London open: Banks lead modest advance

14th Nov 2011 08:42

Stocks edge higher, with banks to the fore, though sentiment has been dampened by a gloomy prognosis on the UK jobs market from the Chartered Institute of Personnel and Development (CIPD).The CIPD predicts that "the employment situation will get worse for the rest of the year, while medium-term prospects are no better." While it is true that fewer firms are planning to transfer jobs performed in the UK to overseas locations, the CIPD also finds that the private sector will grow more slowly in the next 3 months, with an even more sombre outlook for the public sector.On the corporate front, the picture has brightened at broadcaster ITV, though the company warned that 2012 might be a tricky year, though it is looking forward keenly to the Euro 2012 football tournament.Total external revenues in the first nine months of 2011 at ITV were up 4% at £1,515m from £1,456m in the corresponding period of last year. The cash is on track to be net cash by the end of the year. "This is a substantial improvement given that our net debt stood at £612m at the beginning of 2010," said Adam Crozier, chief executive of ITV.Underlying profit before tax of $315m at platinum miner Lonmin was up 32.9% on the year before. Net debt over the course of the year was reduced by 37.6% to $234m. Platinum sales for the fourth quarter were 24.9% lower than the prior year period at 241,979 platinum ounces, meaning the company slightly exceeded its downwardly revised sales guidance for the year of 720,000 ounces.Oil and gas firm BG Group has raised its estimate of potential production from its Carioca discovery, off the coast of Brazil, to around 28,000 barrels of oil per day (bopd). The well is currently producing 23,400 bopd.Accountancy software titan Sage is being sued by Archer Capital for around A$150m damages following the termination of discussions between Sage and Archer relating to the potential purchase of Australian rival MYOB. UK pork products supplier Cranswick served up a 3% increase in half year revenue while profits succumbed to input cost pressures.FTSE 100 - RisersAdmiral Group (ADM) 863.50p +2.80%ITV (ITV) 65.25p +2.51%Essar Energy (ESSR) 295.10p +2.18%Royal Bank of Scotland Group (RBS) 22.88p +1.87%Lloyds Banking Group (LLOY) 29.29p +1.56%Aviva (AV.) 323.90p +1.54%Smith & Nephew (SN.) 566.50p +1.52%Lonmin (LMI) 1,087.00p +1.21%Eurasian Natural Resources Corp. (ENRC) 692.00p +1.17%International Consolidated Airlines Group SA (IAG) 150.10p +0.94%FTSE 100 - FallersSchroders (SDR) 1,367.00p -1.87%Schroders (Non-Voting) (SDRC) 1,150.00p -1.12%Reckitt Benckiser Group (RB.) 3,229.00p -0.92%Imperial Tobacco Group (IMT) 2,329.00p -0.68%Associated British Foods (ABF) 1,125.00p -0.62%Unilever (ULVR) 2,065.00p -0.58%Intertek Group (ITRK) 1,910.00p -0.57%Sainsbury (J) (SBRY) 305.40p -0.55%Pearson (PSON) 1,131.00p -0.53%British Sky Broadcasting Group (BSY) 744.50p -0.53%FTSE 250 - RisersPremier Foods (PFD) 6.83p +6.06%Afren (AFR) 90.65p +5.65%Ferrexpo (FXPO) 325.00p +3.11%Mothercare (MTC) 163.20p +2.97%Dixons Retail (DXNS) 12.14p +2.88%Pace (PIC) 66.45p +2.86%Cape (CIU) 357.70p +2.82%JPMorgan Russian Securities (JRS) 505.00p +2.64%Morgan Crucible Co (MGCR) 284.40p +2.63%FTSE 250 - FallersPhoenix Group Holdings (DI) (PHNX) 480.10p -2.89%Cranswick (CWK) 695.00p -2.52%Cable & Wireless Worldwide (CW.) 29.60p -2.47%Cable & Wireless Communications (CWC) 37.49p -1.99%Galliford Try (GFRD) 481.00p -1.84%Allied Gold Mining (ALD) 153.40p -1.67%TalkTalk Telecom Group (TALK) 130.50p -1.66%--jh