London open: Banks buoyant after ICB report

11th Apr 2011 08:24

Shares are subdued in early dealings, though banking stocks have moved ahead following the publication of the Independent Commission on Banking's interim report. It stopped short of recommending that banks that have investment banking arms should demerge those operations. Instead, it has recommended that banks' retail operations should be protected by a "firewall" from the investment banking division.Barclays and RBS are setting the pace in the FTSE 100.In the FTSE 250, CPP, the identity theft and credit card insurer that is under investigation by the Financial Services Authority, is slightly lower after it said that Barclaycard is conducting a review of CPP's 'call to confirm' offering to Barclaycard customers, during which time the service will be suspended.Soaring international revenues helped recruitment group Michael Page post a sharp rise in profits in the first quarter, though growth was more subdued in the UK amid continuing difficult economic conditions. Total gross profit was up by 30% from the same period the previous year at £127.3m.Consumer packaging titan Rexam is to build a new beverage can plant n northern Brazil to meet burgeoning demand in the Latin American country.Automotive and aerospace engineer GKN said its car operations have been affected by the recent earthquake in Japan, though market conditions have otherwise been as expected in the first quarter. Sales were up by 14% from the same period a year ago to £1.49bn, while pre-tax profits rose by more than 50% to £107m.Catering titan Compass has added to its Indian operations with the acquisition of two catering outfits in the fast growing Asian economy. It has bought Delhi-based Vipul Facility Management (VPM), which has gross assets of 342.2m Indian rupees (£5.2m) and Hyderabad-based Ultimate Hospitality Services (UHS) for 42.1 rupees. FTSE 100 - RisersBarclays (BARC) 307.80p +3.58%Royal Bank of Scotland Group (RBS) 44.72p +2.97%BHP Billiton (BLT) 2,649.00p +2.46%Essar Energy (ESSR) 478.00p +2.05%Lloyds Banking Group (LLOY) 63.35p +1.91%Xstrata (XTA) 1,540.00p +1.75%Rio Tinto (RIO) 4,587.00p +1.39%Eurasian Natural Resources Corp. (ENRC) 985.50p +1.23%Kazakhmys (KAZ) 1,504.00p +1.01%Vedanta Resources (VED) 2,490.00p +0.93%FTSE 100 - FallersWPP (WPP) 743.50p -2.30%Invensys (ISYS) 330.00p -1.20%SABMiller (SAB) 2,206.50p -1.03%RSA Insurance Group (RSA) 133.50p -0.96%ARM Holdings (ARM) 578.50p -0.94%BP (BP.) 474.10p -0.92%Reckitt Benckiser Group (RB.) 3,246.00p -0.89%ICAP (IAP) 514.50p -0.87%TUI Travel (TT.) 231.40p -0.86%InterContinental Hotels Group (IHG) 1,270.00p -0.86%FTSE 250 - RisersCentamin Egypt Ltd. (CEY) 157.20p +3.42%Imagination Technologies Group (IMG) 480.70p +2.93%Moneysupermarket.com Group (MONY) 88.90p +2.24%Kenmare Resources (KMR) 50.05p +2.14%Michael Page International (MPI) 527.50p +2.03%Laird (LRD) 135.50p +1.80%Savills (SVS) 378.50p +1.69%Gem Diamonds Ltd. (DI) (GEMD) 284.80p +1.35%Carpetright (CPR) 639.50p +1.35%Rightmove (RMV) 962.00p +1.16%FTSE 250 - FallersCPP Group (CPP) 133.00p -11.33%Bwin.party Digital Entertainment (BPTY) 128.20p -5.46%Daejan Holdings (DJAN) 2,600.00p -2.80%Dixons Retail (DXNS) 11.85p -1.99%Punch Taverns (PUB) 78.35p -1.32%Ashtead Group (AHT) 201.70p -1.18%United Business Media Ltd. (UBM) 599.00p -1.16%JPMorgan Russian Securities (JRS) 722.50p -1.16%F&C Commercial Property Trust Ltd. (FCPT) 101.70p -1.07%Fenner (FENR) 366.60p -1.00%