London open: Shares jump as Dixons and Supergroup impress

7th Sep 2011 08:34

Shares are buoyant in early dealings, with some well-received updates from the retail sector lightening the mood.Consumer electronics retailer Dixons said like-for-like sales were down 7% from a year earlier in the 12 weeks to 23 July. The PC World and Currys owner said total group sales were down 1% in the period in sterling terms, with stores in the UK & Ireland seeing a 9% year-on-year decline. Supergroup, the firm behind the ultra-trendy Superdry fashion label, is in demand after posting a surge in quarterly sales. "Our domestic and international roll-outs are on track and we remain excited about the group's future prospects," said chief executive Julian Dunkerton.Sportswear retailer Sports Direct saw total sales rise 0.5% to £410m in the 13 weeks to 25 July from £408m in the corresponding period of last year. Gross profit fell 5.7% to £174m from £185m. In line with management's expectations, retail sales in the 13 week period increased 0.8% year on year to £368m (2011: £365m), and retail gross profit decreased 6.6% to £156m (2011: £167m). The company noted that last year's trading received a boost from the FIFA World Cup.Oil firm SOCO has started drilling on the Mindou Marine 1 exploration well in the Marine XI block in the Congo Basin. Meanwhile, the Te Giac Trang Field in Vietnam, which commenced production on 22 August 2011, is ramping up production on schedule, reporting 28,563 barrels of oil per day in the most recent 24 hour reporting period, the company said.Investors have an appetite for Italian restaurant chain Prezzo after it said it is confident its value offering will serve it well despite tough economic conditions as it posted a sharp rise in half year profits. In the half year to 3 July, pre-tax profits climbed to £7.3m from £6m the previous year on revenues that rose to £59.6m from £48.4m. Wound care specialist Advanced Medical Solutions is wanted after it revealed an 80% increase in half year profit after strong sales of wound care product ActivHeal. For the six months ended 30 June 2011 profit from operations, post exceptional items, rose to £2.62m from £1.5m the year before. Profit from operations, pre-exceptional items, was up 25% to £2.6m. Group revenue rose 12% to £16.3m during the half year. FTSE 100 - RisersEssar Energy (ESSR) 253.20p +5.06%Tullow Oil (TLW) 1,130.00p +4.05%Wood Group (John) (WG.) 577.00p +3.96%BG Group (BG.) 1,270.00p +3.89%GKN (GKN) 184.60p +3.77%ARM Holdings (ARM) 556.00p +3.73%Weir Group (WEIR) 1,820.00p +3.64%International Consolidated Airlines Group SA (IAG) 161.00p +3.47%Smiths Group (SMIN) 960.50p +3.45%BP (BP.) 383.75p +3.26%FTSE 100 - FallersRandgold Resources Ltd. (RRS) 6,830.00p -1.59%Diageo (DGE) 1,209.00p -0.90%Hargreaves Lansdown (HL.) 480.00p -0.72%Resolution Ltd. (RSL) 250.60p -0.52%Imperial Tobacco Group (IMT) 2,098.00p -0.33%Autonomy Corporation (AU.) 2,520.00p +0.08%Rexam (REX) 340.30p +0.12%G4S (GFS) 255.80p +0.35%Legal & General Group (LGEN) 94.40p +0.48%Unilever (ULVR) 2,033.00p +0.59%FTSE 250 - RisersSt. Modwen Properties (SMP) 134.40p +8.83%Salamander Energy (SMDR) 221.80p +8.30%Dixons Retail (DXNS) 11.46p +8.22%Supergroup (SGP) 1,047.00p +5.76%Ocado Group (OCDO) 112.90p +5.51%Kofax (KFX) 300.00p +5.41%Cable & Wireless Communications (CWC) 38.58p +4.52%Keller Group (KLR) 368.80p +4.48%Kier Group (KIE) 1,183.00p +4.14%Ashtead Group (AHT) 138.60p +4.05%FTSE 250 - FallersThomas Cook Group (TCG) 36.63p -5.69%Phoenix Group Holdings (DI) (PHNX) 508.00p -2.31%IG Group Holdings (IGG) 430.10p -1.78%African Barrick Gold (ABG) 594.50p -1.49%Cranswick (CWK) 637.00p -1.39%Greggs (GRG) 477.70p -1.28%Elementis (ELM) 142.80p -0.90%Bodycote (BOY) 265.00p -0.75%Michael Page International (MPI) 352.00p -0.71%Amlin (AML) 296.90p -0.67%