News

London open: Obama win no help for Footsie

05 November 2008 08:31:00

London has missed out on the Obama victory rally seen in Asia overnight with share prices sharply lower as miners succumb to profit taking.

Again it's Kazakhmys, Vedanta and Xstrata that show the biggest percentage moves, though today it is down rather than up.

High street fashion giant Next is flat after it has maintained its guidance for the current year. Like-for-like sales are expected to continue to fall in 2009 but "not necessarily at any worse rate than the current year".

Transport group FirstGroup is one of the better performers after it saw 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%.

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.

All data suppied by Digital Look (15 minute delay)




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