FTSE 100 OPEN: Man on top despite profit drop

Listed hedge fund Man Group was the biggest riser in early trading, despite reporting a 40% drop in profits over the past nine months.

However, the firm was buoyed by a slowdown in outflows more recently.

Peter Clarke, chief executive of Man, says assets under management have been buoyed by performance, particularly by GLG.

He adds: “Investor sentiment has improved compared to the last quarter of 2011 and lower redemptions have driven a significant reduction in the rate of net outflows.

“But sentiment remains fragile and it is likely to take a longer period of stability in markets and continued performance before this translates into increased sales and net inflows.”

The FTSE 100-listed company climbed 4.2% higher on the news with share price up to 136.4p (at 0821 GMT). (article continues below)

Advertising giant WPP was up 2.6% to 824p, as Essar Energy increased by 1.2% to 106.2p.

Broadcaster ITV rose 0.9% to 86.7p, while insurer Admiral climbed 0.8% higher to 1,086p.

The biggest faller (at 0823 GMT) was Mexican silver miner Fresnillo, dropping by 1.3% to 1,877p.

It was joined at the bottom by Rio Tinto, which fell 1.1% to 3,545.5p.

Building supplies company CRH, commodities trader Glencore International and Eurasian Natural Resources all dropped by 0.8% to 1,337p, 428.5p and 695p, respectively.