London close: Jittery Footsie finishes lower

20th May 2009 16:36

Footsie failed to sustain a slight rally that came after a positive US opening and finished in the red after an indecisive day's trading.Miners Lonmin, Rio Tinto, Vedanta, Randgold, Antofagasta and Kazakhmys all went well, while silver and gold producer Fresnillo was wanted after it said it has successfully concluded 2009 annual wage negotiations with Union at Ciénega mine in MexicoThe share price of Lloyds Banking Group has been adjusted to take into account the fact that the shares no longer carry the right to participate in the group's compensatory open offer. Even so, the shares were on the slide after the bank warned that its participation in the government's asset protection scheme may need approval from the EU authorities, which may come with strings attached. Credit checking firm Experian hailed its revenue and profit growth last year despite exceptionally difficult market conditions. Revenue rose to $3,873m in the year to 31 March 2009 from $3,789m a year earlier. Revenue from continuing activities was up 8% at constant exchange rates, while organic revenue growth was 3%, indicating a slowdown in organic growth since its last trading update in mid-April, when organic growth was 4%. London Stock Exchange slumped into losses for the year due to hefty impairment charges associated with the acquisition of Borsa Italiana.Recession has not yet dented demand for bank notes with specialist printer De La Rue upping underlying profits by over 18% last year and its dividend by 92%.Soft drinks supplier Britvic was a strong performer as it shrugged off a profits collapse in Ireland to lift underlying interim profits by over 16% as sales in the UK gathered momentum. Fellow drinks firm Nichols went well too after strong sales of Vimto helped it trade above expectations in the three months to April 12.London's West End-focused Shaftesbury has joined the rush of property groups raising cash with a fully underwritten rights issue to raise £149.1m net.Ferrochrome producer International Ferro Metals (IFL) said it remains focused on preserving cash and cutting costs as it reported falling sales for the alloy used to make stainless steel. IFL, which produces ferrochrome in South Africa, sold 10,484 tonnes in the three months to March 31, compared with 21,410 over the prior quarter and 56,905 tonnes in the first quarter of 2008.Business communications firm Colt Telecom has landed a contract to provide data centre and managed services to a major global financial institution. The contract lasts for 10 years and has an annual value of several million euros.Department store Debenhams is wanted after giving investment analysts a sneak preview of its new fashion ranges. Broker Singer Capital Markets has reiterated its 'buy' recommendation.Also benefiting from broker comment is pubs group Enterprise Inns, which has been chosen as top pick in the sector by Credit Suisse. Sector peer JD Wetherspoon also gets a lift from Credit Suisse, which expects the shares to outperform and which has a price target for the stock of 448p.Yellow Pages owner Yell Group holds steady after announcing chairman Bob Scott would not be seeking re-election at the company's annual general meeting on 24 July. The company lost £1.14bn before tax in the year to 31 March 2009, compared to a pre-tax profit the year before of £206.7m, after taking a £1.27bn hit from the write-down of goodwill associated with Yell Publicidad, its Spanish subsidiary.FTSE 100 - RisersLonmin (LMI) 1,267.00p +8.11%Vedanta Resources (VED) 1,539.00p +7.02%Fresnillo (FRES) 650.50p +5.77%Kazakhmys (KAZ) 711.50p +4.71%Rio Tinto (RIO) 2,864.00p +4.34%Randgold Resources (RRS) 4,218.00p +4.15%Petrofac Ltd (PFC) 647.00p +3.60%International Power (IPR) 283.75p +3.56%Xstrata (XTA) 671.50p +3.55%Shire Plc (SHP) 919.00p +2.62%FTSE 100 - FallersLloyds Banking Group (LLOY) 70.50p -7.99%Marks & Spencer Group (MKS) 294.00p -5.69%Sainsbury (J) (SBRY) 329.25p -4.84%Home Retail Group (HOME) 241.00p -4.27%ICAP (IAP) 404.00p -4.27%Prudential (PRU) 455.50p -4.11%Man Group (EMG) 232.00p -3.53%Vodafone Group (VOD) 118.90p -2.86%Schroders (SDR) 873.00p -2.73%Aviva (AV.) 340.25p -2.72%FTSE 250 - RisersCOLT Telecom Group S.A. (COLT) 124.75p +14.19%Britvic (BVIC) 303.00p +12.74%Davis Service Group (DVSG) 327.50p +8.18%Shaftesbury (SHB) 400.00p +7.17%Debenhams (DEB) 95.00p +6.74%Henderson Group (HGG) 84.00p +5.33%Filtrona PLC (FLTR) 124.50p +5.29%JPMorgan European Inv Trust Growth Shares (JETG) 141.00p +5.22%Tullett Prebon (TLPR) 301.75p +5.14%Ferrexpo (FXPO) 166.00p +5.06%FTSE 250 - FallersDSG International (DSGI) 25.00p -9.91%Telecom Plus (TEP) 303.00p -8.18%Morgan Crucible (MGCR) 110.25p -6.57%Dairy Crest Group (DCG) 299.75p -6.11%Euromoney Institutional Investor (ERM) 228.25p -6.07%Regus (RGU) 70.75p -5.67%De La Rue (DLAR) 908.50p -4.97%PV Crystalox Solar (PVCS) 88.00p -4.86%Mitchells & Butlers (MAB) 261.25p -4.83%Halfords Group (HFD) 319.00p -4.63%