The FTSE 100 was on the rise today, adding 75 points (1.25 percent) to reach 6,016 by mid afternoon. The blue chip index was lifted by positive corporate reports and strength in the mining and oil & gas sectors.
G4S (LON:GFS) was among the top performers in the FTSE 100, advancing 2.7 percent. The security services firm reported that revenues grew 4.7 percent at constant exchange rates in the first quarter.
“Based on recent contract awards and our bid pipeline, we expect the organic growth rate to continue to improve during 2011,” said G4S.
InterContinental Hotels Group (LON:IHG), which released its first quarter results today, emerged atop the leaderboard with a 3.3 percent gain. IHG’s revenues rallied 9 percent to US$396 million and operating profit soared 35 percent to US$112 million.
Likewise, Imperial Tobacco Group (LON:IMT) got a boost from its earnings report. The stock surged 2.9 percent to 2,220 pence after announcing that its half yearly revenues improved 2 percent to £13.7 billion.
“Our success translates into further dividend increases going forward and a £500 million annualised share buyback programme which is effective from today. I'm focused on maintaining our sales growth momentum and delivering a strong performance in the second half,” said chief executive of IMT Alison Cooper.
Mining stocks were in demand today after precious and base metal prices surged, as did crude oil futures, making energy stocks more attractive. Rio Tinto (LON:RIO), Antofagasta (LON:ANTO) and Tullow Oil (LON:TLW) were among the top risers with gains of over 2 percent.
BG Group (LON:BG) was the sole blue chips in the red today, dropping 2.2 percent after announcing that higher UK North Sea taxes reduced its first quarter earnings by US$265 million. BG also said that LNG operating profit for 2011 is expected to be towards the upper end of the US$1.9 to US$2.2 billion range.
Asian stocks were on the rise today. Japan’s benchmark Nikkei 225 index rose 24 points (0.25 percent) to 9,818 and China’s Shanghai Composite Index climbed 18 points (0.6 percent) to 2,890.
A higher open is expected on Wall Street today. Futures for the Dow Jones Industrial Average (DJIA) advanced 46 points (0.35 percent this morning, while futures for the S&P 500 index climbed 5.5 points (0.4 percent) and the technology heavy NASDAQ composite was up 12.75 points (0.55 percent).
Shares in Dean Foods (NYSE:DF) soared 9 percent in pre-market. EBay (NYSE:EBAY) advanced 4.5 percent; Carnival Corp (NYSE:CCL) and Xerox (NYSE:XRX) added just over 2 percent.
Tenet Healthcare (NYSE:THC) declined 2.3 percent. Archer Daniels Midland (NYSE:ADM) and Microsoft (NYSE:MSFT) retreated 1.5 percent and 1.2 percent respectively.
Today’s US data will include import and export price indexes and wholesale inventories.