London midday: Stocks post big gains as miners advance

22nd Aug 2011 12:11

Despite a faltering start, the FTSE 100 is now posting near triple-digit gains with resource stocks in particular posting big gains.A surging gold price, which stands just below the $1,900 level drives FTSE 100 miner Randgold Resources to the top of the pile.Oilfield services group Petrofac was in demand as it said it is on course to deliver like-for-like profit growth of at least 15% in 2011, in line with current market expectations.Essar Energy, the India-focused integrated energy company, edged higher after it saw revenues soar by more than a third over the first half of 2011, primarily due to higher refining and marketing revenues, which offset lower power revenues.Pharmaceuticals giant GlaxoSmithKline was firmer after announcing that it is to buy up over a quarter of UK-based biotech firm Autifony Therapeutics through its wholly-owned subsidiary, Glaxo Group.Mining colossus BHP Billiton rises after it said that all conditions relating to its tender offer for Petrohawk Energy have been satisfied. Insulation board specialist Kingspan rose as it posted a 24% increase in half year trading profit and upped its dividend 12.5% following strong growth across most of its businesses.Micro Focus took a tumble after the acquisitive legacy software firm that suddenly found itself in the sights of predators said it is no longer involved in bid talks. While creating a headache for most, the recent volatility in stock markets has helped spread-betting firm IG Group achieve record levels of client activity in its first quarter. IG was higher in early trading.Amlin's shares fell lower after the group reported that it swung to a deep loss in the six months ended 30 June, as a result of what the FTSE 250 insurance and reinsurance underwriter called "unprecedented first half catastrophe loss activity".Smaller mining stocks have also been updating today, The resource estimate at gold miner Avocet's Inata mine license area in Burkina Faso has been upped by 59% to 3.36m ounces. The figure includes measured, indicated and inferred resources. "The growth of the Inata Mineral Resource surpasses our expectations and supports our view that the Inata gold mine is capable of sustaining higher production rates over a longer mine life," said chief executive Brett Richards. Also in Africa, North River Resources, which focuses on southern areas of the continent, said it has identified more "high grade intersections from its 100% owned Namib Lead-Zinc Project in Namibia." North River managing director David Steinepreis said: "This further high grade result demonstrates that Namib is shaping up to have considerable potential value for North River, and as such, it remains a core focus of our project portfolio in Southern Africa." Moving to Australia but returning to gold, Solomon Gold said that an additional 18 holes have shown further encouraging high grade gold and silver results from the Kauffmans prospect. Ariana Resources, which mines for gold in Turkey, has pulled another rabbit out of the hat. It has discovered a new buried gold-silver vein system at its Red Rabbit gold project in the west of the country.FTSE 100 - RisersICAP (IAP) 429.50p +4.88%Fresnillo (FRES) 2,050.00p +4.06%Petrofac Ltd. (PFC) 1,214.00p +3.94%Randgold Resources Ltd. (RRS) 6,865.00p +3.86%GlaxoSmithKline (GSK) 1,290.00p +3.82%Investec (INVP) 393.80p +3.80%Hargreaves Lansdown (HL.) 439.20p +3.54%Compass Group (CPG) 534.50p +3.38%AstraZeneca (AZN) 2,823.00p +3.35%ITV (ITV) 55.90p +3.23%FTSE 100 - FallersRoyal Bank of Scotland Group (RBS) 19.90p -4.19%Essar Energy (ESSR) 249.90p -3.03%Standard Chartered (STAN) 1,343.50p -1.39%Burberry Group (BRBY) 1,190.00p -1.33%Lloyds Banking Group (LLOY) 28.16p -0.76%Barclays (BARC) 149.75p -0.50%WPP (WPP) 587.50p -0.42%GKN (GKN) 182.80p -0.38%Weir Group (WEIR) 1,727.00p -0.17%Xstrata (XTA) 953.70p +0.21%FTSE 250 - RisersFerrexpo (FXPO) 330.10p +6.55%Petropavlovsk (POG) 777.00p +5.93%Kenmare Resources (KMR) 40.23p +5.87%Afren (AFR) 103.70p +5.60%Lamprell (LAM) 291.00p +5.59%Misys (MSY) 262.10p +5.26%IG Group Holdings (IGG) 413.50p +5.06%Centamin Egypt Ltd. (CEY) 110.90p +5.02%Genus (GNS) 906.00p +4.74%SEGRO (SGRO) 243.40p +4.73%FTSE 250 - FallersMicro Focus International Plc (MCRO) 251.70p -4.30%Bwin.party Digital Entertainment (BPTY) 100.00p -2.63%WH Smith (SMWH) 463.80p -2.30%Amlin (AML) 316.80p -1.86%Gem Diamonds Ltd. (DI) (GEMD) 191.90p -1.84%Charter International (CHTR) 625.00p -1.81%Kesa Electricals (KESA) 101.00p -1.56%St. Modwen Properties (SMP) 136.90p -1.51%JPMorgan Russian Securities (JRS) 503.50p -1.47%Salamander Energy (SMDR) 220.50p -1.30%