News

London has made a very low key start with blue chips taking their lead from the flat performance on Wall Street overnight.

J Sainsbury's improved sales performance has continued with total sales for the 16 weeks to 7 October up by 7.6%. Like-for-like sales rose by 6.5%. For the first half overall, sales are up by 7.8% and by 6.8% on a like for like basis.

Carphone Warehouse says greater than expected demand for its broadband service has increased the start-up costs by £20m to £70m this year. Carphone said it had received 625,000 applications for broadband, with 421,000 live as at 30 September. Total connections rose by 34% in the second quarter with subscription connections up by 16.3%.

PartyGaming is trying to revive after the pounding of the past fortnight while profit taking after the surge this week has taken some of the shine off Shire Pharmaceuticals.

Housebuilder George Wimpey reports that a continued strong performance in the UK is largely offsetting the tougher trading conditions in the US. Total US completions for 2006 will be below those achieved last year. At the end of September the US order book is 28% below last year by volume and 35% by value.

Fashion group Burberry's underlying first-half revenues rose 10%, boosted by a 23% rise in retail sales, with like for like sales rising by 11%. Total revenues rose to £392m in the six months to end-September.

Tullow Oil and Hardman Resources, joint partners in Block 2 in Uganda, have signed a memorandum of understanding relating to future investment plans with the country's government.

Collins Stewart has confirmed its interest in corporate finance boutique Hawkpoint. Travel agent First Choice is also up again following yesterday's rumours that Kuoni is interested.