News

London midmorning: Miners wreck party

05 November 2008 10:59:00

Miners poured cold water on celebrations in London following Barack Obama's US election victory, with commodity plays by far the worst performing blue chips.

Kazakhmys, Vedanta, Lonmin and Xstrata are feeling the pain on weaker copper prices.

High street fashion giant Next has edged ahead after it maintained guidance for the current year. Like-for-like sales, down 4.4% at Next Retail in the 14 weeks to 1 November, are expected to continue to fall in 2009 but "not necessarily at any worse rate than the current year". Analysts said today's statement was better than expected.

Transport group FirstGroup help limit losses in London following strong revenue growth at the interim stage, with like-for-like passenger revenue gains in both UK bus and train operations. UK bus like-for-like passenger revenues rose 7.7% while like-for-like revenue growth at its UK rail franchises averaged 9.9%. Stagecoach hitched a ride higher.

Broadcaster ITV said given the uncertain economic outlook, trading conditions across the group are likely to remain challenging in 2009. Group revenues for the nine months to September fell to £1,471m from £1,484m in the same period last year.

Shopping centre developer Liberty International saw an almost 30% decline in net assets per share in the year to end-September as voids climbed. Losses of £1,088m on the revaluation and sale of investment and development property tipped the company into deficit at the pre-tax level. Pre-tax loss was £1,059m, versus a profit of £442m a year before.

Aerospace and defence firm Cobham said it has experienced strong organic growth in the first nine months of 2008, consistent with its expectations.

Higher funding costs and rising bad debts have prompted Irish bank Allied Irish to cut its EPS target this year to around 120c.

Oil explorer Soco International said its balance sheet continues to strengthen thanks to the revenues now being earned from oil and gas sales from two of its assets.

Forestry management group Fountains has confirmed it has received more than one possible bid approach.

Ideal Shopping said current market conditions have had a negative impact on sales and it anticipates a small trading loss for the year to December.

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