London open: JJB backers rally round

24th Dec 2010 08:37

Trading is every bit as quiet as might be expected on the day before Christmas, with the blue-chip index marginally easier, disappointing those hoping for a move above the 6,000 level.Struggling sportswear retailer JJB Sports has done its best to inject a bit of excitement into proceedings with details of short term funding plans and changes at the top. It has the support of major shareholders for a placing and open offer of shares at 5p each to raise £31.5m. As reported in the press, restructuring specialist Mike McTighe, currently the chairman of Pace, Volex and WYG, will take over as chairman from John Clare, who has been in the chair for less than a year.Trading has remained tough, with the recent poor weather conditions adding to woes. On a like-for-like (excluding VAT) basis, revenue for the period 2 August 2010 to 19 December was 1.6% higher than for the same period last year. Total group revenue for the same period was up 1.0% year-on-year. Management has been encouraged, however, by the performance of six of its recently refurbished stores and, importantly, still has the support of major suppliers such as Adidas and Nike.Lloyd's insurer Chaucer now expects to lose $20m (£13m) as a result of the New Zealand earthquake, up sharply from initial estimates.Avocet Mining has signed a binding agreement for the conditional sale of its South East Asian assets to J&Partners, a private Cayman Islands company, for $200m cash.Media Corp has seen the best start to a year ever for its online advertising arm, Eyeconomy, with the company describing business as "exceptionally strong".Drug research group Cyprotex reports solid progress following the integration of Apredica and Cellumen, with full year results for the period ended 30 December to be in line with market expectations.Oil and gas company investor Westmount Energy is to return 45p per share or £3.4m in total through a B share issue. The cash return is worth more than half of its market value at last night's close.Indian investment group Hirco has confirmed chairman Niranjan Hiranandani has stepped down while enquiries by the Indian Central Bureau of Investigation into allegations of irregularities in the handling of employees' provident funds for other Indian companies are underway. FTSE 100 - RisersAssociated British Foods (ABF) 1,180.00p +1.20%Kingfisher (KGF) 266.50p +1.06%Smith & Nephew (SN.) 679.00p +0.89%ARM Holdings (ARM) 432.80p +0.70%Serco Group (SRP) 587.50p +0.69%Lonmin (LMI) 1,958.00p +0.67%Old Mutual (OML) 125.50p +0.56%3i Group (III) 333.90p +0.54%Resolution Ltd. (RSL) 236.00p +0.51%Fresnillo (FRES) 1,592.00p +0.51%FTSE 100 - FallersRandgold Resources Ltd. (RRS) 5,150.00p -6.36%GKN (GKN) 220.00p -2.65%Eurasian Natural Resources Corp. (ENRC) 1,042.00p -1.14%Legal & General Group (LGEN) 98.15p -0.96%Barclays (BARC) 264.70p -0.90%Antofagasta (ANTO) 1,594.00p -0.75%Tullow Oil (TLW) 1,257.00p -0.71%Autonomy Corporation (AU.) 1,532.00p -0.71%Vodafone Group (VOD) 171.25p -0.70%Experian (EXPN) 813.50p -0.67%FTSE 250 - RisersRegus (RGU) 87.65p +3.18%Morgan Crucible Co (MGCR) 253.00p +2.43%Tullett Prebon (TLPR) 390.90p +2.33%Phoenix Group Holdings (DI) (PHNX) 630.00p +2.27%Greggs (GRG) 478.10p +2.18%Big Yellow Group (BYG) 346.30p +2.03%FTSE 250 - FallersBodycote (BOY) 274.60p -3.00%Schroder Asia Pacific Fund (SDP) 219.00p -2.67%Hikma Pharmaceuticals (HIK) 792.00p -2.46%Close Brothers Group (CBG) 841.00p -2.44%QinetiQ Group (QQ.) 126.30p -2.40%FTSE TechMARK - RisersAsterand (ATD) 16.50p +10.00%AEA Technology Group (AAT) 6.50p +6.91%Alterian (ALN) 204.00p +3.55%FTSE TechMARK - FallersWolfson Microelectronics (WLF) 277.00p -3.48%Antisoma (ASM) 5.95p -2.46%E2V Technologies (E2V) 88.00p -1.95%