London’s blue chips are cautiously higher in early dealings on Thursday as investors consider a bunch of corporate figures. AstraZeneca is the best performer in early dealings. The group’s potential blockbuster heart drug Brilinta has received the backing of a US advisory panel just as the drug giant increased 2010 earnings targets for a second time this year following a strong performance from emerging markets and key drugs in the second quarter.
Royal Dutch Shell has trumped forecasts by almost doubling earnings in the second quarter, in stark contrast to loss-making rival BP, and has exceeded targets set last year for costs and staff cuts. Earnings on a current cost of supplies (CCS) basis came in at $4.5bn, up from $2.3bn a year ago. Analysts had expected somewhere around the $4bn mark.
Telecoms leviathan BT reported a 17% rise in pre-tax profits in the first quarter and reiterated its full year outlook. The firm also said that it is in talks with the government over plans to cut public spending.
Defence firm BAE Systems continues to expect revenue growth in 2010 despite the threat of cutbacks in government spending. The company saw sales grow 9% in the first half of 2010 to Ł10,643m from Ł9,747m the year before. On a like-for-like (LFL) basis, sales increased by 7%. Underlying earnings before interest, tax and amortisation improved 14% to Ł1,114m from Ł978m a year earlier.
Pay TV and internet service provider British Sky Broadcasting posted slightly better than expected full-year figures but warned that the economic outlook remains uncertain. Underlying operating profits were up by 10% in the 12 months ended 30 June to Ł855m, while revenue rose to Ł5,912m from Ł5,359m.
Aero engines developer Rolls-Royce expects 2010 profit to be modestly higher than 2009 after a ‘robust performance’ in the first half of the year. Group revenue in the six months to 30 June 2010 rose to Ł5,421m from Ł5,142m at the interim stage last year.
Cobham subsidiary Cobham Analytic Solutions has been selected as a prime contractor to provide infrastructure and deployment support services to the US Missile Defense Agency.
An “impressive uplift” in the mineral resource estimate at Collahuasi, Chile’s third largest copper mine, is good news forXstrata and Anglo American who each own a 44% stake in the business.
Diversified mining giant Kazakhmys said its operations delivered a solid performance in the first half of the year.
Variety magazine publisher Reed Elsevier said advertising and promotion markets are stabilising as underlying revenues increased 1% in the first half. The Anglo Dutch publishing firm said it had noted improved overall trading performance.
Car dealer Inchcape reported a better than expected 76% surge in half year pre-tax and said it intends to reinstate a final dividend for the current financial year.
Scottish soft drinks maker AG Barr expects full year trading to beat forecasts after sales continued to perform ahead of the market in the first half.
Connaught , the social housing group which issued a profit warning last month, rallied on news that it has agreed a short-term overdraft facility and deferral of loan payments with its banks.
Electronic sensors firm Halma says trading since the start of the financial year has been strong and is in line with expectations.
FTSE 100 - Risers
AstraZeneca (AZN) 3,345.00p +4.45%
Reed Elsevier (REL) 555.50p +4.42%
BAE Systems (BA.) 325.60p +2.71%
Rolls-Royce Group (RR.) 599.50p +2.04%
WPP Group (WPP) 684.00p +1.26%
SEGRO (SGRO) 287.10p +1.23%
Cobham (COB) 239.80p +1.10%
Land Securities Group (LAND) 625.50p +0.81%
BT Group (BT.A) 141.00p +0.79%
Vodafone Group (VOD) 149.40p +0.78%
FTSE 100 - Fallers
Rexam (REX) 319.10p -2.59%
British Airways (BAY) 217.10p -1.32%
Compass Group (CPG) 535.50p -1.20%
Eurasian Natural Resources (ENRC) 903.00p -0.88%
Petrofac Ltd. (PFC) 1,277.00p -0.78%
Xstrata (XTA) 1,036.50p -0.77%
Essar Energy (ESSR) 430.60p -0.74%
Lloyds Banking Group (LLOY) 68.85p -0.72%
Severn Trent (SVT) 1,276.00p -0.70%
British American Tobacco (BATS) 2,227.00p -0.69%
(Source:Digitallook)
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