[R]4:00PM London, 11:00 AM New York – UK stocks declined after the flood of weak earnings. The benchmark index edged lower after surging to new highs in three of the last six days of trading. Antofagasta declined after first half earnings fell. Tullow Oil, Premier Oil and Cairn Energy fell on the weak sentiment in the resource stocks.[/R]

Tullow Oil Plc reported weak results but also indicated that a test well in Uganda may lead to a discovery of field with significant reserves. The company plans to increase capital spending to £750 million focused mostly on Uganda and Ghana. Sales in the first half declined 23% and profits fell 83%.

In London FTSE 100 Index closed lower 27.25 or 0.5% to 4,888.13 and the pound closed at $1.61 and 1.13 euros.

Serco Group rose after its sales exceeded the forecast and WPP Group declined after the profit fell 48%.

Gainers & Losers

Aquarius Platinum Limited declined 2.8% to 268.50 pence after the platinum and precious metals miner in South Africa agreed for 10.2% wage increase with the workers union.

Antofagasta plc dropped 3.6% to 760.50 pence after the mining firm said net earnings in the first six months of 2009 were $235.7 million a decrease of 70.3% compared with the $792.8 million in the first half of 2008 but above the $50.1 million achieved in the second half of that year.

Carillion plc lost 0.2% to 310.10 pence after the support services and construction company won £121 million private sector building projects in the UK.

Costain Group PLC fell 5.0% to 33.25 pence after the engineering and construction group said first-half revenues rose 8.7% to £508.2 million from £467.5 million a year ago. Net profit for the first-half fell 30.4% to £5.5 million or 0.9 pence per diluted share compared to net profit of £7.9 million or 1.2 pence per share a year ago.

DRS Data & Research Services plc fell 15.7% to 12.00 pence after the scanner supplier said the first half of 2009 are disappointing with turnover down 19%.

Glanbia plc, an international cheese and nutritional ingredients group said first-half revenues fell 14.6% to €944.9 million from €1.11 billion a year ago. Net profit for the first-half fell 26.3% to €30.2 million or 10.29 cents per diluted share compared to net profit of €41 million or 13.92 cents per share a year ago.

Glisten Plc slumped 4.2% to 68.50 after the snacks firm said sales for the year ended June 30 2009 were £74.4 million slightly ahead of 2008 revenues of £73.8 million and operating profit before exceptional costs of £286,000 of £5.1 million compared to 2008 earnings of £8.0 million.

H&T Group plc rallied 9.7% to 260.00 pence after the pawnbroker reported first half profit increased 48% and estimated full-year earnings at the top of the market expectations.

Lamprell plc declined 4.4% to 133.75 pence after the energy services firm said first-half revenues fell 18.3% to $259.9 million from $318.2 million a year ago. Net profit for the first-half fell 34% to $31.6 million or 15.80 cents per diluted share compared to net profit of $47.8 million or 23.86 cents per share a year ago.

Melrose Resources plc fell 3.6% to 340.00 pence after the oil and gas firm said first half revenue declined to $97.6 million and adjusted earnings to $75.4 million on a decline in production from Galata field.

Morgan Sindall plc slid 1.6% to 703.50 pence despite its social housing building division Lovell was awarded £20 million redevelopment program near Eastleigh in Hampshire.

Premier Oil PLC tumbled 3.2% to 1,312.00 pence and the company completed the drilling and testing of the Bream appraisal well in Norway. The company abandoned Frida Marine -1 well in the Congo Marine IX permit.

Serco Group plc rallied 6% to 482.30 pence after the outsourcing specialist said excluding currency effects, revenue increased 21.2% to £1,807.3 million and adjusted operating profit rose 30.2% to £100.0 million.

Tullow Oil plc decreased 2.4% to 1,070.00 pence after the independent oil and gas exploration company first-half revenues declined 23% to £291.3 million and net income plunged 83% to £34.8 million.

Vislink plc climbed 25.50 pence after communications equipment maker said first-half revenues fell 1.5% to £45.9 million from £46.6 million a year ago. Net profit for the first-half fell 87% to £187,000 or 0.14 pence per diluted share compared to net profit of £1.43 million or 1.04 pence per share a year ago.