London midday: Eurozone optimism buoys stocks

7th Sep 2011 12:00

Stocks remain buoyant amid hopes that the Eurozone situation may be nearing some kind of resolution.Office provider Regus in particular is benefiting from increased risk appetite. The shares are up more than 17%. Company updates are also attracting attention. Shares in Dixons gave up strong gains after its chief executive John Browett poured cold water on rumours that the electrical products retailer has been in merger talks with Carphone Warehouse. The stock was posting strong gains in early trading, despite reporting a 7% fall in like-for-like sales in the 12 weeks to 23 July amid continuing tough conditions in Britain and Ireland.Also in retail, Supergroup, the firm behind the ultra-trendy Superdry fashion label, is in demand after posting a surge in quarterly sales. "Our domestic and international roll-outs are on track and we remain excited about the group's future prospects," said chief executive Julian Dunkerton.Sportswear retailer Sports Direct saw total sales rise 0.5% to £410m in the 13 weeks to 25 July from £408m in the corresponding period of last year. Gross profit fell 5.7% to £174m from £185m. In line with management's expectations, retail sales in the 13 week period increased 0.8% year on year to £368m (2011: £365m), and retail gross profit decreased 6.6% to £156m (2011: £167m). The company noted that last year's trading received a boost from the FIFA World Cup.Oil firm SOCO has started drilling on the Mindou Marine 1 exploration well in the Marine XI block in the Congo Basin. Meanwhile, the Te Giac Trang Field in Vietnam, which commenced production on 22 August 2011, is ramping up production on schedule, reporting 28,563 barrels of oil per day in the most recent 24 hour reporting period, the company said.Investors have an appetite for Italian restaurant chain Prezzo after it said it is confident its value offering will serve it well despite tough economic conditions as it posted a sharp rise in half year profits. In the half year to 3 July, pre-tax profits climbed to £7.3m from £6m the previous year on revenues that rose to £59.6m from £48.4m. Wound care specialist Advanced Medical Solutions is wanted after it revealed an 80% increase in half year profit after strong sales of wound care product ActivHeal. For the six months ended 30 June 2011 profit from operations, post exceptional items, rose to £2.62m from £1.5m the year before. Profit from operations, pre-exceptional items, was up 25% to £2.6m. Group revenue rose 12% to £16.3m during the half year. FTSE 100 - RisersWolseley (WOS) 1,607.00p +6.49%Tullow Oil (TLW) 1,152.00p +6.08%Essar Energy (ESSR) 255.50p +6.02%Lloyds Banking Group (LLOY) 32.36p +5.24%GKN (GKN) 185.80p +4.44%Barclays (BARC) 157.00p +4.15%Burberry Group (BRBY) 1,321.00p +3.85%Smiths Group (SMIN) 964.00p +3.82%Weir Group (WEIR) 1,823.00p +3.82%Antofagasta (ANTO) 1,290.00p +3.70%FTSE 100 - FallersImperial Tobacco Group (IMT) 2,072.00p -1.57%Randgold Resources Ltd. (RRS) 6,835.00p -1.51%Rexam (REX) 337.00p -0.85%Hargreaves Lansdown (HL.) 480.30p -0.66%Diageo (DGE) 1,212.00p -0.66%Tesco (TSCO) 373.75p -0.27%Resolution Ltd. (RSL) 251.80p -0.04%Autonomy Corporation (AU.) 2,518.00p 0.00%Fresnillo (FRES) 2,065.00p +0.05%Morrison (Wm) Supermarkets (MRW) 291.60p +0.07%FTSE 250 - RisersRegus (RGU) 81.35p +17.30%Perform Group (PER) 183.00p +6.71%Ashtead Group (AHT) 141.40p +6.16%Afren (AFR) 98.20p +5.25%Taylor Wimpey (TW.) 32.47p +5.15%Ferrexpo (FXPO) 371.40p +5.15%Morgan Crucible Co (MGCR) 267.80p +4.94%Ocado Group (OCDO) 112.10p +4.77%Kofax (KFX) 298.00p +4.71%Cable & Wireless Worldwide (CW.) 34.31p +4.70%FTSE 250 - FallersPhoenix Group Holdings (DI) (PHNX) 500.00p -3.85%Spirit Pub Company (SPRT) 37.64p -3.49%African Barrick Gold (ABG) 586.50p -2.82%Thomas Cook Group (TCG) 37.77p -2.75%Enterprise Inns (ETI) 33.00p -2.57%Lamprell (LAM) 272.10p -2.09%Shanks Group (SKS) 110.20p -1.52%Amlin (AML) 294.80p -1.37%RPC Group (RPC) 310.80p -1.30%Rank Group (RNK) 125.00p -1.26%