London midday: Footsie subdued after surge

5th Nov 2010 12:19

Footsie remains slightly adrift following a mixed morning that has seen shares moving in both directions in the wake of yesterday's surge.Part-nationalised bank Royal Bank of Scotland is lower after it fell into the red in the third quarter. After restructuring costs, amortisation of intangibles and a £825m charge related to the Asset Protection Scheme (APS), the group recorded a loss before tax of £1,379 million, compared with a profit of £1,157m in the second quarter and a loss of £2,077m in the third quarter of 2009. HSBC, meanwhile, warned the pace of growth in emerging markets is slowing and recovery from recession may take longer than in previous downturns. "Our latest data from emerging markets points to a slowdown in the rate of recovery and the likelihood of some bumps in the road ahead," the banking giant said.Oil giant Shell has agreed to sell stakes in six Gulf of Mexico oil and gas fields for $450m (£280m) as it seeks to invest in 'more promising' growth opportunities. It is selling the Tahoe, Southeast Tahoe, Droshky, Marlin and Dorado fields and a Gulf of Mexico producing shelf property to W&T Energy for $450m.A good performance from its orthopaedics business helped wound care and artificial joint maker Smith & Nephew, one of today's risers, over the past three months. Revenues in the quarter to September rose by 4% to $941m, compared to $915m in the same period last year. Pre-tax profits rose to $201m from $173m while trading profit in the quarter was $215m, representing underlying growth of 4%.Mobile phone retailer Carphone Warehouse is sharply higher after saying it is to start paying a dividend after raising its full year earnings forecast on the back of a strong performance from its US operations. It is raising its full-year earnings per share estimate to 13.5p to 14p from a previous range of 11.5p to 11.9p and said it intends to move to a regular dividend policy with a target of about 4.5p a share to be paid in August 2011. Sticking with telecommunications stocks, news that Cable & Wireless Communications' chief executive bought shares in the company the day it released disappointing results has sparked a recovery in the telecommunications company's share price.Pest control and parcel delivery group Rentokil has cut its forecast for cost savings this year after more losses and a deteriorating trading picture at its courier arm City Link. The services group kept its earnings guidance for the year unchanged, though, after a strong quarter for its rat catching division. Funeral home operator Dignity said its businesses continued to perform in line with expectations in the third quarter of 2010. The company saw a 5.8% increase in revenue to £145.2m for the first 39 weeks of the year from £137.3m in the corresponding period of 2009.Student accommodation outfit Unite Group said the package of recommendations in the Browne Review into the Future of Higher Education Funding was broadly in line with its expectations.FTSE 100 - RisersSmith & Nephew (SN.) 595.50p +6.62%Vedanta Resources (VED) 2,278.00p +4.02%ARM Holdings (ARM) 347.10p +2.42%GlaxoSmithKline (GSK) 1,256.50p +2.36%Invensys (ISYS) 307.00p +2.23%Eurasian Natural Resources Corp. (ENRC) 970.00p +2.16%Fresnillo (FRES) 1,387.00p +1.46%Old Mutual (OML) 133.70p +1.36%Amec (AMEC) 1,116.00p +1.27%Serco Group (SRP) 567.00p +1.25%FTSE 100 - FallersRoyal Bank of Scotland Group (RBS) 45.03p -4.48%Cobham (COB) 200.20p -3.75%Rolls-Royce Group (RR.) 601.50p -3.22%Man Group (EMG) 282.70p -2.79%HSBC Holdings (HSBA) 683.30p -1.70%Marks & Spencer Group (MKS) 405.90p -1.67%Lonmin (LMI) 1,831.00p -1.66%British Airways (BAY) 281.40p -1.61%Kazakhmys (KAZ) 1,441.00p -1.44%Morrison (Wm) Supermarkets (MRW) 275.10p -1.29%FTSE 250 - RisersYell Group (YELL) 16.09p +6.27%Cable & Wireless Communications (CWC) 49.44p +5.21%Premier Foods (PFD) 19.22p +5.03%Senior (SNR) 148.50p +4.21%Forth Ports (FPT) 1,338.00p +4.12%Punch Taverns (PUB) 71.40p +4.08%Sportingbet (SBT) 59.95p +4.08%Taylor Wimpey (TW.) 26.02p +4.00%Ferrexpo (FXPO) 365.90p +3.68%Dairy Crest Group (DCG) 369.70p +3.62%FTSE 250 - FallersAmlin (AML) 400.90p -3.75%Sports Direct International (SPD) 131.10p -3.67%Rentokil Initial (RTO) 97.65p -2.64%Dixons Retail (DXNS) 26.63p -2.49%Hansen Transmissions International NV (DI) (HSN) 48.81p -2.38%JD Sports Fashion (JD.) 804.50p -2.19%QinetiQ Group (QQ.) 101.70p -2.02%Afren (AFR) 131.30p -2.01%Kesa Electricals (KESA) 157.30p -1.99%Provident Financial (PFG) 746.50p -1.97%