London open: Cadbury and SABMiller lead Footsie higher
FTSE has lifted itself into the blue with sweets giant Cadbury and brewer SAB Miller helping to offset losses among banks.
Cadbury moved higher after its outgoing chairman Sir John Sutherland said first half revenues should be at the top end of expectations.
Full year profits have risen more than expected at brewing giant SABMiller as the Miller Lite and Peroni firm battled a "substantial" rise in input costs.
Banks are dominating this morning's blue chip fallers after Barclays saw first quarter profits drop on £1bn worth of new credit crunch related write-downs.
The write-down for its investment banking unit is net of a £700m gain on the fair valuation of notes issued by Barclays Capital.
Today's statement did not contain any hints on whether Barclays plans to join rival Royal Bank of Scotland in asking its shareholders for new funds, but the bank refused to rule out a rights issue in a conference call with reporters.
HBOS, Royal Bank of Scotland, Lloyds TSB, Alliance & Leicester and Barclays are all among the top fallers.
Telecoms giant BT saw full year profits slide by 20% mainly due to a restructuring charge of £402m. Pre-tax profits fell to £1.97bn from £2.48bn previously on revenue that rose only 2% to £20.7bn.
Electrical specialist DSG International, which owns the Dixons chain, plans to slash the total dividend in half, beginning with the full year to 3 May 2008, as part of a five point plan for the renewal and transformation of the group, announced today. In the FTSE 100, Argos owner Home Retail Group falls in sympathy.
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Nightclub owner Luminar has reported full year profits roughly in line with expectations and an improvement in like for like sales at the start of the new financial year.
Floor coverings distributor Headlam said revenues for the first three months of the year have risen 7.3%.
Security firm G4S has got shot of its German manned security and monitoring businesses.
Long time bid target Xstrata turned predator as the miner launched an unwelcome bid for Australia-based miner Indophil Resources.
Miner Vedanta reported record full year revenues and earnings on the back of a significant increase in volumes.
Private equity firm 3i said it has achieved a strong performance in the year despite challenging conditions but warned that it remains cautious about the current year.
Broadcaster ITV said its net advertising revenue (NAR) will outperform the overall market in the first half as revenues in the first quarter increased 3%.
Inter-dealer broker Tullett Prebon said trading in the first four months of 2008 reflects the benefit of its recent acquisitions as well as favourable market conditions.
Business publisher Informa is trading in line with expectations and said it remains confident about its prospects for the full year.confident about its prospects for the full year.
