LONDON MARKETS
The continued turmoil in Libya continued to cast a cloud over proceedings in London again today, as investors digested a raft of blue chip earnings.
Royal Bank of Scotland provided a focus, as news of a swing to operating profit was dimmed by a rise in losses in Ireland. RBS shares fell 1.77p at 45.55p, making the group the biggest blue chip casualty at midday. Lloyds Banking Group, which reports results tomorrow, fell 0.88p at 64.62p and Barclays lost 3.95p at 315.05p in sympathy.
Cigarette maker BAT slumped 59.5p at 2,363.5p, missing analysts' estimates as it posted profit from operations 5% higher at £4.3bn, on the back of price rises, and hiked its full-year dividend 15%.
The leisure sector continued to suffer fallout from the Middle East upheaval, with tour operators TUI Travel and Thomas Cook slipping 2.3p at 238.25p and 2.1p at 188.45p, respectively.
Insurer RSA dipped 3.15p at 136.55p, although reporting a strong performance despite extreme weather conditions, with net written premiums of £7.5bn in 2010, up 11% on the prior year.
Automotive industry engineering group GKN fell 3.75p at 198.35p after Citigroup cut the stock to hold from buy.
On the upside with blue chips, the heavyweight miners were mixed, with BHP Billiton the pick of the crop, up 49.5p at 2,387p. Anglo American rose 43.5p at 3,159.5p, but Rio Tinto dropped 36.75p at 4,170.25p and Xstrata edged down 3.5p at 1,343.5p.
Oil producers produced gains as crude topped $100 a barrel on Nymex and Brent headed for $120, with Shell adding 29.75p at 2,196.75p and BP edging up 4.95p at 493.45p. Explorer Tullow Oil jumped 47p at 1,396p.
Can maker Rexam recovered some ground after a disappointing session yesterday, up 9.15p at 357.55p, helped by UBS, which has a buy rating on the stock, raising its target price to 380p from 370p. The group was also upgraded to outperform from neutral at Credit Suisse.
Outsourcing group Capita topped the leaderboard, ahead 52.25p at 722.25p, after well-received full-year numbers. Capita also said its bid pipeline stands at a record £4.7bn.
Story provided by StockMarketWire.com
