RAMSEY CROOKALL & CO
4th December 2012
Morning Report
The FTSE 100 is up 0.2% , maintaining mild gains despite downbeat data, having turned positive
earlier. The UK November construction PMI comes in at 49.3 for November, vs 50.9 in October,
back in contraction territory. Still, banks provide some support, taking their cue from strength
in European issues, ahead of an Ecofin meeting during which ministers will discuss proposals
for a single bank supervisor for the euro zone. On the downside, mining stocks weigh as metals
prices drop.
Like-for-like (LFL) revenue growth at plumbing merchant Wolseley continues to be polarised
across its geographic regions, with growth in the US and Central Europe accelerating and declines
in France and the Nordic markets worsening. Shares fell early on.
Mining giant Rio Tinto gained after Credit Suisse increased its target price from 3,500p to
3,700p and reiterated its 'outperform' rating on the shares, adding the stock to its 'European
Focus list'.
Engineering and project management group AMEC was wanted after winning a contract worth over
half a billion dollars to build a new oil refinery in Kuwait, expected to be the largest in
the Middle East.
British Gas owner Centrica rose after partner EDF Energy announced that it has extended the
life of two UK power stations by seven years.
Pub operator Greene King was higher after delivering solid interim results driven by a good
performance from its retail division, although it warned that trading conditions are likely
to remain challenging for the rest of the year.
Conference and exhibition organiser ITE Group rose after full-year revenue rose 11% to £172m.
THE FTSE 100 @ 10:00 Up 11 @ 5882
THE DOW JONES closed Down 59 @ 12965
THE NASDAQ closed Down 8 @ 3002
Exchange Rates
GBP – USD @ 10:00 1.6120
GBP - EURO @ 10:00 1.2332
Gold $/ OZ $1705
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