London open: Footsie on back foot

12th Oct 2010 08:53

London has started on the back foot with miners and oil companies under heavy selling pressure.Xstrata, ENRC, and Antofagasta are the worst hit of the miners, though the whole sector is lower.Oil groups are also suffering. Tullow and BG are the worst hit of the FTSE 100 groups, but Soco is the real casualty after a disappointing update on its drilling its Vietnam.Elsewhere, pub owner Punch Taverns has served up full-year results in line with expectations and announced plans to sell another 1,300 pubs to help pay off its huge debts. In his first set of numbers as chief executive, Ian Dyson reported a drop in pre-tax profit to £131m compared with £160m in 2009. Like for like sales at the managed estate were down 2% on last year, but things picked up in the second half, especially in the final quarter. Like sales for the last 12 weeks rose 2.6%.Internet and catalogue home shopping company N Brown said total revenue in the 26 weeks to 28 August rose 3.2% to £349.7m from £338.7m a year earlier, more or less what the market had been forecasting. Like-for-like sales grew by 0.6%. Profit before tax rose to £42.3m from £33.3m.Engineering software firm Aveva said performance in the first half of its financial year was in line with the board's expectations. "Our strong base of recurring revenue, together with good growth in developing markets, continues to help mitigate the impact of economic uncertainty," said Richard Longdon, chief executive of Aveva.Magners owner C&C lifted cider volumes in Britain for the first time since 2007, but poor demand in Ireland knocked cider sales overall in the first half of 2010.