London midday: Stocks add more gains

17th Mar 2011 12:17

The FTSE 100 has advanced further following a good start, even as the overseas worries that have been hitting shares continue. The yen rose to a record high against the dollar on Wednesday in intense trade as investors become increasingly worried about Japan's nuclear crisis. The Foreign Office is advising Brits to leave Bahrain, while the UN's human rights chief has called the crackdown on anti-government protestors "shocking and illegal."Miners are going strong, with Xstrata leading the sector higher in the FTSE 100.In company news, Legal & General is confident, despite a drop in full-year operating profit, as sales rose 28% and the government's decision to cut state benefits forces people to make their own provisions. The country's fourth-largest life insurer grew worldwide Annual Premium Equivalent (APE) sales to £1.8bn last year from £1.4bn in 2009. European Embedded Value (EEV) operating profit fell 7% to £1.22bn, but profit before tax more than tripled to £1.68bn from £552m a year ago. On an international financial reporting standards (IFRS) basis operating profit was down 10% at £1bn, but pre-tax profit edged up to £1.09bn from £1.07bn the year before. The final dividend goes up 25%.Global property markets are bouncing back strongly judging by the results from international estate agent Savills, with Asia Pacific putting in an especially strong performance. Group revenue for 2010 was up 21%, or 19% in constant currency (cc) terms to £677.0m from £560.7m in 2009. Underlying profit before tax soared 88% (83% in cc terms) to £47.3m from £25.2m in 2009.Profits were in line and sales a little higher at electronic and industrial components supplier Premier Farnell last year. Revenue in the year to 31 January 2011 rose 21.4% to £990.8m from £795.3m the year before. The market had been expecting a figure of around £982m. Underlying profit before tax rose by 70% to £93.3m, a shade below the market consensus of £93.5m, from £54.8m a year ago. "This sales momentum from the fourth quarter has continued into the new financial year," the company said.Construction products supplier SIG is a top performer today after it posted higher profits in 2010 as it recovered from the economic downturn following the 2008-09 global crash, but warned that government cuts will counteract private sector growth this year. SIG, which supplies materials for insulation, roofing and other areas of construction, posted an underlying pre-tax profit of £62.5m for the period, up 3.1% from the previous year, on revenues that slipped 2% to £2.67bn.Green outsourcing company Eaga, in the process of being bought by support services giant Carillion for £306m, has got the £300m of funding needed for a UK residential solar panels project. The firm has signed equity and debt facility agreements made up of £75m in equity and debt financing of £225m provided by a syndicate of five banks - HSBC, Lloyds, National Australia Bank Limited, RBS and Santander.Media buying and market research group Aegis saw a return to organic revenue growth in 2010. Revenue in 2010 rose 8.4%, or 6.4% in constant currency (cc) terms, to £1,459.4m from £1,346.5m in 2009. The market had pencilled in a figure of £1,428m for revenue.Global property markets are bouncing back strongly judging by the results from international estate agent Savills, with Asia Pacific putting in an especially strong performance. Group revenue for 2010 was up 21%, or 19% in constant currency (cc) terms to £677.0m from £560.7m in 2009.FTSE 100 - RisersWolseley (WOS) 2,069.00p +3.61%Weir Group (WEIR) 1,592.00p +3.31%British Land Co (BLND) 551.00p +3.09%Royal Dutch Shell 'B' (RDSB) 2,111.50p +3.00%Aviva (AV.) 433.10p +2.83%Kingfisher (KGF) 236.50p +2.65%Royal Dutch Shell 'A' (RDSA) 2,136.00p +2.64%Xstrata (XTA) 1,363.50p +2.60%ARM Holdings (ARM) 517.00p +2.58%Kazakhmys (KAZ) 1,331.00p +2.38%FTSE 100 - FallersBritish American Tobacco (BATS) 2,264.00p -1.57%Man Group (EMG) 245.60p -1.56%SABMiller (SAB) 1,958.50p -1.31%Autonomy Corporation (AU.) 1,506.00p -1.18%Legal & General Group (LGEN) 110.00p -0.99%Rolls-Royce Group (RR.) 564.00p -0.70%InterContinental Hotels Group (IHG) 1,222.00p -0.49%Cairn Energy (CNE) 417.30p -0.43%GlaxoSmithKline (GSK) 1,134.00p -0.40%Lloyds Banking Group (LLOY) 59.22p -0.39%FTSE 250 - RisersHeritage Oil (HOIL) 313.30p +8.15%SIG (SHI) 130.20p +7.51%Gem Diamonds Ltd. (DI) (GEMD) 266.10p +6.44%Lancashire Holdings (LRE) 562.50p +5.63%Greggs (GRG) 492.00p +5.51%Morgan Crucible Co (MGCR) 288.40p +4.45%Daejan Holdings (DJAN) 2,709.00p +4.43%Shanks Group (SKS) 111.00p +4.32%John Wood Group (WG.) 614.00p +4.16%Supergroup (SGP) 1,435.00p +3.84%FTSE 250 - FallersCPP Group (CPP) 300.70p -3.25%Aveva Group (AVV) 1,529.00p -3.17%Salamander Energy (SMDR) 268.30p -2.65%Exillon Energy (EXI) 399.30p -2.61%Renishaw (RSW) 1,522.00p -2.25%Aberdeen Asset Management (ADN) 199.90p -1.48%Punch Taverns (PUB) 67.90p -1.45%St James's Place (STJ) 315.50p -1.25%Savills (SVS) 369.40p -1.23%Imagination Technologies Group (IMG) 426.00p -1.11%