London's top stocks motor ahead in early deals with all leading shares in positive territory, thanks to the stellar performance from Wall Street last night. Miners are the main benefactors with Eurasian Natural Resources, Xstrata, Rio Tinto and Kazakhmys amongst the strong risers.
Xstrata has suspended A$586m of expenditure on Australian projects, saying neither will be viable under the government's proposed tax on super profits.
DIY retailer Kingfisher, which owns the B&Q chain in the UK, reported a 1.8% decline in like for like (LFL) sales in the first quarter in which adverse weather conditions across Europe and ongoing economic uncertainty impacted consumer demand. Total sales in the 13 weeks ended 1 May were broadly flat on a reported basis and 0.2% down in constant currency terms. Retail profit was up 12%, helped by margin and cost self-help initiatives.
BP has agreed to fund the six sections of the Louisiana barrier islands proposal, which is estimated to cost the oil explorer $360m. The group will not manage or contract directly for the construction of the island sections and said it will not assume any liability for unintended consequences of the project.
The recovery in platinum prices last year came slightly too late for Johnson Matthey, which refines the precious metal, to post a rise in profits or revenues in the year to March 31. Pre-tax profits for the year totalled Ł254.1m, down from Ł267.9m the previous year, on revenues that slipped to Ł7.84bn from Ł7.85bn.
Synergy Health, which provides outsourced support services to the health industry, posted a 50% rise in profits and said it starts the new year in a “strong position.” Profit before tax for the year came in at Ł24.5m from Ł16.3m before on revenue that rose 4.5% to Ł286.4m. Underlying revenues rose 7.5%.
Property firm Helical Bar swung into an annual pre-tax profit and increased its dividend as the value of its investment properties rose. For the year to 31 March 2010 the group posted a pre-tax profit of Ł7.9m compared to a loss of Ł71.9m the same time a year before. Revenue for the period fell to Ł67.4m from Ł81.8m.
Property investor Quintain Estates & Development said full year pre-tax losses narrowed as the value of its assets fell 1.5%.
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