London open: Footsie makes good progress

3rd Aug 2009 08:42

Footsie has made good progress in early dealings helped by Barclays' first half results and more gains for the miners. Barclays delivered profits of £3bn for the first half, an increase of 8% against the same period last year, despite £4.6bn of gross losses on credit market exposures and £3.3bn of other impairments. Profit before tax for the period rose to £2,984m from £2,754m last year as it posted record income of £16,253m,up 37%. The numbers were as analysts expected.Miners are strong again this morning on rising metal prices and hopes for the US economy. Randgold, ENRC and Anglo American are the best performers.AstraZeneca has received approval from the US Food and Drug Administration for the use of its ONGLYZA to treat type 2 diabetes in adults. The treatment, which has been developed in collaboration with the biopharmaceutical company Bristol-Myers Squibb, is used to improve blood sugar control levels in diabetics.Packaging group Rexam is to reduce its annual can making capacity by 1.3bn tonnes with the closure of its Dmitrov plant in Russia to save an annualised £6m in 2010. Restructuring costs will total £16m for 2009, it said.Pub group Mitchells & Butlers has confirmed the appointment Adam Fowle as chief executive with immediate effect after two months doing the job in an acting capacity. Fowle has been on the M&B board since October 2007 when he was appointed Managing Director for Restaurants.Online gambling firm 888 posted a fall in operating income as poker revenues softened. Total operating income in the three months to June 30 totalled $61m, compared with $69m in the same period the previous year. 'We expect further progress during the second half of the year especially during the fourth quarter,' the firm said.