London midday: Footsie flat after recovery

12th Nov 2010 12:13

Shares are looking for direction now after staging an impressive recovery from this morning's losses.Aero-engine maker Rolls-Royce is going well despite warning solving the problems on its Trent 900 engine will mean it making less money than expected in 2010. Centrica is also higher after the British Gas owner said it will raise householders' gas and electricity bills by an average of 7% from 10 December.Miners, though, are big fallers this morning on disappointment with the outcome at the G20 meeting and the possibility of a currency free-for-all. Xstrata, Antofagasta, ENRC and Anglo American are all under pressure. Indian Energy Group Essar has issued its first trading update since listing. Power generation in the period to 30 September fell back a little due to lower customer demand and high rainfall, the company said.Down a division, Electrocomponents is storming ahead after the world's largest distributor of electronics and maintenance products, forecast full year profits will be ahead of previous expectations after a strong first half. All regions saw double-digit percentage underlying sales growth in in the six months to 30 September. Year on year revenue growth quickened in the third quarter at media agency Aegis. Total group revenues in the third quarter were 8.8% higher than in the corresponding quarter of 2009. Revenues in the first nine months of 2010 were 4.4% higher than a year earlier.Less volatile markets have trimmed activity at money broker Tullett Prebon, with business 'relatively subdued' over the past four months. Revenue in the four months July to October of £292m was 3% lower than this time last year (6% lower at constant exchange rates).Oilfield services firm Petrofac has won a three year contract from Maersk Oil. The contract, worth more than £40m, is for the provision of engineering services to the UK Continental Shelf assets of Maersk.Instrumentation and controls company Spectris has seen a revenue growth spurt in the second half of the year, prompting the group to raise profits guidance. Revenues for the four months ended 31 October 2010 increased by 21% from a year earlier, including a contribution from acquisitions of 2% and beneficial effects from currency of 3%. Housebuilder and contractor Kier's construction businesses are offsetting a slow start to its homes arm as the housing market struggles, while Hornby is making "encouraging progress" and the toy company that owns the Corgi and Airfix brands says its new Scalextric range is selling like hot cakes in the run up to Christmas.FTSE 100 - RisersRolls-Royce Group (RR.) 608.50p +4.20%Royal Bank of Scotland Group (RBS) 42.34p +3.22%Scottish & Southern Energy (SSE) 1,167.00p +2.10%British Airways (BAY) 269.20p +1.89%Tesco (TSCO) 417.30p +1.41%Intertek Group (ITRK) 1,919.00p +1.37%National Grid (NG.) 587.50p +1.12%Centrica (CNA) 339.70p +1.10%Severn Trent (SVT) 1,451.00p +1.04%Vodafone Group (VOD) 173.40p +0.87%FTSE 100 - FallersKazakhmys (KAZ) 1,513.00p -2.45%Autonomy Corporation (AU.) 1,385.00p -2.40%Lonmin (LMI) 1,748.00p -2.29%Eurasian Natural Resources Corp. (ENRC) 968.00p -2.22%Anglo American (AAL) 2,987.50p -2.21%Antofagasta (ANTO) 1,440.00p -2.17%BHP Billiton (BLT) 2,367.50p -1.89%Schroders (Non-Voting) (SDRC) 1,260.00p -1.79%Schroders (SDR) 1,603.00p -1.66%Petrofac Ltd. (PFC) 1,494.00p -1.65%FTSE 250 - RisersXchanging (XCH) 120.30p +6.37%Electrocomponents (ECM) 261.80p +5.61%Spectris (SXS) 1,173.00p +4.55%Premier Farnell (PFL) 286.30p +4.34%Supergroup (SGP) 1,401.00p +3.78%Catlin Group Ltd. (CGL) 360.80p +2.94%Punch Taverns (PUB) 67.45p +2.66%Sports Direct International (SPD) 131.70p +2.49%SIG (SHI) 120.70p +2.29%Elementis (ELM) 114.20p +2.06%FTSE 250 - FallersYell Group (YELL) 10.22p -6.24%Imagination Technologies Group (IMG) 378.60p -6.17%Hikma Pharmaceuticals (HIK) 750.00p -4.21%Kenmare Resources (KMR) 24.52p -3.84%TR Property Inv Trust Sigma Shares (TRYS) 73.80p -2.89%Petropavlovsk (POG) 1,048.00p -2.69%Tullett Prebon (TLPR) 359.30p -2.63%Howden Joinery Group (HWDN) 90.15p -2.59%Premier Foods (PFD) 17.93p -2.45%ITE Group (ITE) 172.70p -2.37%