London midday: FTSE plunges below 6,000 on Libya worries

22nd Feb 2011 12:10

Shares are under pressure today as the Libya crisis pushes up oil prices, though precious metal miners are benefitting from defensive buying.Oil prices are higher again, with Brent crude for April settlement rising past $108 a barrel, not good news for British Airways owner IAG, which is one of today's notable fallers. The high gold price as investors seek a safe haven has lifted African Barrick Gold, while silver producer Fresnillo is also going well.Other miners are lower, including BHP Billiton. The firm is usually thought of as a miner but it has oil and gas assets too, and it bolstered those Tuesday with the acquisition of Chesapeake Energy's Fayetteville shale assets. In response to another world event hitting the headlines - the New Zealand earthquake - FTSE 250-listed hotel operator Millennium and Copthorne said it believes guests and staff from its three hotels in the Christchurch Business District have been safely evacuated. "We will update the situation once we have further and better information. Our thoughts are with our guests and staff at this difficult time," it said.The high oil prices stoked by the Libya turmoil won't worry coal-fired power station operator Drax, though the chairman, Gordon Horsfield, did warn of "pressure on coal generation margins due to today's commodity market conditions," as he unveiled forecast-busting 2010 earnings. Drax's earnings before interest, tax, depreciation and amortisation in 2010 totalled £391m, up from £355m last year, and ahead of market expectations of £384m. Total revenue was comfortably ahead of market expectations at £1,648.4m, up from $1,475.8m; the market had pencilled in a figure of £1,426m.Shares in Lamprell have jumped after the provider of engineering services to the international oil and gas industry, defied the trend after announcing a contract win.The company has received a new contract award from Singapore company Greatship Global Energy Services for the construction and delivery of a completely outfitted and equipped, LeTourneau designed, self-elevating Mobile Offshore Drilling Platform of a Super 116E (Enhanced) Class design.The global economic recovery helped animal breeding business Genus lift revenues and profits in the half year to 31 December. The firm posted a pre-tax profit of £19.1m, up from £15.5m over the same period the previous year, on revenues that climbed to £153.2m from £134.9m.Similarly, the global recovery helped speciality chemicals group Croda International more than double pre-tax profits in the year to 31 December, sparking a strong reaction from the shares today. Pre-tax profits jumped to £192m from £91m the previous year on revenues that rose to £1bn from £828m.Specialist business publisher and trade events group Informa posted a sharp rise in profits in 2010 despite flat revenues as it adjusted to the tough climate by consolidating publications, getting rid of marginal ones and reducing the scale of some events. The shares have fallen back though. Pre-tax profits rose to £125m from £96.5m the previous year on revenues that rose to £1.226bn from £1.221bn.FTSE 100 - RisersRoyal Bank of Scotland Group (RBS) 47.40p +1.63%Wolseley (WOS) 2,122.00p +1.05%Scottish & Southern Energy (SSE) 1,211.00p +0.41%African Barrick Gold (ABG) 569.00p +0.35%Land Securities Group (LAND) 738.00p +0.34%Hammerson (HMSO) 456.20p +0.22%British Land Co (BLND) 555.50p +0.18%BHP Billiton (BLT) 2,377.00p +0.11%Capita Group (CPI) 670.50p 0.00%3i Group (III) 313.10p 0.00%FTSE 100 - FallersBAE Systems (BA.) 323.70p -5.21%International Consolidated Airlines Group SA (IAG) 231.80p -3.22%Serco Group (SRP) 527.00p -3.21%Fresnillo (FRES) 1,511.00p -2.52%Burberry Group (BRBY) 1,148.00p -2.46%International Power (IPR) 333.70p -2.40%Man Group (EMG) 287.70p -2.38%Bunzl (BNZL) 751.00p -2.28%TUI Travel (TT.) 240.40p -2.20%Admiral Group (ADM) 1,699.00p -2.19%FTSE 250 - RisersCroda International (CRDA) 1,609.00p +7.70%Lamprell (LAM) 300.00p +7.14%Exillon Energy (EXI) 413.30p +4.63%Afren (AFR) 163.80p +3.15%Forth Ports (FPT) 1,487.00p +2.98%Devro (DVO) 249.00p +2.17%Hochschild Mining (HOC) 588.00p +1.64%EnQuest (ENQ) 138.00p +1.62%Stobart Group Ltd. (STOB) 153.50p +1.59%Travis Perkins (TPK) 1,034.00p +1.37%FTSE 250 - FallersSportingbet (SBT) 44.25p -4.41%Brewin Dolphin Holdings (BRW) 174.50p -3.91%Hikma Pharmaceuticals (HIK) 774.00p -3.49%Thomas Cook Group (TCG) 191.10p -3.48%Supergroup (SGP) 1,569.00p -3.39%Kenmare Resources (KMR) 37.70p -3.33%Informa (INF) 434.20p -3.30%Aberdeen Asset Management (ADN) 212.70p -3.23%Renishaw (RSW) 1,570.00p -3.21%Pace (PIC) 215.00p -3.15%