London open: Bright start for Footsie

29th May 2009 08:39

London has started the session in style following last night's three-figure gains on Wall Street.Retailers are pushing ahead led by Debenhams, Marks & Spencer and Kesa. The latest house price index from Nationwide showed a jump of 1.2% in May providing further hope that the housing market slump is nearing an end.But it is the miners that are leading the way. BHP Billiton, Fresnillo and Randgold are all showing good gains in a very strong sector.Severn Trent is an exception. Profits fell last year due to increased energy and commodity costs. Profit before tax for the year fell 12.9% to £167.6m. The full year dividend rises 2.6% to 67.34p per share.Outdoor clothing and camping equipment retailer Blacks Leisure had a tough year, with growing losses at its Boardwear business pushing the group further into the red. Gas and electricity pipeline grid operator National Grid is to appeal a Competition Appeal Tribunal (CAT) judgement on gas metering contracts.Brewer and pub owner Greene King has received 93.2% acceptances for its rights issue to raise approximately £207.5m. Drug major AstraZeneca's application for Seroquel XR extended release tablets to treat recurrent depressive episodes in adult patients with major depressive disorder (MDD) has been refused. Smiths News has negotiated a new five year distribution contract with newspaper publisher Trinity Mirror. The total value of the contract is circa £183m per annum. The previous incumbent was Dawson News.