News

Footsie has marked time for most of the morning in the absence of any lead from the US. Miners are weak but being offset by gains elsewhere.

The sliding price of copper has hit Kazakhmys. Antofagasta, Xstrata and Anglo American are also among the biggest fallers so far. Silver miner Fresnillo is a notable exception and has rallied strongly.

The government now owns almost 58% of Royal Bank of Scotland after just 0.24% of shareholders took up the bank's open offer. RBS shares have been trading below the issue price for the past three weeks.

The US Food and Drug Administration (FDA) has asked drug giant AstraZeneca's MedImmune biologics business for additional information on motavizumab, which helps prevent a viral lung infection in infants.

Housebuilders are continuing to rally after yesterday's glimmer of hope in Nationwide's latest survey. Reports that the ECB is planning a big rate cut next week have also raised the possibility that more big cuts in UK rates could be on the way soon.

Taylor Wimpey jumped another 30% for a three-day gain of 250% earlier in the day, though it has since eased back. Barratt Developments has also tailed off after early gains.

JP Morgan said it has not been able to determine a realistic price target for Premier Foods, since it believes the food group could breach its loan covenants and may not attract an equity injection. It has initiated an "Underweight" coverage on the group.

Media rights and film distributor Metrodome has warned it faces a potential £320,000 bad debt following Woolworths and its subsidiary Entertainment UK's collapse into administration.

Drug distributor Goldshield raised its interim dividend by 16% after strong first half figures and an upbeat assessment of second half prospects. Profit before tax in the six months to September rose by 44% to £8.8m from £6.1m on sales up 23% to £50.2m.

Central Europe focused coffee house chain Coffeeheaven International said like-for-like sales rose 16% the six months ended 30 September 2008 compared to 20% the year before. Revenues from continuing operations increased 82% or 39% at constant currency rates to £11.9m.

Recruiter Harvey Nash's revenue rose 34% with profit before taxation up by 23% in the three months to October compared to the previous year. All three of the Group's main geographic areas, US, UK & Ireland and mainland Europe increased revenues in the quarter compared to the same period last year, the group said.

Rigid plastic packaging group RPC held its interim dividend despite sliding into a first half loss after higher input costs and another slug of hefty restructuring charges.

Shares in gold mining company Aurum rose over 9% after it said it has rejected recent takeover proposals and announced plans to return cash to shareholder in the second quarter.

Stockbroker IAF plans to scrap its listing on AIM after warning that results for the full year to 30 June 2009 will be below expectations.

Software group Total Systems is higher after Total a contract with Capita helped it swing into the black, with the second half expected to be better than the first.