London open: More losses for FTSE 100

20th Jan 2011 08:21

The top share index is lower after a disappointing session in the US yesterday, with updates getting a poor reception here.In company news, Associated British Foods (ABF) falls back after saying that it grew revenue by 10% in the first 16 weeks of the financial year, in line with expectations, but that rising commodity prices are hitting margins and the weather-hit sugar crop will trim annual profits. Revenue at constant exchange rates was up 7%. Higher prices boosted profits at the sugar business where revenue rose 7%, but the recent increase in temperatures following the pre-Christmas freeze is damaging the 25% of this year's sugar beet crop still to be processed. Higher commodity costs are forcing the firm to raise prices at all businesses.Insurance group RSA Insurance is also lower. It had a tough winter, with losses relating to the weather in November and December £142m more than normal. For the year as a whole the weather impact was around £255m above normal levels. Despite the effects of hurricanes, earthquakes and the big freeze, the chief executive officer Andy Haste said the group had still posted a "strong result" for 2010, with 11% growth in net written premiums, a combined operating ratio (COR) of between 96.5% and 97% and an operating profit of £600m-£640m.The extreme weather over Christmas kept drinkers at home, taking an estimated £2m off Enterprise Inns' first quarter operating profit, Britain's biggest pub owner said. Enterprise said the disappointing trading came after a solid start to the year. Net income was down by 1% during the quarter, with net income per pub down by about 2%. Power systems developer Rolls-Royce has bagged a $250m long term maintenance support contract from Cathay Pacific airline. Rolls-Royce will provide its TotalCare long-term services support programme for Trent 700 engines that power eight new Airbus A330 aircraft. An enhanced engine refurbishment programme for RB211-524 engines that power existing Boeing 747-400 aircraft will also be delivered up to 2013.Shares in Laura Ashley jumped after the extreme winter weather and consumer nervousness failed to prevent the ladies fashion and home furnishings group having a good Christmas. The company said it had performed better than anticipated since its trading update on 16 December and now expects full year profits to be "significantly higher than earlier expectations."FTSE 100 - RisersNational Grid (NG.) 536.50p +1.04%Petrofac Ltd. (PFC) 1,627.00p +0.68%Compass Group (CPG) 565.50p +0.62%Reckitt Benckiser Group (RB.) 3,446.00p +0.55%Pearson (PSON) 1,056.00p +0.48%Centrica (CNA) 331.50p +0.45%Kingfisher (KGF) 270.70p +0.33%Scottish & Southern Energy (SSE) 1,210.00p +0.33%Severn Trent (SVT) 1,433.00p +0.28%WPP (WPP) 795.50p +0.25%FTSE 100 - FallersInvensys (ISYS) 333.10p -6.80%Kazakhmys (KAZ) 1,556.00p -4.07%Fresnillo (FRES) 1,380.00p -3.50%Xstrata (XTA) 1,420.50p -2.87%Man Group (EMG) 293.20p -2.69%Anglo American (AAL) 3,133.00p -2.67%RSA Insurance Group (RSA) 131.40p -2.52%Associated British Foods (ABF) 1,087.00p -2.51%British Airways (BAY) 280.40p -2.47%GKN (GKN) 215.00p -2.41%FTSE 250 - RisersExillon Energy (EXI) 409.80p +4.01%Kenmare Resources (KMR) 32.91p +2.84%JD Sports Fashion (JD.) 900.00p +2.27%CPP Group (CPP) 319.30p +1.72%Moneysupermarket.com Group (MONY) 90.35p +1.63%BH Global Ltd. USD Shares (BHGU) 11 +1.29%BH Macro Ltd. USD Shares (BHMU) 16.72 +1.21%Impax Environmental Markets (IEM) 126.50p +1.20%Grainger (GRI) 105.70p +1.15%St James's Place (STJ) 281.80p +1.00%FTSE 250 - FallerseasyJet (EZJ) 409.30p -10.20%Petropavlovsk (POG) 1,054.00p -3.74%Centamin Egypt Ltd. (CEY) 151.70p -3.68%Avis Europe (AVE) 229.50p -3.57%Bodycote (BOY) 284.00p -2.74%Fenner (FENR) 364.50p -2.62%Rotork (ROR) 1,623.00p -2.35%Dixons Retail (DXNS) 21.80p -2.29%Supergroup (SGP) 1,569.00p -2.24%Aberdeen Asset Management (ADN) 220.30p -2.09%