Markets: FTSE 100 enters recovery mode
17:03 - The FTSE 100 finished Tuesday in the black, but pared back from the day's earlier surge to show a more muted recovery.
London's leading share index was 26 points to the good at the close, with fashion retailer Burberry (BRBY) finishing the day where it started at the top of the winners' board.
Shares in the luxury goods retailer were over 6% up on the day after it reported encouraging sales growth.
At the other end of the spectrum Autonomy Corporation (AU.) took the wooden spoon, with shares down over 3%.
At a glance...
Commodities
Gold: $1,495.41
WTI crude oil: $107.38
Currencies
GBP/USD: 1.6315
GBP/EUR: 1.1394
EUR/USD: 1.4319
16:38 - Pre-tax profit at International Personal Finance (IPF) boomed in the first quarter after the firm reduced impairment charges and enjoyed strong business in Poland.
The company said the effective credit and collections management and tight cost control delivered a £6.3 million increase in pre-tax profit to £8.3 million, compared to £2 million in the first quarter of last year.
IPF absorbed approximately £5.8 million from the combined impact of increased funding costs and early settlement rebates. Chief executive John Harnett said the company is "well placed to deliver stronger growth across the rest of the year."
16:20 - Stellar Diamonds (STEL) reported the latest batch of microdiamond results from its 100%-owned Droujba kimberlite pipe in south-east Guinea were "encouraging".
The company has recovered 462 diamonds from 204.15kg of kimberlite drill core sample including three commercial sized diamonds, the largest being 3.3mm x 2.4mm x 1.8mm. A high percentage of diamonds were described as white, colourless and transparent and the resource definition drill programme is continuing.
"These results provide further confirmation that the hypabyssal kimberlite of the Droujba Pipe is significantly diamondiferous," said Stellar chief executive Karl Smithson.
15:57 - Transport operator Rotala (ROL) said today full-year revenue was up to £44.6 million, compared to £40.6 million in 2009.
The AIM-listed firm also posted a slight increase in pre-tax profit at £1.90 million from £1.88 million a year earlier.
It added that trading in 2011 so far is in line with expectations.
15:39 - Stratex International (STI) gave a positive update on its 3,853 sq km Afar Project that comprises five Exclusive Exploration Licences in the Afar region of Ethiopia and six EELs in the Republic of Djibouti.
Executive director David Hall commented, "To date, Stratex has made five early-stage epithermal gold discoveries in the Afar region, which highlights the potential prospectivity of the area as an emerging epithermal gold province.
"The most recent gold discovery, the Akehil target within the Tendaho EEL, has a zone of sinter with quartz vein float and is some 9 km south-west of our original Megenta hot spring discovery.
"When sampled this float material returned 14.0 g/t Au, which is highly encouraging and illustrates the potential for high-grade veins to be discovered in situ. Follow-up work will be undertaken on the Akehil prospect alongside the 3,000 metre drilling programme at Megenta, which is due to start soon."
15:22 - US markets had a strong start on Tuesday and were led higher by solid earnings from Goldman Sachs (GS) and Johnson and Johnson (JNJ).
Goldmans rose 1.1% after posting stronger-than-expected quarterly profit, earning more money from bond trading than analysts had forecast, while Johnson and Johnson was up 3%.
The Dow Jones gained 45 points to 12246 while the S&P was up 4.4 points at 1309 and the Nasdaq climbed 9.7 to 2745.
15:05 - Communications firm United Bus Media (UBM) said on Tuesday that first-quarter revenue was up 13.7% to £237.7 million.
Adjusted operating profit for the three months to 31 March also increased, up 18.6% to £44.6 million.
The firm said revenue patterns and margins reflected seasonal variations and its expectations remained in line with the outlook put forward in its 2010 results.
David Levin, chief executive officer at UMB, said: "As we said at the full year, we expect the improved quality and shape of the business to result in sustained underlying revenue growth during 2011 broadly in line with the 5.6% growth enjoyed in 2010."
14:51 - Housebuilder Redrow (RDW) said that sales activity since the start of the calendar year had been "encouraging".
Trading for the period from 1 January to 17 April saw sales per outlet averaging 0.70 sales per week - up from 0.65 per week last year - and cancellation rates remained consistent at 17%. The company's private order book at 17 April stood at £139 million, 6% up on this time last year.
Redrow took the opportunity to announce that it is selling its loss-making Scottish arm, saying "the operation there is not of sufficient scale to generate acceptable returns and its preferred option is to sell that business".
