Shares higher as miners/banks feature2007-05-23 16:53:48

BHP Billiton hardened 10 to 1216 - market rumours suggesting the mining giant is in talks with Canada's Alcan Inc.

Alcan meanwhile has rejected a 27.6 billion offer from US rival, Alcoa, arguing the offer didn't reflect Alcan's strategic capabilities and growth prospects. Alcan did confirm it's in talks with third parties, however.

Tate & Lyle fell 38.50 to 606.50 - the sugar producer warning that profits growth from its flagship sucralose sweetener, Splenda, will only be modest in the short term. The company derives 20% of its profits from the product.

The warning came as the company beat market expectations with a 14% increase in full year profits before tax, amortisation and exceptionals to £336 million. Profits growth for Splenda was 9%.

ICAP eased 1.75 to 528.75 - the inter-dealer broker posting a 23% gain in full year profits before tax, amortization and exceptionals to £251.6 million.

On the downside, a weakening US dollar, in which much of its profits are generated, negatively impacted the bottom line to the tune of 9%.

The firm notes that its markets continue to display strong, long-term structural growth and is forecasting medium-term industry revenue growth of between 7 and 9% a year.

Experian put on 15 to 600.50 - the credit information provider topping analysts' estimates as it reported full year profits of 462 million.

John Wood Group gained 14.75 to 308.50 - the energy services provider saying in a statement that its 2007 results will be ahead of expectations. Full year pre-tax profits in 2006 were 183.6 million.

Chairman, Ian Wood, said that within the firm's markets, oil and gas exploration/production spending continues to increase, particularly in international markets outside North America. The firm also says it sees an improving power market.

Drax

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2007-05-23 16:53:48 © Moneyextra.com