London open: Footsie makes small gains

21st Sep 2010 08:54

Footsie has opened higher encouraged by yesterday's 145-point surge on Wall Street and some bullish company news.Online betting exchange Betfair must think the recent rally is sustainable. It is to take a punt on the market's appetite for new issues and float in London. No pricing details accompanied the statement, but reports recently have suggested the group wants a valuation of up to £1.5bn. It does not intend to issue any new shares as part of the offer.Cairn Energy is the best performer after an update of drilling in Greenland. It abandoned one well but added that the presence of both oil and gas confirms an active, working petroleum system in the basin and is extremely encouraging at this very early stage. Royal Bank of Scotland, Barclays and Standard Chartered are the best of a strong bank sector. Outsourcing giant Serco said King's College Hospital NHS Foundation Trust has joined GSTS Pathology, the joint venture between Guy's & St Thomas's NHS Foundation Trust and Serco. GSTS Pathology has been awarded a ten-year contract valued at around £300m, starting October 2010, as the principal provider of pathology for King's.Oil services group Wellstream confirmed a number of takeover approaches. It made the statement after a steady rise in its share price recently. Shares in the group have risen by a third since the start of July following more encouraging trading news and appreciation of its presence in the fast developing oil prospects offshore Brazil. Online bookmaker Sportingbet is the latest gaming firm to settle with the US Department of Justice over illegal internet gambling, clearing the way for it to take part in the wave of industry consolidation currently underway. Sports-themed fashion apparel retailer JD Sports saw underlying profits before tax surge 36.5% to £19.39m in the 26 weeks to 31 July from £14.2m. Revenue grew 18.5% to £383.9m from £324m. Like for like (LFL) sales rose by 2.8% in the UK and Ireland.