR) 363.60p -1.81%SDL (SDL) 638.50p -1.77%Misys (MSY) 329.10p -1.56%Bwin.party Digital Entertainment (BPTY) 133.60p -1.47%Mothercare (MTC) 383.70p -1.44%Barratt Developments (BDEV) 106.60p -1.39%Hikma Pharmaceuticals (HIK) 720.50p -1.37%