London open: Miners lead Footsie higher
London's leading shares have opened higher with miners boosted by industrial growth figures coming out of China.Industrial production growth in China rose again in November to hit 19.1% year-on-year. It is fastest pace of growth in industrial production since June 2007. Kazakhmys, Rio Tinto and Xstrata are all going well.
Support services and construction company Carillion expects market conditions will remain challenging but said it believes it will make further progress in 2010. Underlying earnings per share are forecast to grow by at least 10% in the 12 month ended 31 December.
There are no fallers on the blue chip index at present.
Casinos and bingo outfit Rank said it has submitted a claim for VAT overpaid on main stage bingo for periods from July 2004. If successful, Rank estimates that the net cash benefit arising from this claim will be approximately Ł16m.
HMV’s half-year loss before tax narrowed to Ł24.9m from Ł27.5m a year earlier. The entertainment media retailer’s total sales in the 6 months 24 October were up 5.6% to Ł797m from Ł754.5m at the interim stage in 2008, but this masked a 2.1% decline in like for like sales that was primarily caused by weak trading at Waterstone’s, its book selling arm.
HSBC Infrastructure, the trust that invests in infrastructure projects, is to pump Ł2.1m in to the Helicopter Training Facility private finance initiative (PFI) project.
Road and infrastructure support contractor Mouchel has seen its order book hold steady at Ł2bn and remains on track to met its expectations for this year to July 2010, even though the situation in Dubai has ‘clearly deteriorated’.
Good demand at its signal business will mean LED sensor specialist Dialight 'will exceed its previous earnings expectations'
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