London open: Stocks give up gains

9th May 2011 08:28

Stocks have fallen back after Friday's surge, with company updates sending shares in both directions.Energy supplier Centrica is an early struggler after saying it expects profits growth in 2011 to be more subdued than previously anticipated due to the new tax regime on UK oil production. The increase in the Supplementary Charge (SCT) rate from 20% to 32% on UK production announced in March in the government's budget offsets the benefit of higher commodity prices on its production business, the group claimed.Inmarsat is a high flyer after the Satellite communications giant Inmarsat said total quarterly revenue rose 15% boosted by payments from its agreement with US telecom group LightSquared.Platinum miner Lonmin is wanted after it released first half results and second quarter production figures. The South African company has been ramping up production as prices for platinum stay high. It mined 2.9m tonnes in the quarter to 31 March, up 10% from the same period last year. In the six months to 31 March, pre-tax profits climbed to $159m (£97.2m) from $77m on revenues that soared to $938m from $661m. Casino and bingo hall operator Rank moves ahead after it advised its shareholders against accepting a 150p a share offer for the company, saying it "significantly undervalues Rank and its prospects."Outsourcing giant Serco is drawing comfort from its £29bn pipeline of identified opportunities despite some short-term headwinds in the UK, and is on course to hit its 2011 targets.Anglo-Dutch household goods giant Unilever has received regulatory clearance to acquire US personal care and household brands firm, Alberto Culver, after agreeing to divest the Alberto VO5 and Rave brands in the US.Flooding and cyclones in Australia hurt RPS's trading in the first quarter of 2011, but the environmental services group remains upbeat. Profits in the first half are likely to be similar to those in 2010, as a result of the Australian disruption RPS said, adding that growth in the second half should allow market expectations for 2011 to be achieved. FTSE 100 - RisersInmarsat (ISAT) 608.00p +2.53%Autonomy Corporation (AU.) 1,631.00p +1.18%Lonmin (LMI) 1,566.00p +1.10%Fresnillo (FRES) 1,450.00p +0.97%Diageo (DGE) 1,272.00p +0.87%ITV (ITV) 76.20p +0.79%Associated British Foods (ABF) 1,046.00p +0.67%HSBC Holdings (HSBA) 655.20p +0.54%BHP Billiton (BLT) 2,435.50p +0.23%Vedanta Resources (VED) 2,198.00p +0.18%FTSE 100 - FallersCentrica (CNA) 305.90p -3.04%TUI Travel (TT.) 239.40p -2.21%Land Securities Group (LAND) 764.50p -1.67%Schroders (SDR) 1,652.00p -1.67%British Land Co (BLND) 588.50p -1.42%Schroders (Non-Voting) (SDRC) 1,359.00p -1.38%Man Group (EMG) 244.30p -1.25%GKN (GKN) 215.50p -1.24%Standard Life (SL.) 217.10p -1.23%Scottish & Southern Energy (SSE) 1,291.00p -1.22%FTSE 250 - RisersKesa Electricals (KESA) 143.10p +4.38%Rank Group (RNK) 154.30p +3.70%Hochschild Mining (HOC) 566.00p +2.35%Cobham (COB) 229.80p +2.00%CPP Group (CPP) 129.70p +1.33%Kenmare Resources (KMR) 42.75p +1.30%Filtrona PLC (FLTR) 352.30p +1.29%Gem Diamonds Ltd. (DI) (GEMD) 285.60p +0.85%Punch Taverns (PUB) 76.75p +0.85%Misys (MSY) 319.60p +0.82%FTSE 250 - FallersDerwent London (DLN) 1,715.00p -3.00%Thomas Cook Group (TCG) 166.70p -2.29%Lamprell (LAM) 356.30p -1.44%Domino's Pizza UK & IRL (DOM) 435.40p -1.43%Ladbrokes (LAD) 147.30p -1.34%William Hill (WMH) 208.00p -1.28%CSR (CSR) 350.70p -1.21%National Express Group (NEX) 254.60p -1.20%Mitchells & Butlers (MAB) 331.20p -1.16%Computacenter (CCC) 464.00p -1.15%---RG