London open: Stocks edge lower

10th Jun 2011 08:17

Shares have edged slightly lower on a quiet day on the company news front.Economic resilience in the southeast of England helped brewer and pub operator Fuller, Smith and Turner post a strong rise in profits in the year to 2 April. The company, whose pubs only stretch as far north as the Midlands, saw adjusted pre-tax profits rise by 10% from the previous year to £29.3m on revenues up 6% to £241.9m.Daily Mail publisher DMGT said it is reviewing alternatives for its US retail trade show operation, after reports said the media company is considering selling the business for £122m. DMGT said the strategic review of George Little Management, which organises events in retail sectors such as clothing and jewellery, comes after it concluded that it should focus on more exciting areas such as energy and the Middle East. Oil and gas facilities provider Petrofac has acquired an additional 11.9% stake in Nigerian production and development firm Seven Energy International for $75m.Housebuilder Bellway said it is well positioned to deliver operating margin and volume growth if market conditions remain unchanged following a return to a more normal reservation pattern and a healthy spring selling season. The Newcastle upon Tyne based property developer said it achieved a sales rate of 111 units per week in the period from 1 February to 31 May 2011, up 9% on the same period last year, from an average of 195 sites.Shares of building materials supplier Ensor surged after it posted a sharp rise in profit for the year, upped its dividend and said it is well positioned to make further progress in this new financial year. Profit before tax rose to £813,000 in the year ended 31 March 2011 compared to £256,000 a year earlier. Revenue increased to £21.4m from £19.4m previously. Uprisings in the Arab world helped Red24, which helps companies deal with security threats such as piracy and kidnap, post a rise in sales and profits in the year to 31 March. Revenue was up to £5.26m from £4.29m the previous year, lifting pre-tax profits to £742,000 from £628,000. The shares are in the blue.South American gold miner Orosur is lower after it raised $13.5m (£8.3m) through a placing of shares to fund its acquisition of the Talca mine in Chile and other potential purchases. Just over 12.5m shares were placed at 66p a share, a 9% discount to the company's closing price yesterday. Orosur said yesterday that it was seeking to raise up to $15m.