London open: Minimal gains posted

23rd Apr 2010 08:28

London's leading shares are showing slight gains as a late recovery on Wall Street boosts investor sentiment.Banks are amongst the early movers with RBS, Barclays and Lloyds all higher, while utilities such as Severnt Trent, National Grid and United Utilities are at the bottom end of the market.Oil company BP said it is initiating a rapid response to clear up an oil spill following the sinking of the Transocean Deepwater Horizon drilling rig 130 miles south-east of New Orleans. The company is assisting Transocean in an assessment of the well and sub-sea blow out preventer with remotely operated vehicles.Engineer Morgan Crucible said operating profits and margins are above the comparable period for 2009 and in line with management expectations thanks to the cost savings made last year.Prudential has announced some details of its proposed listing in Hong Kong (HK). Dealings are expected to commence in the company's shares on the HK Stock Exchange on 11 May. Existing shareholders will be offered the opportunity to shift registration of their shares from London to Hong Kong.It has been a busy month for contract announcements at Balfour Beatty and it got busier still on Friday as the contractor announced two more deals, one in Colorado, USA for $100m, and one closer to home in London for £65m.Defence industry supplier Ultra Electronics said revenue has continued to grow and its performance in the first quarter has been in line with expectations.Information Management solutions provider SDL said performance for the first quarter is in line with management expectations for both revenue and operating profit.Scalextrix maker Hornby is to return to paying dividends after the second half of the year finished stronger than expected.Home shopping firm Findel said benchmark pre-tax profit will be lower than previously expected due to difficult market condition at its educational supplies division.Testing software specialist NCC has bought rival SDLC Solutions Limited for up to £15m in cash.