London midday: FTSE 100 little changed as updates impress

17th May 2011 12:13

The leading share index is flat now after winning back some early losses, with company updates helping to send stocks higher.India-focused energy firm Essar Energy leads the risers in the FTSE 100 after it reported a "solid operating performance" in the first quarter with total generation 10% higher than the same period the year before. Total generation rose to 1,845 MU, from 1,684 MU, while current price gross refinery margin jumped 50% from $5.82/bbl to $8.71/bbl. Strong growth in emerging markets and the increasing popularity of smartphones helped the mobile telecommunications giant Vodafone post higher revenues and profits in the year to 31 March. Adjusted pre-tax profits rose to £11bn from £10.6bn on revenues that were up to £45.9bn from £44.5bn.It is joined higher by fellow FTSE 100 constituent Capital Shopping Centres, which said shopping centres remain busy despite economic worries, though 2011 is expected to be difficult year for customers. The company, which controversially bought the Trafford Centre in Manchester earlier this year for £748m in shares and bonds, said footfall - retail jargon for how many shoppers come into its centres - is up by 3% year-on-year in 2011 so far. In the FTSE 250, engineering support services group Babcock International is in demand after it hailed the ability of outsourced service providers to benefit from the government's cost-cutting efforts as it posted a sharp rise in revenues. In the year to 31 March, revenue was up by 50% from the previous year at £2.89bn, while pre-tax profits fell 11% to £115.4m. Babcock, whose activities include helping to manage railway infrastructure and operating power transmission lines, upped its full-year dividend by 10% to 19.4p. Precision tool maker Renishaw is lower even after it reported a 60% surge in third quarter revenue following a particularly strong March and expects full year profit to be ahead of expectations. Revenue for the third quarter rose to £75.6m, after revenue of £32.0m in March 2011. Insurance giant Aviva highlighted the performance of its UK general insurance sales, which topped the billion pounds mark, as it made a solid start to the year. Net written premiums in the first quarter of 2011 were up 9% on the corresponding quarter and up 14% on the preceding quarter at £2.69bn.Debt-laden pubs group Enterprise Inns said average net income per pub remained stable in the first half of its fiscal year, despite poor weather conditions over the key Christmas trading period. Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) dropped to £179m from £204m the year before, while profit before tax and one-off items tumbled to £61m from £91m.Derwent London said it will raise a £175m convertible bond to fund future plans as the office market in the capital continues to perform strongly. The group announced the launch of the convertible bond to help fund its development pipeline and increase resources for future acquisition opportunities, it said in a company statement. FTSE 100 - RisersEssar Energy (ESSR) 426.50p +3.49%3i Group (III) 295.40p +3.14%BG Group (BG.) 1,364.00p +1.79%Vodafone Group (VOD) 171.15p +1.72%John Wood Group (WG.) 653.50p +1.48%Xstrata (XTA) 1,407.50p +1.48%Aviva (AV.) 438.90p +1.13%Capital Shopping Centres Group (CSCG) 395.50p +1.10%BP (BP.) 443.00p +1.04%ITV (ITV) 68.80p +1.03%FTSE 100 - FallersIMI (IMI) 1,034.00p -3.54%ARM Holdings (ARM) 571.00p -1.89%Invensys (ISYS) 313.60p -1.82%Fresnillo (FRES) 1,328.00p -1.70%GlaxoSmithKline (GSK) 1,325.50p -1.67%Shire Plc (SHP) 1,905.00p -1.55%Diageo (DGE) 1,281.00p -1.54%Smith & Nephew (SN.) 678.00p -1.31%Reckitt Benckiser Group (RB.) 3,358.00p -1.24%Autonomy Corporation (AU.) 1,758.00p -1.24%FTSE 250 - RisersBabcock International Group (BAB) 689.00p +5.76%Heritage Oil (HOIL) 234.00p +2.72%SIG (SHI) 152.00p +2.29%Regus (RGU) 110.10p +1.66%Ocado Group (OCDO) 206.90p +1.62%Savills (SVS) 424.30p +1.43%CPP Group (CPP) 121.10p +1.34%Domino Printing Sciences (DNO) 677.50p +1.27%Talvivaara Mining Company (TALV) 476.30p +1.23%Bwin.party Digital Entertainment (BPTY) 138.20p +1.17%FTSE 250 - FallersAfrican Barrick Gold (ABG) 476.30p -4.28%Moneysupermarket.com Group (MONY) 96.40p -4.17%Renishaw (RSW) 1,684.00p -3.55%Taylor Wimpey (TW.) 38.24p -3.31%Enterprise Inns (ETI) 85.95p -2.88%Kofax (KFX) 462.00p -2.74%Aveva Group (AVV) 1,592.00p -2.69%AZ Electronic Materials SA (WI) (AZEM) 284.70p -2.27%JPMorgan Indian Inv Trust (JII) 411.00p -2.19%Dairy Crest Group (DCG) 399.40p -2.11%---RG