London midday: Stocks stuck lower after slide

2nd Jun 2011 12:00

Shares remain firmly in the red following this morning's slide.B&Q owner Kingfisher is lower even after it saw year-on-year like-for-like sales growth of 3.3% in the 13 weeks ended 30 April. Total sales were also up 3.3%, while retail profit rose 19.1% in comparison with the year before. The number were boosted by warm weather and bank holidays, but the company is still decidedly cautious.Elsewhere in retail, online fashion store ASOS is down even after it reported a profit before tax and exceptional items of £28.65m in the year to 31 March, up 41% from £20.34m achieved the year before, ahead of market consensus expectations of £27.5m.Speciality chemicals group Johnson Matthey notched up pre-tax profits of £260.6m in the year to 31 March on revenue of £9,985m. Underlying profits before tax were £345.5m, up 36% from £254.1m the year before. Market expectations were for adjusted profits of £334.6m.Engineering support services group Redhall sinks after it reported a weak set of first half figures following the loss of the Vivergo contract but it expects trading in the second half and beyond to be much improved. The niche engineer said adjusted pre-tax profit fell 70% at £1m during the six months ended 31 March 2011. Revenue for the half year fell to £64.3m from £65.4m in 2010.Shares of Real Good Food rose after it said it is on course to significantly exceed current market forecasts for the year after strong exports to the US and increased demand for bakery products. The group said all businesses recorded a strong start to the current financial year. Shares in Noventa dived after the tantalum miner said it has been unable to meet its target rate of production from the Marropino mine in Mozambique. "It has not been possible to maintain the achieved and targeted rate of production of 200,000 lbs per annum for a sustained period due to mechanical difficulties," the company said. "Corrective action has been taken and is expected to be completed this month." Marropino produces tantalum, which is used in electrical equipment such as mobile phones, and the gemstone morganite.FTSE 100 - RisersSerco Group (SRP) 588.50p +2.79%Capita Group (CPI) 730.50p +0.90%Whitbread (WTB) 1,599.00p +0.76%Scottish & Southern Energy (SSE) 1,390.00p +0.72%Smiths Group (SMIN) 1,230.00p +0.65%Experian (EXPN) 799.00p +0.57%Vodafone Group (VOD) 162.45p +0.56%Sage Group (SGE) 286.50p +0.53%RSA Insurance Group (RSA) 137.50p +0.51%Investec (INVP) 507.50p +0.50%FTSE 100 - FallersARM Holdings (ARM) 555.00p -2.89%Rio Tinto (RIO) 4,138.00p -2.75%Antofagasta (ANTO) 1,273.00p -2.75%Capital Shopping Centres Group (CSCG) 386.30p -2.60%Kingfisher (KGF) 275.00p -2.52%Johnson Matthey (JMAT) 2,029.00p -2.50%GKN (GKN) 213.60p -2.47%Xstrata (XTA) 1,386.00p -2.39%Wolseley (WOS) 1,974.00p -2.33%BHP Billiton (BLT) 2,338.50p -2.24%FTSE 250 - RisersSports Direct International (SPD) 238.70p +6.33%Premier Oil (PMO) 489.90p +3.05%QinetiQ Group (QQ.) 116.50p +2.46%Senior (SNR) 156.20p +2.43%Dunelm Group (DNLM) 473.90p +2.20%Bovis Homes Group (BVS) 447.50p +2.01%Hochschild Mining (HOC) 541.00p +1.79%Intermediate Capital Group (ICP) 345.10p +1.77%PZ Cussons (PZC) 369.30p +1.74%Ocado Group (OCDO) 224.70p +1.72%FTSE 250 - FallersCSR (CSR) 335.40p -4.36%Afren (AFR) 163.40p -2.68%Centamin Egypt Ltd. (CEY) 123.00p -2.61%Home Retail Group (HOME) 208.90p -2.25%Thomas Cook Group (TCG) 148.00p -2.12%Ashtead Group (AHT) 173.60p -1.92%Debenhams (DEB) 71.25p -1.86%Big Yellow Group (BYG) 334.70p -1.70%Atkins (WS) (ATK) 804.00p -1.29%Mothercare (MTC) 425.30p -1.21%