Thursday March 27, 08:51 AM
London open: Footsie better than expected
LONDON (ShareCast) - London's blue chips have opened better than expected, with Compass and FirstGroup (LSE: FGP.L - news) leading the
risers on positive trading updates.Food caterer Compass said trading in the first five months of the year is ahead of expectations as it sees operating profit rising by £6m, benefiting from the favourable currency movements. Bus and train company FirstGroup expects to report full year results in line with its expectations following a strong performance in the second half. Hedge fund manager Man Group (LSE: EMG.L - news) said pre-tax profits for the year to March will be ahead of consensus market expectations. Kingfisher (LSE: KGF.L - news) is the main faller in early dealings after the DIY retailer saw full year adjusted profit before tax fall 2.8% and said that the "internal background and the external economic environment" had prompted it to halve the final dividend. Overall trading at London Stock Exchange (LSE: LSE.L - news) remains very strong, the stock exchange operator said Thursday, with a good outcome expected for the full year. British Gas owner Centrica (LSE: CNA.L - news) has announced plans to create the UK's first offshore gas storage facility for over 25 years in partnership with Gaz de France (Paris: FR0010208488 - news) and First Oil. Private equity giant 3i said realisation proceeds for the year have fallen as expected but added that it has not seen any "material changes" from the economic downturn. Among the FTSE 250 (news) , power supply protection firm Chloride (LSE: CHLD.L - news) said full year results will be ahead of management's expectations with operating profit expected to rise around 50%. Northern Foods (LSE: NFDS.L - news) ' trading performance continued to meet expectations and the ready meals group said it now sees full-year profit before tax and restructuring items ahead of the median consensus of £47.5m. Food equipment manufacturer Enodis (LSE: ENO.L - news) said first half sales are expected to be up 7% on a like-for-like basis and added that it will cut jobs to deal with any weakness in North America. Cleaning and maintenance firm Mitie said it has performed well in the second half, in line with expectations, and continues to seek acquisitions in 2008. Clothing and furniture retailer Laura Ashley has reported a 62% surge in full year pre-tax profit, but like for like sales fell almost 9% and the firm remains cautious about general trading conditions. Irish newspaper publisher Independent News & Media lifted adjusted pre-tax profit by 7.7% in 2007 and said the business has traded well through the first three months of 2008.
|
Send Article by Email
