After several days of losses, the FTSE 100 saw a 0.19% gain yesterday, rising 10 points too 5,681. Bigger gainers included Admiral (up 5.2%), BSkyB (up 3.68%) and Tullow Oil (3.65% up). More broadly, the latest EU summit in Brussels has also opened up more optimism - the German Dax finished yesterday 0.22% ahead at 6,458 while the French Cac 40 was more up-beat, increasing 1.01% higher to 3,298 points.


We start with an interim from Imperial Tobacco. The company has confirmed that operational performance for the financial year to 30 September 2012 is in line "with the Board's expectations with underlying sales momentum making good progress in emerging markets and EU gains".

Tobacco net revenues are up 3% reflecting a strengthening price/mix said the company while "specific factors impacted reported stick equivalent volumes, down 7% with tobacco net revenues down 1%".

"The cash we generate continues to be applied to capital investments behind our sales growth agenda," said the company. "Our buy back programme (amounting to £320m of shares from inception in May 2011 to the end of December 2011) and dividends, which we intend to grow ahead of the growth in adjusted earnings per share."

Next up, water utility United Utilities. It claims it will likely deliver full year results in line with current expectations, supported by a rising revenue stream (up 4% in the first half of 2011/12).

"As indicated previously," said United, "infrastructure renewals expenditure and depreciation are expected to be higher in the second half of 2011/12, compared with the first six months of the financial year, reflecting good progress on the capital investment programme and the impact of the transfer of private sewers."

However group net debt is slightly higher, compared with the position at 30 September 2011, "principally reflecting," says United, "ongoing high levels of capital investment and after taking account of the 2011/12 interim dividend payment."

Lastly, an interim from UK broker ICAP. Profits for the year up to March are likely to be lower than forecast. For the third quarter, group revenue from continuing operations fell 7% compared with the stronger third quarter of 2011.

Volumes on its electronic platforms were down 19% compared to a busy January 2011 "due mainly to very low volatility in yen and Swiss FX as a result of central bank actions."

"As a result, we expect pre-tax profits for the year to 31 March 2012 to be towards the upper end of the current analyst range of £336 million to £358 million." It added: "The continued uncertainty in the euro zone and constraints on market liquidity, together with customers reducing risk before the year-end, led to more subdued volumes."