London open: Footsie pushes ahead

23rd Jun 2009 08:50

London's blue chips have made early progress despite predictions they could open lower.Information conglomerate Thomson-Reuters leads the way. It has confirmed it is to delist from the London Stock Exchange and NASDAQ, while retaining its listings on the Toronto and New York stock exchanges. Holders of the UK shares will receive common stock in Thomson Reuters Corporation on a one-for-one basis.Distribution and outsource specialist Bunzl is on track this year so far despite a downturn at its UK and Irish operations. "Despite a more difficult first quarter, overall trading is in line with full year expectations," Bunzl said.Miner Anglo American is the worst performer after it flatly rejected Swiss-based rival Xstrata's merger approach as "totally unacceptable," adding that the proposals lacked "strategic merit". Aggreko, supplier of temporary power and temperature control, has maintained its guidance for the year, expecting profits in constant currency to be at similar levels in 2009 to those achieved in 2008. Headline revenues will grow by at least 20% and pre-tax profit will be 55% higher than last year. Printing technologies group Domino Printing saw a 19% fall in like for like sales on a constant currency basis at the interim stage, as the economic downturn took its toll. Military decoy specialist Chemring saw half-year profits and revenues surge due to the strong performance by the Energetics division. Profit before tax rose 44% to £29.9m (2008: £20.7m) on revenue that jumped 55% to £233.5m. Interim dividend was raised to 14p from 10p in the same period last year.