London open: Footsie shrugs off eurozone woes

29th Apr 2010 08:48

London has made a steady start after markets abroad rallied overnight after the latest instalment of the Greek tragedy added a shock new character in Spain yesterday.Investors attention is also being diverted by a stack of company announcements this morning.Pay TV and Internet service provider British Sky Broadcasting (BSkyB) saw subscriber numbers improve by a better than expected 62,000 in the first three months of 2010, with average revenue per user up 11%. A fourth quarter pick-up in trading enabled underlying profits at hotel to coffee shop group Whitbread to come in near the top of market forecasts. Underlying profits before tax increased by 6.6% to £239.1m in the year to February, from £224m.BG Group reported first quarter figures that beat market expectations as the oil titan benefitted from a rise in production and stronger oil and gas prices. Revenue and other operating income increased 4% to $4,647m, reflecting a 6% increase in E&P production volumes and higher oil and liquids prices.Volume growth at Anglo-Dutch household products giant Unilever came in ahead of market expectations in the first quarter of 2010, with the company boasting of strong momentum across all geographic regions. Underlying volumes growth was 7.6%, versus market expectations of 5.4%.Copper miner Kazakhmys achieved output of 78.4kt copper cathode equivalent in the first three months of 2010, an increase on the previous quarter, and is on track to hit its annual target. Taylor Wimpey has lifted selling prices of homes in the UK by 9% since January as the housing market continues to recover. The housebuilder adds that UK market conditions remain "encouraging, with continued gradual improvements in mortgage availability and buyer confidence".Personal care products group McBride announced that overall trading for the four months to 28 April has been in line with expectations. Group revenues in the four month period rose by 2% from the same time a year before on a reported and constant currency basis.Music retailer HMV reported a sharp decline in fourth quarter like for like sales but said it was on track to meet full year forecasts. HMV UK & Ireland total sales fell 8.2% in the 16 weeks ended 24 April 2010, with like for like sales down 13.2%. Bookmaker William Hill reports a decent start to the year with progress at its online operation offsetting a tougher time for its betting shops. Net revenue for the 13 weeks to March increased by 1% with pre-exceptional operating profit up by 3% reflecting the strong online performance.