London open: Bright start for stocks

19th May 2011 08:35

It's been a strong start for the Footsie, with Investec among the high risers after revealing its full-year results.The specialist bank and asset manager saw operating profit before tax rise by 0.5%, as strong growth in Asset Management, Wealth and Investment and Investment Banking was able to offset a loss of £91.4m in Private Banking.Heading the other way is Invensys, the engineering and IT company, which has taken a tumble in early trading. Revenue grew by 11% in the full year ended 31 March, while operating profit jumped 6%. However, the group said that order intake declined by 1%, after a lower-than-expected order intake in Invensys Rail, reflecting "the uneven nature of order intake in the industry and in particular the unexpected delay in the award of some larger contracts," the group said.Brewing firm SABMiller has hailed an "excellent financial performance" for the year ended 31 March, as profits swelled by 24%, helped by strong growth in the emerging markets. As a result, the group hiked its full-year dividend by almost a fifth from 68 cents to 81 cents. Food sales continue to drive growth at brewing and pubs group Marston's, though drinkers are putting their hands in their pockets more often, too. Revenue in the 26 weeks to April 2nd rose to £317.9m from £309.2m at the interim stage last year. Profit before tax and exceptional items advanced to £29.2m from £27.8m the year before. Quality and safety services provider Intertek has opened lower after reporting a slow-than-expected performance in the Consumer Goods division. Nevertheless, organic revenue grew by 8% in the year so far, and the group anticipates achieving organic revenue growth in the high single digit range for the full year. National Grid saw pre-tax profit rise by 25% in the year to the end of March, on the back of continued strong UK returns. The dividend has been increased to 36.37p from 33.68p the year before. ---BCFTSE 100 - RisersEurasian Natural Resources Corp. (ENRC) 864.00p +2.73%Investec (INVP) 474.00p +2.62%Lonmin (LMI) 1,549.00p +2.24%ITV (ITV) 68.45p +2.16%ARM Holdings (ARM) 587.50p +2.00%Resolution Ltd. (RSL) 306.00p +1.83%BP (BP.) 448.80p +1.76%Rio Tinto (RIO) 4,234.50p +1.73%Petrofac Ltd. (PFC) 1,494.00p +1.56%Smith & Nephew (SN.) 694.50p +1.54%FTSE 100 - FallersInvensys (ISYS) 294.00p -4.98%Intertek Group (ITRK) 1,938.00p -2.95%Burberry Group (BRBY) 1,328.00p -0.90%Autonomy Corporation (AU.) 1,795.00p -0.83%ICAP (IAP) 485.20p -0.76%TUI Travel (TT.) 238.30p -0.42%RSA Insurance Group (RSA) 136.40p -0.22%Aviva (AV.) 438.60p -0.20%Shire Plc (SHP) 1,946.00p -0.15%Lloyds Banking Group (LLOY) 53.55p -0.11%