FTSE extends gains at midday

12:32pm MIDDAY REPORT: Headline shares extended gains in midday trade, building on the previous session's strong performance, with selected bank issues continuing to enjoy sector rescue packages and energy stocks rallying on higher crude oil prices.

At high noon, the FTSE100 was up 251.42 points at 4,508.32 with the FTSE250 ahead 300.31 points at 7,330.66 and the FTSE Smallcaps 57.27 points better at 2,209.63.

NEW YORK

US stock futures were suggesting more gains today after the biggest one-day point gain ever for the Dow Jones Industrial Average, with the US government expected to announce a plan to inject $250bn into the country's largest banks.

Dow industrial futures rose 42 points, while S&P500 futures rose 12.6 points to 1,029.3 and Nasdaq 100 futures added 15 points at 1,473.5.

LONDON MARKETS

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FTSE sharply higher in early deals

9:17am MORNING REPORT: Headline shares were sharply higher in early deals today, building on the previous session's strong gains, with bank issues continuing to enjoy sector rescue packages and energy stocks rallying on higher crude oil prices.

At 9:00am, the FTSE100 was up 159.51 points at 4,416.41 with the FTSE250 ahead 215.32 points at 7,245.67 and the FTSE Smallcaps 34.13 points better at 2,186.48.

US & ASIA

US stocks rallied on Monday for the first day in nine, with the Dow Jones Industrial Average recording its biggest daily point gain ever, after international government actions revived confidence in the banking sector and credit markets.

In the US last night, DJIA closed up 936.42 points (11.08%) at 9,387.61, while the S&P500
closed up 104.13 points (11.58%) at 1003.35 and the Nasdaq Composite closed up 194.74
points...

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Whitbread profits up 24%

8:47am Whitbread revealed profit before tax and exceptionals from continuing operations up 24.0% to £123.3m.

Total revenue from continuing operations was up 12.6% to £682.2m with like for like sales up 7.0%.

The company announnced an interim dividend up by 6.0% at 9.65p.

'We anticipate that conditions will become more challenging in the remainder of the year.
Since the end of August the group continues to make good progress across our leading brands in value for money sectors', Whitbread said.

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Matchtech anticipates a successful year

8:02am Matchtech Group posted a 22% rise in its full-year adjusted pretax before non-recurring items on higher revenues.

The group said it can deliver another successful year.

For the year to July 31st, the UK-based specialist technical recruitment company said its adjusted profit before tax and non-recurring items rose 22% to £12.8m as revenues rose 28% to £258.8m.

'Our strong second-half performance maintained our momentum and ensured that we built on our track record of sustained organic growth. We have delivered record turnover in the year converting into record profits across every sector of the business,' said chairman George Materna.

The company said its net fee income for the first two months was higher by 13%. Contractors working at the end of September were 4,595, up 5% since the end of July.

Matchtech added it is well placed to continue to deliver a solid performance in the future.

The company has proposed a dividend of 15.6p per share, up from 13.7p a year earlier.

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SSL International maintains profit guidance

8:02am SSL International said today that first-half sales rose 22% and it retailed its full-year operating profit growth target.

Sales for the six months ended September 30th rose to £320m, the maker of Durex condoms and Scholl footcare products said.

CEO, Garry Watts, said in a statement that despite a challenging consumer environment, the company was confident in reaching its goal of double-digit operating profit growth in the financial year.

The company said the performance of its Durex franchise was driven by the branded condoms range in the UK, Eastern Europe, Russia and China and by its Play range in Italy and France.

For its Scholl range, performance was driven by the roll-out of its Perfect nail product and the continued performance of its cracked heel repair cream.

In its first-quarter earnings statement in July the company said it was on track to meet its full-year targets.

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