London midday: Steady gains for Footsie

11th Dec 2009 12:19

London had has a good morning with mining stocks helping Footsie post gains as metals prices rally following some strong economic data from China. Industrial production growth in China rose again in November to hit 19.1% year-on-year. It is fastest pace of growth in industrial production since June 2007. Kazakhmys, Rio Tinto and Xstrata are all going well. In UK economic news, factory gate prices rose for the ninth month in a row in November, as improving economic conditions helped push up commodity prices. Support services and construction company Carillion expects market conditions will remain challenging but said it believes it will make further progress in 2010. Underlying earnings per share are forecast to grow by at least 10% in the 12 month ended 31 December. Casinos and bingo outfit Rank said it has submitted a claim for VAT overpaid on main stage bingo for periods from July 2004. If successful, Rank estimates that the net cash benefit arising from this claim will be approximately £16m. HMV's half-year loss before tax narrowed to £24.9m from £27.5m a year earlier. The entertainment media retailer's total sales in the 6 months 24 October were up 5.6% to £797m from £754.5m at the interim stage in 2008, but this masked a 2.1% decline in like for like sales that was primarily caused by weak trading at Waterstone's, its book selling arm. HSBC Infrastructure, the trust that invests in infrastructure projects, is to pump £2.1m in to the Helicopter Training Facility private finance initiative (PFI) project. Road and infrastructure support contractor Mouchel has seen its order book hold steady at £2bn and remains on track to met its expectations for this year to July 2010, even though the situation in Dubai has 'clearly deteriorated'. Good demand at its signal business will mean LED sensor specialist Dialight 'will exceed its previous earnings expectations' this year.Shares in medical diagnostics group Omega Diagnostics were looking poorly Friday morning after technical problems with a new manufacturing process prompted a profit warning. The group has had to abandon its new non-contact printing system for manufacturing protein spot slides for processing by its Genarrayt platform.Mobile payments group Bango has conditionally raised £3.2m by way of a placing of 7.49m new shares at 43 pence each. The group said the proceeds of the placing will be used to accelerate payments to selected content providers ahead of receipt of funds from network operators.