Earnings keep FTSE in positive territory Stocks in London climbed on Friday, overcoming weakness on Wall Street and in Asian trade, as investors continued to focus on earnings. Equity indices across Europe and the US had moved lower in the previous session on persistent fears over economic growth and eurozone debt, yet London stocks managed to cling to the flat line, buoyed by stronger than expected earnings. On Friday, the FTSE 100 climbed 5 points, or 0.1 per cent, to 5,750.21 in early trade. IMI, the engineering group, reported sales were up 8 per cent in the quarter ended in March, and the maker of power generators said it expected first-half results to be in line with forecasts. Shares inched 0.2 per cent higher to 975.4p. On the FTSE 250, bookmaker William Hill, like its rival Ladbrokes in the previous session, reported growth in its online business, helping group net revenue up by 12 per cent, and operating profit growth of 19 per cent. "Following a very strong first quarter we are taking the opportunity to increase our below consensus earnings estimates," said James Hollins, at Investec, who lifted earnings before interest, tax and amortisation estimates by 3 per cent and earnings per share for 2012 by 7 per cent to 26p. The broker reiterated its "buy" recommendation and raised its target price from 285p to 310p. The shares gained 2.3 per cent to 273p. Ladbrokes, which reported a first-quarter profit increase in the previous session, gained another 0.8 per cent to 174.8p. The FTSE 250 index started the session flat at 11,420.87. Supergroup, the mid-cap clothing retailer behind the Superdry brand, warned on full-year profit, citing arithmetical errors in its wholesale unit's forecasts, along with lower margins in its retail business. Having earlier forecast pre-tax profit of £50m, the company now expects annual profit for the year to April 29 of £43m. Shares slumped 32 per cent to 385p.