London midday: Shares advance despite Libya worries

7th Mar 2011 12:13

The ongoing turmoil in Libya and worries that other Arab nations could be affected are still casting a shadow but shares have moved well ahead of the 6,000 point mark.Oil prices are still an issue. Light crude rose to a 30-month high above $106 on Monday as civil war rages in Libya while reports that the unrest may have reached Saudi Arabia further added to the oil market's frayed nerves. Petrofac is higher after the oil fabrications giant reported only a 'minimal impact' so far from the unrest, but it adds it continues to monitor the situation closely. Intertek, the testing and inspections firm, is in demand after saying it has paid £450m for Moody, a provider of quality and safety services to the global energy industry. The purchase of Haywards Heath-based Moody on a cash-free and debt-free basis will create "significant" benefits and opportunities, including pre-tax cost synergies of about £6m by the third full year of ownership.However, satellite operator Inmarsat has slumped after it warned growth had slowed in the last quarter of 2010 and early 2011 due to lower usage levels.Rolls-Royce has announced that it and car maker Daimler are in discussions about a purchase of German engine maker Tognum. Rolls is among the heaviest fallers in the FTSE 100.Reports over the weekend that BSkyB's shareholders want a much higher offer from News Corp have lifted the satellite broadcaster, while the LSE is mulling Nasdaq as a takeover target after it concludes its merger with Toronto SE according to another story.Burberry is going well after Verdict suggested that the top end of the clothing retail market will grow by nearly 30%, to £8.6bn, by 2014.Stagecoach blames "unusually severe" weather conditions in December for a slowdown at its UK bus business, but its trains remain on track and revenue is up in North America. Like for like revenue grew 1.9% at UK Bus in the 40 weeks to 6 February, down from 2.3% for the six months to 31 October.Forth Ports is in demand after it agreed to let its major shareholder Arcus Capital go through its books ahead of a possible £16.30 bid that would value the Scotland-based port group at just shy of £750m.Mining giant Xstrata has moved quickly to snap up the outgoing Vodafone chairman Sir John Bond as its new chairman of the board. Sir John will replace Willy Strothotte, who is to retire after the AGM on 4 May. UK oil and gas titan BG Group has signed a 20-year deal to provide 1.2m tonnes of liquefied natural gas a year to Tokyo Gas, Japan's largest city gas supplier.Financial Times publisher Pearson has added to its educational activities with the purchase of qualifications group Educational Development International (EDI).Pearson is paying 200p a share for EDI, which values the company at about £112.7m. Shares in EDI shot up after the announcement. Educational Development accredits vocational courses for teachers, taxi drivers and other professions and provides qualifications for overseas English students in countries such as Malaysia and Burma.FTSE 100 - RisersIntertek Group (ITRK) 1,984.00p +4.48%Burberry Group (BRBY) 1,198.00p +3.45%ARM Holdings (ARM) 599.50p +2.74%Fresnillo (FRES) 1,648.00p +2.49%Investec (INVP) 475.90p +2.43%Xstrata (XTA) 1,458.00p +2.32%BP (BP.) 503.00p +1.84%HSBC Holdings (HSBA) 664.50p +1.84%SABMiller (SAB) 2,111.00p +1.81%Man Group (EMG) 282.90p +1.76%FTSE 100 - FallersInmarsat (ISAT) 611.50p -10.66%Serco Group (SRP) 608.00p -1.70%Admiral Group (ADM) 1,660.00p -1.19%Imperial Tobacco Group (IMT) 1,922.00p -1.03%United Utilities Group (UU.) 584.00p -0.85%IMI (IMI) 950.00p -0.73%Land Securities Group (LAND) 767.50p -0.71%British Land Co (BLND) 582.00p -0.60%G4S (GFS) 269.00p -0.37%Whitbread (WTB) 1,673.00p -0.36%FTSE 250 - RisersForth Ports (FPT) 1,604.00p +5.32%Hochschild Mining (HOC) 672.50p +4.26%Heritage Oil (HOIL) 282.00p +4.06%Imagination Technologies Group (IMG) 469.30p +3.78%SDL (SDL) 657.00p +3.71%Fenner (FENR) 352.20p +3.28%Hansen Transmissions International NV (DI) (HSN) 41.20p +3.00%Kesa Electricals (KESA) 130.00p +2.69%Telecity Group (TCY) 492.10p +2.31%St. Modwen Properties (SMP) 173.80p +2.24%FTSE 250 - FallersOcado Group (OCDO) 206.90p -2.64%Informa (INF) 424.70p -2.59%Hikma Pharmaceuticals (HIK) 743.00p -2.24%Howden Joinery Group (HWDN) 113.00p -1.99%AZ Electronic Materials SA (WI) (AZEM) 304.30p -1.81%PartyGaming (PRTY) 185.70p -1.75%Lancashire Holdings (LRE) 608.50p -1.62%Renishaw (RSW) 1,668.00p -1.59%Travis Perkins (TPK) 1,013.00p -1.46%COLT Group SA (COLT) 148.40p -1.13%