London midday: FTSE 100 seeking direction

9th Mar 2011 12:02

Shares are moving in both directions after updates, but the FTSE 100 sits a few points lower.Insurer Prudential is in demand after saying it made 20% more in 2010 than it did the year before as Asia raced ahead of the US as the UK company's biggest earner. Group operating profit before tax on a European Embedded Value (EEV) basis jumped to £3.70bn in 2010 from £3.09bn the year before.Africa-focused oil company Tullow Oil ramped up profits in 2010, broadly in line with City expectations, as oil prices jumped by almost a third, but the shares are lower today. Profit before tax soared to $152m from $33m in 2009 and rose 137% to $73m after taxes. Sales revenue was 19% better at $1.09bn.Banks are never far from the headlines and after bonus payments to Barclays' Bob Diamond and yesterday's disclosure of RBS chief Stephen Hester's incentives for 2010, Lloyds is in the spotlight today. Chief executive António Horta-Osório has stamped his authority with a shake-up of the retail bank and insurance divisions and the departure of two senior directors.Daimler and Rolls-Royce have confirmed they intend to take over German-listed engineer Tognum through a tender offer by a joint venture company. Daimler and Rolls-Royce will offer Tognum shareholders €24 per share in cash representing a total consideration of approximately €3.2bn, about 30% above Friday's closing price. Daimler currently owns 28.4% of Tognum. Acquisitive engineering conglomerate Halma has its cheque book out again, and is buying Swiss company Medicel, a designer and manufacturer of single-use injector devices for Intra Ocular Lenses (IOL) used for cataract surgery. Initial consideration is £46.6m, with a further £20m payable, depending on performance of the acquired company.Investors have an appetite for The Restaurant Group after today's update. Tourists flocking to its Garfunkel's outlets in Central London helped it come through the weather, ash clouds and recession last year in decent shape. Profits in 2010 rose by 17% to £56.5m, from £48.3m, on revenues up 7% at £466m. Like-for-like sales fell by 1%.A rise in profits from Yule Catto failed to spark a rise in the speciality chemicals group's share price. Underlying pre-tax profits rose by 19% from the previous year to £47m and revenues rose to £626.8m from £516.7m the previous year.Looking ahead, Yule said it anticipates "several years of low growth in Western markets with global growth generally driven by emerging markets."FTSE 100 - RisersPrudential (PRU) 747.50p +4.69%Autonomy Corporation (AU.) 1,703.00p +3.09%International Consolidated Airlines Group SA (IAG) 235.30p +2.93%Rolls-Royce Group (RR.) 617.50p +2.83%Weir Group (WEIR) 1,736.00p +2.42%Kingfisher (KGF) 246.90p +2.41%InterContinental Hotels Group (IHG) 1,371.00p +2.39%Carnival (CCL) 2,686.00p +2.32%Serco Group (SRP) 602.50p +1.95%Marks & Spencer Group (MKS) 344.70p +1.83%FTSE 100 - FallersBritish American Tobacco (BATS) 2,423.00p -3.35%Standard Chartered (STAN) 1,645.50p -2.05%Tullow Oil (TLW) 1,432.00p -1.92%Hammerson (HMSO) 459.70p -1.35%Sage Group (SGE) 270.60p -1.24%BHP Billiton (BLT) 2,415.00p -1.15%Royal Dutch Shell 'A' (RDSA) 2,173.00p -1.11%BP (BP.) 488.35p -1.10%Royal Dutch Shell 'B' (RDSB) 2,145.00p -1.08%Associated British Foods (ABF) 967.00p -1.07%FTSE 250 - RisersRestaurant Group (RTN) 304.00p +8.65%Heritage Oil (HOIL) 300.00p +6.38%Halma (HLMA) 361.90p +4.90%Sports Direct International (SPD) 187.30p +3.94%Pace (PIC) 183.00p +3.74%Rentokil Initial (RTO) 91.10p +3.35%St James's Place (STJ) 331.00p +3.31%Enterprise Inns (ETI) 91.00p +3.29%Hargreaves Lansdown (HL.) 632.50p +3.01%Punch Taverns (PUB) 71.10p +2.97%FTSE 250 - FallersYule Catto & Co (YULC) 210.80p -7.42%AZ Electronic Materials SA (WI) (AZEM) 281.50p -3.69%Spirent Communications (SPT) 146.20p -3.37%Domino Printing Sciences (DNO) 681.00p -3.13%F&C Asset Management (FCAM) 83.10p -2.81%Howden Joinery Group (HWDN) 109.20p -2.50%COLT Group SA (COLT) 147.80p -2.44%Hikma Pharmaceuticals (HIK) 721.50p -2.43%Tullett Prebon (TLPR) 410.90p -2.40%Brewin Dolphin Holdings (BRW) 178.90p -2.40%