London open: Flat start despite strong updates

27th Jan 2011 08:38

Company updates have been given a good reception but the top share index is pausing for breath after good gains recently.BSkyB has demonstrated why newspaper group NewsCorp is so keen to take over the satellite broadcaster, with a strong rise in profits in the six months to 31 December. Pre-tax profits climbed to £237m from £185m over the same period the previous year on revenues that rose to £1.66bn from £1.44bn. The shares are among the best-performing in the FTSE 100.Production updates from the miners Vedanta and Kazakhmys have also been given the thumbs up.In the FTSE 250, investors have raised a glass to pub group Mitchells & Butlers after drinkers refused to let the snow get in the way of Christmas festivities. Heritage Oil has recovered some of yesterday's losses which came after it reported a big gas find in Iraq, when many had been hoping for oil.Turning back to the FTSE 100, Anglo-Swedish drugs firm AstraZeneca beat market expectations despite strong competition from generic versions of its drugs in the USA last year. Revenue for the full year was unchanged on a constant exchange rates (CER) basis at $33,629m. Core earnings per share (EPS) for 2010 rose by 5% on a CER basis to $6.71, versus expectations of $6.60. Reported EPS rose 7% (CER) to $5.60. Oil firm Tullow said group working interest production for 2010 averaged 58,100 barrels of oil equivalent per day (boepd), in line with the 2009 average, and is expected to average 86,000 to 92,000 boepd in 2011.