Weir is one of the best performers of the day so far, as the pumps and valves group gives an upbeat assessment of its minerals business.
Ahead of a presentation in the City, the company said it had won equipment orders worth £1.1bn in the division since January 2010, which was likely to give additional aftermarket revenues of up to £3bn in the next ten to 15 years. This should help the division double last year's operating profits by 2016.
More immediately it confirmed its full year guidance for 2012. Oriel Securities analyst Harry Phillips told Reuters:
They've put in a very punchy growth target for their minerals business which is in our view, more than just a reiteration of guidance for the current year, it's a surprisingly up-tempo target they've set.
So Weir's shares have jumped 70p to £15.07, making it the second biggest riser in the FTSE 100 behind Whitbread, which has been boosted by a positive trading update.
But Unilever is leading the FTSE fallers, down 45p at £20.42 after French food group Danone warned it had cut its 2012 margin target due to the worsening economic conditions in southern Europe, Spain in particular.