In the last financial year it generated 185 legal completions, had a turnover of £31 million and made a small loss.
Analyst Mark Hughes at Panmure Gordon marks the stock a hold, saying: “We are encouraged that the recovery story continues but believe the shares are fairly valued at current levels. “
14:34 - Circle Oil (COP) has updated investors on two of its key projects.
The Geyad-3C appraisal/development well, located to the south-east of the Geyad-1X ST well in the Geyad Development Lease, is planned to be drilled to a total depth of 5,911 feet measured depth in the Upper Rudeis. The main objective here is to appraise and bring into production the oil-bearing Shagar and Rahmi sandstones of the Kareem Formation.
Meanwhile, the future development of the company's NW Gemsa Concession involves further intensive exploration - appraisal and development drilling is planned over the next eighteen months. A programme of water injection wells will be drilled, as required, to support oil production in both the Al Amir SE and Geyad fields.
14:20 - Texon Petroleum has secured a rig for Tyler Ranch EFS #2H, the second Eagle Ford horizontal well in which Global Petroleum (GBP) has an interest.
Tyler Ranch EFS #2H is located immediately north of the first Eagle Ford well. The first Eagle Ford well had an initial production rate of 1,200 barrrels of oil per day (bopd) and has produced 51,719 bopd and 66.9 mmcfg or 62,866 barrels of oil equivalent per day in the past 120 days. Tyler Ranch EFS #2H is expected to begin drilling in mid-May and take 30 days to drill.
Global has a 7.939% working interest (5.95% NRI) in Tyler Ranch EFS #1H and Tyler Ranch EFS #2H. A successful Eagle Ford well will be able to use the tanks and other production facilities already in place for the first Eagle Ford well. The fraccing and testing for Tyler Ranch EFS #2H is scheduled for August.
14:04 - Range Resources (RRL) advised investors on Tuesday that its shares have been placed in a trading halt on the Australian Securities Exchange pending the release of an announcement regarding a significant acquisition and associated share placement.
Executive director Peter Landau said the announcement would be made as soon as details are finalised.
Range shares will continue to trade on AIM during this period.
13:45 - AIM-listed explorer Mariana Resources (MARL) has announced positive high-grade silver and gold results from the first six holes of its 4,000-metre 2011 drilling programme at its Sierra Blanca silver-gold project.
Located in the Deseado Massif of the Santa Cruz Province, southern Argentina, the project has completed 2,200 metres of drilling over 15 drill holes with assays received for six holes totalling 650 metres.
For more, read: High-grade silver and gold results for Mariana
13:17 - The FTSE 100 (UKX) extended its earlier gains on Tuesday, helped by a particularly strong showing from miners.
London's benchmark share index was up 43 points at 5913, with Burberry (BRBY) by far the day's biggest winner with gains over 6% following its full-year results.
While Fresnillo (FRES) led the mining charge, it was left to Autonomy (AU.) to prop up the index with losses over 1.5%.
12:49 - Investors reacted negatively to a decision by Falkland Oil and Gas (FOGL) to conditionally place 45.7 million new ordinary shares at 70p each to raise £32 million.
The net proceeds of this, together with FOGL's existing cash resources and the proceeds of the settlement with BHP Billiton (BLT) announced on 31 March, will be used to provide additional options for FOGL's planned 2012 drilling programme.
For more, read: Share placing hits Falkland Oil & Gas.
12:30 - European Nickel (ENK) announced today that it has begun heap 1 irrigation at its Acoje project on the island of Luzon, in the Phillippines.
AIM-listed European Nickel said heap 1 comprises c2,000 tonnes of agglomerated nickel laterite ore and irrigation will take place with dilute sulphuric acid.
The company added that it had received initial payments of $200,000 (£ 122,638) from the sale of the Abogado tenement and $50,000 for its Barlo, Pan de Azucar and Guimeras exploration permits.
12:09 - The Prime Minister is set to block attempts by Gordon Brown to become head of the International Monetary Fund (IMF).
The £270,000-a year job requires a nomination from the government. But this looks unlikely. Cameron said his predecessor was not the "most appropriate person" to lead the IMF because he would not admit the UK had a "debt problem".
He told BBC Radio 4's Today programme that the role needed to be filled by "someone who understands the dangers of excessive spending".
11:50 - British oil firm Heritage Oil (HOIL) saw losses widen in 2010 as it wrote off $10.5 million (£9.2 million) relating to expenditure on licence areas in Africa.
