London open: Footsie jumps one per cent early on

22nd May 2012 08:45

- ECB provides 100bn euros to Greece- Markets await EU summit- Miners, financials on the up early onLondon's blue chips surged in early morning trading on Tuesday as stocks continued to rebound following a poor performance last week ahead of an eagerly awaited summit of European leaders tomorrow.The Financial Times reported last night that Greece's central bank has received almost €100bn from the European Central Bank in "emergency liquidity assistance" (ELA) to fund its financial institutions. The ELA has been used as a backstop to provide liquidity outside normal channels to European banks in trouble. Greece is not the only country having used the facility as Ireland has withdrawn €41bn and Cyprus has soaked up another €4bn. New French President François Hollande is expected to press German Chancellor Angela Merkel for the implementation of the so-called 'eurobonds' (debt issued and backed by the entire Eurozone together) at the informal European Union meeting to be held on May 23rd. Merkel has long opposed immediate implementation of eurobonds because she feels it would hinder member states from becoming fiscally responsible and following through on structural reforms. Leaders are also expected to discuss the European Financial Stability Facility (EFSF) and the idea of giving it the capability to directly recapitalise struggling European banks, something which Germany has also been long-opposed to. FTSE 100: Vodafone, M&S rise after full-year resultsMobile phone networks giant Vodafone was in demand after saying it is expecting underlying growth in adjusted operating profit and stability in free cash flow in the current financial year. In the year just gone (ending March 31st), group revenue rose 1.2% from a year earlier to £46.4bn, slightly ahead of forecasts of £46.3bn.High Street giant Marks and Spencer rose early on despite seeing profits drop by 15.7% in the year ended March 31st while slashing its short-term sales growth targets. Nevertheless, the full-year dividend was maintained at 17p per share with Chief Executive Marc Bolland saying that the company "performed well in a challenging economic environment".Miners and financial stocks continued to rise for a second straight day, rebounding after bearing the brunt of the recent Eurozone-fuelled sell-off. Mining peers Fresnillo, Antofagasta and Vedanta Resources and banking group RBS and Lloyds were among the best performers.FTSE 250: HomeServe plummets on FSA probe newsHomeServe, the home emergency insurance and repairs group, saw shares lose a quarter of their price after the group said that it was facing an investigation by the Financial Services Authority over 'certain historic issues'. The firm has had a torrid year that saw it temporarily suspend its UK sales and marketing activity in October after evidence emerged that some customers did not understand what they were buying. Intermediate Capital, the mezzanine financing company, surge after hiking its dividend and growing profits despite strong Eurozone headwinds. Adjusted profits before tax in the 12 months to the end of March were £198.8m compared to £190.1m in the prior year.Defence technology group Cobham rose after extending the offer period for shareholders in Danish satellite communications outfit Thrane and Thrane to sell up.FTSE 100 - RisersCarnival (CCL) 2,072.00p +4.02%Rio Tinto (RIO) 2,919.50p +3.42%ARM Holdings (ARM) 494.20p +3.39%Royal Bank of Scotland Group (RBS) 21.48p +3.27%Antofagasta (ANTO) 1,063.00p +3.20%Lloyds Banking Group (LLOY) 27.25p +3.14%Weir Group (WEIR) 1,550.00p +3.13%Hargreaves Lansdown (HL.) 479.20p +3.08%IMI (IMI) 908.00p +3.01%Wolseley (WOS) 2,218.00p +2.88%FTSE 100 - FallersMan Group (EMG) 77.65p -1.46%AstraZeneca (AZN) 2,635.00p -0.73%Unilever (ULVR) 2,020.00p -0.30%National Grid (NG.) 667.50p -0.22%Imperial Tobacco Group (IMT) 2,408.00p -0.08%FTSE 250 - RisersBumi (BUMI) 437.90p +14.33%Intermediate Capital Group (ICP) 248.80p +9.46%Dixons Retail (DXNS) 14.40p +5.73%Kenmare Resources (KMR) 44.67p +4.96%Afren (AFR) 117.50p +4.91%Ashtead Group (AHT) 224.50p +4.86%Essar Energy (ESSR) 119.50p +4.82%Morgan Crucible Co (MGCR) 282.70p +4.32%Ocado Group (OCDO) 105.20p +4.06%Taylor Wimpey (TW.) 43.02p +4.04%FTSE 250 - FallersHomeserve (HSV) 174.70p -23.18%Lamprell (LAM) 112.50p -3.85%BH Global Ltd. USD Shares (BHGU) 11.55 -1.53%Perform Group (PER) 327.90p -1.23%BH Global Ltd. GBP Shares (BHGG) 1,155.00p -1.20%Daejan Holdings (DJAN) 2,700.00p -0.92%Stobart Group Ltd. (STOB) 119.00p -0.83%Cranswick (CWK) 819.50p -0.67%Telecom Plus (TEP) 695.00p -0.50%Genesis Emerging Markets Fund Ltd. (GSS) 462.70p -0.49%BC