News

London has opened flat and directionless with no lead from Wall Street due to yesterday's Thanksgiving holiday and today's half-day trading in New York.

The government is today the proud owner of 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 contiuning 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 has jumped another 30% for a three-day gain of 250%. Barratt Developments is also going well.

Media rights and film distrbutor Metrodome has warned it faces a potential £230,000 bad debt following Woolworths and its subsidary 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.