The FTSE 250-listed firm's losses from continuing operations reached $44.2 million in the year to 31 December, up from $36.8 million in the previous year.
For more, read: Licence costs see Heritage widen full-year loss.
11:31 - Good growth in lager volumes in Africa and Asia helped drinks behemoth SABMiller (SAB) maintain performance in line with expectations in the year to end-March.
Overall lager volumes rose 2%, but the jewels in FTSE 100-listed SAB's crown were Africa and Asia where volumes grew 13% and 8% respectively. This helped overcome a flat showing in Latin America and a 3% drop in Europe.
SAB said that group revenue for the full year was 5% higher on an organic, constant currency basis.
11:13 - Advertising Goliath WPP (WPP) has agreed to acquire German-based marketing services network Commarco, as it bolsters its presence in the country.
Commarco has over 1,200 staff and its clients include American Express and Deutsche Bank. It notched up revenue of €132.9 million (£116.4 million) in the year to end-December.
FTSE 100-listed WPP added: "Germany is WPP's third-largest market after the US and UK and is showing signs of strength following the recession, as Central and Eastern Europe grow faster than Western Europe, particularly in Germany, Poland and Russia."
10:52 - Fashion retailer Burberry (BRBY) shrugged off concerns about the impact of Japan's earthquake on its luxury goods market after it posted a 33% rise in fourth-quarter sales.
The FTSE 100-listed firm said pre-tax profit for the full year was expected to be at the upper end of market forecasts.
For more, read: Burberry shrugs off Japan fears.
10:24 - Shares in Solo Oil (SOLO) were on flying form in Tuesday trading, after the firm announced it expects its Ausable #5 well in Ontario, Canada to be on production within six weeks.
Solo's joint venture partner, Reef Resources, said it will carry out flow testing on the well and is planning to drill four additional wells.
AIM-listed Solo's shares were over 32% higher at 1.54p in morning trading.
For the full story, read: Solo Oil soars as it nears production in Canada.
09:53 - Engineering giant Rolls-Royce (RR.) was celebrating the exapnsion of its pipeline activity in China on Tuesday.
The FTSE 100-listed firm will provide oil and gas producer PetroChina with six RB211 gas turbine compressor packages, in a deal worth $65 million (£40 million).
Rolls said this took the number of compressor packages installed on the West-East Pipeline Project Pipeline (WEPP) and associated feed to 45. WEPP is the world's largest natural gas pipeline.
09:31 - Strong performances from exhibitions in emerging markets helped media company Reed Elsevier (REL) notch up a steady first quarter.
FTSE 100-listed Reed said underlying revenue grew in all of its businesses in the three-month period and its financial position remains strong with good cash generation.
It added: "As stated in February, we expect in 2011 a gradual recovery and a continued improvement in performance."
09:12 - The FTSE 100 (UKX) started Tuesday in recovery mode, winning back some of the previous day's heavy losses.
London's leading share index was up 34 points in early trading at 5904, with reports from big blue chip names tempting investors out of their shells.
Top of the winners' board early on was luxury fashion house Burberry (BRBY), up almost 4%.
Meanwhile, it's with supermarket giant Tesco (TSCO) we start our round-up of the day's corporate news and it languished at the bottom after disappointing full-year results.
Despite a strong rise in pre-tax profit to £3.45 billion, which was up 11.3% on the previous year, like-for-like sales in the company's core UK market saw a 0.7% drop.
Performance in Asia made up for this, however, with trading profit in the area 30% up on 2010.
For more, read: Slow UK sales growth knocks Tesco.
US markets...
Wall Street suffered its worst day in a month on Monday after rating agency Standard & Poor's dropped its outlook on the US economy from stable to negative.
Concerns about the eurozone's debt woes also weighed on sentiment, with Greek two-year bonds hitting a yield of 20% for the first time ever.
The Dow Jones plunged 247 points before recovering later in the day to close 140 points lower at 12201.
Meanwhile, the S&P 500 shed 15 points to finish at 1305 and the Nasdaq dropped 29 points to end the day at 2735.
At a glance...
Asian markets
Nikkei 225: 9441
Hang Seng: 23504
Shanghai Composite: 3056
Commodities
Gold: $1,493.33
WTI crude oil: $107.06
Currencies
GBP/USD: 1.6262
GBP/EUR: 1.1408
EUR/USD: 1.4254
08:00 - The FTSE 100 (UKX) opens at 5870.
