London open: Stocks give up gains

21st Jul 2011 08:39

Stocks are moving in both directions today, but bears have the edge now with the top share index a few points lower, giving up earlier gains.In the FTSE 100, Kingfisher, the FTSE 100 DIY retailer, is flying high even after it saw sales down 0.5% in the second quarter of 2011 compared to the same period last year. Total sales including new stores were up 1% if adjustments are made for currency fluctuations, with strength in France offsetting poor trading on this side of the channel.Approval for its drug Brilinta in the United States heartens AstraZeneca, the Anglo-Swedish pharmaceuticals company. Brilinta reduces the rate of heart attack and cardiovascular death in adult patients with acute coronary syndrome (ACS) more effectively than its rival treatment Clopidogre, recent studies indicate. Turnover and profit before tax a shade below market expectations is a source of displeasure for investors in outsourcing behemoth Capita Group today. Turnover for the first half of 2011 rose 3% to £1,400m from £1,361m the year before, below market expectations of £1,443m. Acquisitions contributed £134m to the turnover figure, which means revenue fell on a like-for-like basis, as widely tipped in the market. Turning to the FTSE 250, the glass seems to be half empty at Mitchells & Butlers. Trading in recent months has been ahead of last year when the World Cup kept punters away, but has hit a weak spell more recently, the pub group behind the O' Neill's and All Bar One chains, has said. "On a like-for-like basis, sales in the first 42 weeks were up 3.1% with trading in the last 9 weeks to 16 July up by 2.8%," the company said. Also in drinks, Britvic has lost some fizz. Another summer of disappointing weather has hit trading at the maker of orange juice, which also has the licence to sell Pepsi in the UK. Drinks sales had been holding up until below average weather resulted in a sharp contraction in the four weeks to 21 July. Kitchen supplier Howden Joinery is building decent gains after it said profit for the half year increased by £1.9m as expectations for the year remain unchanged. Pre-tax profit rose to £23.5m in the 24 weeks to 11 June 2011 from £21.6m the same time a year earlier. Group revenue rose to £341.7m during the half year from £324.7m previously.Today is proving a bit of an uphill struggle for Halfords. The bike and car parts retailer reported flat sales for the 13 weeks to 1 July.FTSE 100 - RisersAstraZeneca (AZN) 3,132.50p +3.30%Royal Bank of Scotland Group (RBS) 35.16p +3.08%Barclays (BARC) 228.60p +2.70%Kingfisher (KGF) 258.80p +2.21%Lloyds Banking Group (LLOY) 45.65p +1.64%Diageo (DGE) 1,258.00p +0.96%Associated British Foods (ABF) 1,084.00p +0.93%International Consolidated Airlines Group SA (IAG) 233.60p +0.65%Standard Chartered (STAN) 1,599.50p +0.47%Tate & Lyle (TATE) 617.50p +0.41%FTSE 100 - FallersCapita Group (CPI) 663.00p -4.88%Xstrata (XTA) 1,336.00p -2.09%Serco Group (SRP) 546.00p -1.97%Glencore International (GLEN) 473.20p -1.83%Eurasian Natural Resources Corp. (ENRC) 762.50p -1.68%Kazakhmys (KAZ) 1,324.00p -1.63%Antofagasta (ANTO) 1,400.00p -1.62%Rio Tinto (RIO) 4,353.50p -1.52%Vedanta Resources (VED) 1,821.00p -1.51%BHP Billiton (BLT) 2,333.00p -1.33%FTSE 250 - RisersPetropavlovsk (POG) 844.50p +2.74%Howden Joinery Group (HWDN) 110.30p +2.70%Yule Catto & Co (YULC) 232.20p +2.29%Catlin Group Ltd. (CGL) 400.90p +2.27%Kier Group (KIE) 1,352.00p +1.20%Stobart Group Ltd. (STOB) 141.40p +1.00%Cable & Wireless Worldwide (CW.) 43.41p +0.95%Renishaw (RSW) 1,802.00p +0.90%Dignity (DTY) 795.00p +0.89%Electra Private Equity (ELTA) 1,730.00p +0.87%FTSE 250 - FallersHalfords Group (HFD) 336.40p -5.82%Mitchells & Butlers (MAB) 277.50p -4.61%JD Sports Fashion (JD.) 951.00p -3.94%PZ Cussons (PZC) 365.30p -3.72%Regus (RGU) 100.40p -3.37%Berendsen (BRSN) 531.50p -3.28%Daejan Holdings (DJAN) 2,803.00p -2.84%Grainger (GRI) 118.70p -2.47%Britvic (BVIC) 358.50p -2.34%Punch Taverns (PUB) 68.00p -2.30%