Financial News

LONDON (ShareCast) - 1630: Footsie (news) posted more impressive gains as results from a number of household names sparked a renewed rush of buying. Telecoms giant BT (LSE: BT-A.L - news) racked up a double-digit percentage gain after quarterly figures were not as bad as feared. Lonmin (LSE: LMI.L - news) led the miners higher helped by an upgrade from Citigroup (NYSE: C - news) while aeroengine group Rolls-Royce was another big riser as underlying profits improved. Specialist publisher Reed Elsevier (Amsterdam: 273044.AS - news) was the worst performer after announcing a big placing and more than halved profits. FTSE 100 up 84 at 4,632.

1557: Boosted by a strong opening on Wall Street the Footsie is on the cusp of racking up a triple digit gain. The FTSE 100 is up 96 at 4,643. The withdrawal of two generic competitors to heart drug Toprol XL helped AstraZeneca (LSE: AZN.L - news) boost second quarter sales and raise full-year earnings targets. Lonmin is another strong riser after Citi upgraded the stock to "buy".

1505: Footsie has held onto gains following a good start on Wall Street. Telecoms group BT is still the top riser after better than expected results. Miners are also going well. FTSE 100 up 60 at 4,607.

1415: Footsie is still sitting well clear of the 4,600 point as investors await the US open. Telecoms group BT is still the top riser after better than expected results. Aero-engineer Rolls-Royce and pay-TV group BSkyB (LSE: BSY.L - news) are also going well after updates but specialist publisher Reed Elsevier drops 13% after announcing a placing. FTSE 100 up 70 at 4,617.

1255: Footsie is still holding onto gains to remain above the 4,600 point mark. Telecoms group BT is still the top riser after better than expected results. Aero-engineer Rolls-Royce and pay-TV group BSkyB are also going well after updates but specialist publisher Reed Elsevier drops 14% after announcing a placing. Investors will now be looking to the US, which is also in the middle of a results stream. FTSE 100 up 56 at 4,604.

1125: The FTSE 100 has hit 600 points as investors continue to digest a slew of company updates. Better-than-expected results from BT lift the telecoms group 11%. Rolls Royce (LSE: RR.L - news) motors ahead after reiterating its guidance for the full year. Reed Elsevier is a heavy faller. The specialist publisher has announced plans to raise about 10% of its capital through a placing to pay off debts after an acquisition. FTSE 100 up 54 at 4,601.

1017: Encouraging house price data from the Nationwide building society has given a boost to builders' merchants Wolseley (LSE: WOS.L - news) and Travis Perkins (LSE: TPK.L - news) . The Nationwide said house prices rose for the third month in a row in July, up by 1.3%, or nearly £2,500, taking the annual decline to a 14-month low. The data follows yesterday's news that mortgage approvals for buying houses rose to their highest level since April last year. Rolls-Royce is wanted this morning after it reiterated full-year guidance but fellow defence stock BAE Systems (LSE: BA.L - news) swoons after posting interim losses. The FTSE 100 is up 43 at 4,590.

0914: A slew of announcements from FTSE 100 companies has given the market plenty to chew on. Reed Elsevier is a drag on the index as it suffers a double-digit percentage decline after accompanying its results with fund raising plans. Water group Pennon is also lower after accompanying its trading statement with a £120m convertible bond launch. BAE Systems falls back after dipping into the red at the interim stage. In contrast BT and Rolls-Royce both move higher after results. FTSE 100 is up 21 at 4,569.

0823: Investors have a batch of results to consider this morning, with BT currently leading London's blue chips higher after publishing quarterly figures. Specialist publisher Reed Elsevier is the worst performer after announcing plans to raise about 10% of its capital through a placing to pay off debts after an acquisition. FTSE 100 is up 28 points at 4,575.