Fed gives miners helping hand2007-05-31 16:54:18

Kingfisher eased 4.25 to 248.50 - the DIY retailer reporting in a trading update for the 13 weeks to May 5th that Group sales were up 14.8% like-for-like 6.7% and retail profit up 29.9%; benefiting from favourable spring weather across Europe.

In the UK, B&Q sales were up 11.9% LFL 5.9% reflecting strong sales of outdoor products and kitchens. Corresponding numbers for France, Rest of Europe and Asia were 11.0% LFL 5.1%, 37.0% LFL21.7% and 9.2% LFL -3.7% respectively - the latter adversely impacted by the timing of promotions and national holidays.

Gerry Murphy, Group CEO, cautioned that whilst the outlook for the firm's international markets is generally positive, the UK market is likely to be more sensitive to interest rates - especially where big ticket home improvement projects are concerned.

Imperial Energy gained 28 to 1105 - this despite reports suggesting that the Russia focused oil explorer may be stripped of its licenses as soon as Friday after the state environmental watchdog accused the firm of not meeting licensing obligations.

Rosnedra, Russia's licences regulator, is set to discuss IEC at its fortnightly meeting on Friday. It may also take the opportunity to withdraw the licence from a subsidiary of oil firm TNK-BP to develop the 2 trillion cubic feet Kovykta gas field in Eastern Siberia.

Imperial Tobacco fell 15 to 2180 - a report from Spanish news agency, Europa Press, saying that the tobacco producer plans to offer 50 euros £34 a share for 100% of Franco-Spanish tobacco company, Altadis.

Imperial has already tabled a 47 euros per share offer, although this has since been eclipsed by the 50 euros per share offer from private equity groups CVC Capital Partners and PAI. However, late Thursday PAI withdrew from the bidding, leaving a straight fight between Imperial and CVC.

Man Group rose 9 to 589.50 - the world's largest listed hedge-fund firm posting a 13% increase in full year pre-tax profits to £658 million.

Funds under management meanwhile have risen 24% to 61.7 billion, while fund sales during the year hit a record 15.9 billion. Net performance fee income fell 20% to 358 million, however.

Interserve hardened 5.75 to 509.75 - the services maintenance and building group confirming that it's in correspondence with the OFT Office of Fair Trading regarding 16 tenders submitted between 2000 and 2005.

The tenders relate to part of the Regional Building Division of the Project Services business and represent a 'very small' proportion of the bidding activity of the Division during the period, the company said in a statement.

The OFT is currently investigating tender activity in the construction sector.

Mediterranean Oil & Gas

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2007-05-31 16:54:18 © Moneyextra.com