London open: Bright start in London

24th May 2010 08:49

London has made a bright start in all senses with the index picking up handily and the weather matching it.Prudential is the best performer on reports that US firm AIG has drawn up plans to float its Asian arm again if the Pru's attempts to buy it collapse.Miners are also going well on the rally on the US market on Friday. Rio, Xstrata and Kazakhmys are higher.South African platinum miner Lonmin's plans to get its Number One furnace back fully on line have hit a snag that will add around 25-30 days to the commissioning process. "In order to maintain our sales guidance of 700,000 ounces of platinum for 2010, we will need to increase the volume of toll refining over and above our current contractual commitments," the company said in a statement.British Airways is also ahead even thugh cabin crew started their strike today despite last ditch attemtps to get it averted.Invensys grew full-year profit, though not by as much as analysts would have liked, but the firm still remains positive about the outlook based on its large order book and view of economic conditions. The oil disaster in the Gulf of Mexico has cost under-fire oil giant BP about $760m (£525m) up to now and it still hasn't estimated a final cost, although experts think it could be billions.Profits fell by 25% at bid target Chloride last year, as recession hit its markets in Europe and the US. The power supplies group saw profits fall to £29.9m from £39.8m in the year to March, after a £5.9m one-of charge. Adjusted operating profits fell 4% to £44.7m. Sales rose by 3% to £336m.Pork products supplier Cranswick brought home the bacon last year, delivering a 26% surge in annual pre-tax profit. Revenues were up 22% to £740m. Net debt reduced by £11.9m to £54.7m. The company said it is encouraged by the positive start made in the current financial year. AG Barr, the Scottish soft drinks maker best known for its iconic Irn Bru concoction, said sales have continued frothing over in the new financial year.Recession has kept Albemarle & Bond's pawbroker business performing strongly and it expects results for the 12 months to June 2010 to meet market expectations.