London midday: Shares keep climbing

1st Dec 2010 12:04

The leading share index looks to be heading towards triple-digit gains now as worries over the eurozone debt situation subside. Strong economic data and well-received company news here is also helping.Talk that the European Central Bank may take more measures to deal with the debt crisis has buoyed European markets.Here, activity in the manufacturing sector hit levels not seen in 16 years last month, far exceeding analysts' expectations. The Markit/Chartered Institute of Purchasing and Supply (CIPS) manufacturing index jumped to 58 in November from 55.4 in October.In company news, Prudential is going strong after chief executive Tidjane Thiam made Asia the cornerstone of a plan to drive the life insurance group's profits strongly forward over the next two years. Thiam, who failed to conclude a deal to buy the Asian business of US firm AIG earlier in the year, has projected the Pru's Asian arm will double its 2009 pre-tax operating profit of £465m by 2013. Cash is also expected to roll in.Sage, the blue chip accountancy software firm, is also wanted. It posted a 14% increase in full-year underlying pre-tax profit thanks to the cost-cutting drive, mostly in North America. Profit before tax, with foreign exchange impacts neutralised, for the year ended 30 September rose to £355.7m from £311.1m in 2009. It was up 5% excluding last year's restructuring costs. Miners Fresnillo, Kazakhmys and Xstrata are also on the up.Holiday firm Thomas Cook is a faller even though winter bookings are going well after a year in which profits were blighted by the volcanic ash cloud in April. Adjusted underlying profit before tax in the year to 30 September was in line with market expectations at £277.0m, down 6.1% from £294.9m the year before.State-owned lender The Royal Bank of Scotland Group has completed the sale of its Global Merchant Services business. The business has been sold to a consortium of Advent International and Bain Capital following regulatory and other approvals.Broadband satellite operator Avanti Communications reported a full year pre-tax loss as revenue fell but remained upbeat following the launch of its multi million pound HYLAS 1 satellite from French Guiana 26 November. Shares of Avanti soared earlier this week after the launch of the group's first satellite which, "is currently in orbit and operating as planned under our control," said Avanti chief executive David Williams.FTSE 100 - RisersSage Group (SGE) 271.60p +5.56%Prudential (PRU) 599.00p +5.46%Royal Bank of Scotland Group (RBS) 39.45p +4.95%Intertek Group (ITRK) 1,898.00p +4.63%Xstrata (XTA) 1,350.00p +4.49%Lloyds Banking Group (LLOY) 63.10p +4.45%Kazakhmys (KAZ) 1,444.00p +4.18%Fresnillo (FRES) 1,461.00p +3.54%RSA Insurance Group (RSA) 124.30p +3.50%Aviva (AV.) 366.80p +3.44%FTSE 100 - FallersSevern Trent (SVT) 1,402.00p -3.04%National Grid (NG.) 553.00p -2.64%BAE Systems (BA.) 325.90p -1.33%United Utilities Group (UU.) 592.00p -0.75%Cobham (COB) 190.90p -0.73%Capita Group (CPI) 648.00p -0.61%International Power (IPR) 405.70p -0.44%Scottish & Southern Energy (SSE) 1,116.00p -0.36%Morrison (Wm) Supermarkets (MRW) 271.10p -0.33%Shire Plc (SHP) 1,499.00p -0.27%FTSE 250 - RisersDe La Rue (DLAR) 634.50p +9.78%ITE Group (ITE) 201.60p +7.75%Daejan Holdings (DJAN) 2,559.00p +7.12%Sportingbet (SBT) 61.80p +6.55%Hochschild Mining (HOC) 556.00p +5.70%Fidessa Group (FDSA) 1,481.00p +5.11%Talvivaara Mining Company (TALV) 515.00p +4.95%Laird (LRD) 161.70p +4.80%Carpetright (CPR) 715.50p +4.68%John Wood Group (WG.) 488.00p +4.54%FTSE 250 - FallersXchanging (XCH) 100.90p -4.36%Thomas Cook Group (TCG) 181.90p -2.36%Kenmare Resources (KMR) 25.50p -1.54%Mcbride (MCB) 168.10p -1.52%Lamprell (LAM) 290.00p -1.39%Intermediate Capital Group (ICP) 308.50p -1.37%Helical Bar (HLCL) 276.90p -1.04%Northumbrian Water Group (NWG) 326.90p -0.94%Pennon Group (PNN) 622.50p -0.88%Gartmore Group Ltd. (GRT) 101.00p -0.79%