London open: Decent start for Footsie

17th Jul 2009 08:44

London's blue chips have opened brightly after the late rally on Wall St and better than expected numbers from IBM and Google.British Airways is an early riser despite a £300m convertible issue, shuffling of its pension guarantees to free up another £300m and a first quarter loss of £100m. That loss is better than analysts feared BA said.Telecoms group Cable & Wireless said in the first quarter of 2009/10, its two businesses continue to make progress despite the more challenging economic backdrop. EBITDA guidance for the group is unchanged from May, approximately £1,025m based on an exchange rate of US$1.50 to £1.Bunzl is the worst performer, while the bombings in Indonesia have unsettled Intercontinental Hotels and other travel groups. Engineer Invensys said based on its current views of the markets and exchange rates it continues to expect the group will achieve an improvement in performance in the current year. Order intake in the first quarter of the financial year was up 17% at actual exchange rates and was flat at constant exchange rates. Lower drinks revenue has hit dance club operator Luminar so far this year, despite a modest increase in the number of people out clubbing. Trading for the period improved slightly since May, Luminar said. Hikma Pharmaceuticals has signed a licensing agreement for the anti-histamine Bilastine with Spain's Faes Farma for the Middle East & North Africa (MENA) region.