Global Newsbrokers Stockmarket Service
London stockmarket morning at 11:21:01
MODEST GAINS PERSIST TOWARDS MIDDAY
Thursday, January 13
The FTSE-100 index is up 7.7 at
4,791.3.
Modest gains remain in place in London
towards midday, with the market
underpinned by Wall Street's rebound
last night and some positive domestic
trading updates. However, a surprise
0.1 per cent fall in November
manufacturing output is less welcome,
pushing the sector to the brink of
recession.
Sainsbury remains firm after saying
the pace of its sales decline was
moderating as December sales picked up
from a weak November. Like-for-like
sales in the 12 weeks to January 1
fell by 1.2 per cent.
Also in the sector, Tesco is a touch
firmer, but Morrison is down on a
`sell' note.
GUS is higher after saying it is
comfortable with full-year
expectations as solid figures from
Experian offset a 1 per cent rise in
15-week like-for-like sales at Argos.
Dixons is also firmer after its well-
received numbers yesterday.
Reuters is up after saying its revenue
recovery is continuing. The group
sees Q1 recurring revenues falling by
1.5 per cent, a smaller-than-expected
decline. Person is firmer in sympathy
and ahead of its update.
Also in the media sector, ITV is
rallying amid fresh bid speculation.
Tobacco stocks are firm on positive
comment, with BAT and Gallaher rising.
But AstraZeneca is again weaker on
Crestor safety concerns, while
Alliance Unichem is lower on a
downgrading on valuation worries.
Elsewhere, Hanson is softer as profit-
taking follows yesterday's gains on
sector consolidation speculation.
Main index