London midday: FTSE 100 falls back despite cheery updates

19th Jan 2011 12:01

The top share index is still in the red despite well-received company updates, with downbeat news from the retail sector weighing on sentiment.Publishing giant Pearson leads the pack after the FT owner said 2010 earnings will be ahead of previous guidance, as all of its major businesses sustained their strong trading momentum throughout last year. The firm expects full year operating profits to come in around 20% higher than 2009's level, at about £850m. Property giant Land Securities is higher after it reported good lettings across its London and retail portfolios over the past three months. Voids in the like-for-like portfolio were down 5.7% in the quarter to December (5.9% in the previous three months).Retail-focused property groups Hammerson and Capital Shopping Centres are also higher.Bookmaker William Hill is another high flyer as it confirmed full-year results would be at the top end of expectations as strength in the online business and gaming machines during the fourth quarter made up for weather-hit sports fixtures.Pub chain JD Wetherspoon is also wanted after it grew like for like sales by more than expected during the second quarter despite the snow and predicts a "reasonable" outcome for the full year. Comet did record business between Christmas and New Year, but that wasn't enough to offset a dismal start to December which means full-year profit at owner Kesa Electricals', one of the losers today, will be toward the lower end of expectations.There is further gloom for the retail sector from HMV. Further question marks over the viability of its business have been raised after suppliers to the CD and DVD retailer had their credit insurance, which would protect them in the event of HMV going bankrupt, withdrawn. The news sent shares in HMV sharply lower and prompted HMV to claim that it still has excellent relations with its suppliers. Cobham has paid €78m (£65.5m) for a privately-owned German company that makes advanced bomb disposal robots and threat response vehicles. Banks have been unsettled by comments from the head of the banking commission, Sir John Vickers. Sir John is expected to outline a range of ways in which the operations of the big "universal banks" could be overhauled and forced to ring fence their component parts, the FT reports. Barclays and RBS are lower.Comet did record business between Christmas and New Year, but that wasn't enough to offset a dismal start to December which means full-year profit at owner Kesa Electricals' will be toward the lower end of expectations. Total revenue for the group was up 0.4% in the third quarter, but down 4% on a like for like basis because of "difficult market conditions". Poor weather is estimated to have sliced 2% off sales. Rapid expansion at its international businesses helped online fashion group ASOS rack up more big sales over the Christmas period. Revenue in the three months to end December overall rose by 59% to £100m, with a 156% improvement overseas to £43.7m.FTSE 100 - RisersPearson (PSON) 1,066.00p +5.96%Unilever (ULVR) 1,914.00p +1.27%Associated British Foods (ABF) 1,130.00p +1.25%GlaxoSmithKline (GSK) 1,195.00p +1.14%Vedanta Resources (VED) 2,519.00p +0.84%RSA Insurance Group (RSA) 136.70p +0.74%Essar Energy (ESSR) 536.50p +0.66%Capital Shopping Centres Group (CSCG) 379.30p +0.64%TUI Travel (TT.) 272.00p +0.59%Land Securities Group (LAND) 702.50p +0.57%FTSE 100 - FallersImperial Tobacco Group (IMT) 1,871.00p -2.86%SABMiller (SAB) 2,161.50p -2.15%Petrofac Ltd. (PFC) 1,649.00p -2.14%GKN (GKN) 224.00p -2.10%Investec (INVP) 514.50p -2.09%Intertek Group (ITRK) 1,813.00p -2.00%Kingfisher (KGF) 265.90p -1.99%BAE Systems (BA.) 354.10p -1.94%British Airways (BAY) 294.40p -1.90%Marks & Spencer Group (MKS) 375.10p -1.83%FTSE 250 - RisersWilliam Hill (WMH) 193.20p +9.34%Ladbrokes (LAD) 139.30p +5.45%JD Wetherspoon (JDW) 465.30p +5.34%Tate & Lyle (TATE) 562.50p +4.55%Lancashire Holdings (LRE) 598.00p +3.46%Soco International (SIA) 376.50p +3.15%Supergroup (SGP) 1,635.00p +2.83%Afren (AFR) 159.70p +2.44%Heritage Oil (HOIL) 459.10p +2.27%Avis Europe (AVE) 233.40p +2.19%FTSE 250 - FallersKesa Electricals (KESA) 136.10p -9.75%St. Modwen Properties (SMP) 173.00p -3.73%Punch Taverns (PUB) 68.50p -3.45%Persimmon (PSN) 443.80p -3.33%Laird (LRD) 167.90p -3.12%Stagecoach Group (SGC) 204.80p -2.94%Taylor Wimpey (TW.) 37.02p -2.83%Debenhams (DEB) 67.90p -2.65%Redrow (RDW) 128.40p -2.65%Hansen Transmissions International NV (DI) (HSN) 59.45p -2.54%