Shares rebound after strong New York showing2007-08-07 16:51:55

Scottish & Newcastle gained 14.25 to 586.25 - this despite Britain's second largest brewer reporting lower-than-expected profits of £191 million at half time. Analysts had been looking for £204 million.

Not helping matters either was a downbeat full year forecast - the firm warning that 'very challenging' market conditions - due to weather hit Western European markets - will have an impact.

Standard Life put on 11.25 to 326.25 - the lifeco posting a City-beating 31% rise in H1 sales to £8.18 billion.

UK sales meanwhile jumped 45% to £6.95 billion, prompted by an 82% gain in individual self-invested personal pension SIPP business more than offsetting a drop in traditional individual pensions sales.

The insurer said it expects to report a 'significant increase' in sales margins next month, given the SIPPs business is fundamentally more profitable than traditional pensions business.

Tesco rose 9 to 418.25 - Deutsche Bank raising its recommendation on the food retailing giant from 'hold' to 'buy' - arguing the firm's US business could be worth at least 20p per share.

EasyJet put on 36 to 544 - the no-frills air carrier reporting a 5.7% rise in Q3 revenues to £486.5 million. But revenue per seat slipped 8% to £41.46.

However, the firm reiterated full year guidance for the year to September 2007 of pre-tax profit growth in the range of 40%-50%.

GW Pharmaceuticals hardened 2.38 to 72.38 - the firm announcing that Health Canada has approved Sativex - its cannabis derived pharmaceutical treatment - as an adjunctive analgesic treatment in adult patients with advanced cancer.

Sativex, the only pharmaceutical product derived from components of the cannabis plant, is administered through a spray into the patient's mouth.

In 2005, Health Canada approved Sativex for the treatment of neuropathic pain in adults with multiple sclerosis MS.

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2007-08-07 16:51:55 © Moneyextra.com