RAMSEY CROOKALL & CO
3rd December 2012
Evening Report
The FTSE 100 ends up just 0.1% at 5871.24, off highs, as a disappointing US ISM manufacturing
reading for November tempers earlier enthusiasm over UK, euro-zone and Chinese manufacturing
data. At the same time, worries about the U.S. fiscal cliff have not gone away. There are no
major UK or US data points due Tuesday.
Cable & Wireless Communications surged on Monday after agreeing to sell the majority of its
businesses in its Monaco & Islands division as it attempts to scale back its geographic foot-
print and pay down debt. CWC is selling the assets to Bahraini telecoms firm Batelco Group
for an enterprise value of $680m. Batelco also has the option to buy the remaining 75% stake
in Compagnie Monegasque de Communication for $345m.
UK banking group Lloyds was under the weather after the release of the details of the Bank
of England's (BoE's) Funding For Lending (FLS) scheme in the third quarter. The BoE revealed
that Lloyds, along with RBS, had cut net lending by £2.77bn and £642m, respectively, in the
three months to the end of September, while banking peer Barclays had increased it by £3.8bn.
Precious metals giant Polymetal announced this morning that it has doubled its mineral
resources estimate at its Albazino project in the Khabarovsk territory, Russia.
RSA Insurance gained after Deutsche Bank lifted its recommendation to 'buy'. Schroders rose
after Bank of America ML raised it to a 'buy', while Shell fell after Deutsche Bank down-
graded the stock to 'hold'.
Terrestrial broadcaster ITV closed higher after reporting that the final of reality TV show
'I'm a Celebrity Get Me Out of Here' had a peak audience of 10.6m, which was an impressive
47% share of TV viewers, according to Investec.
Regeneration specialist St. Modwen Properties was in demand after saying expectations for
the full year remain unchanged following strong momentum across the entire group.
THE FTSE 100 Closed Down 3 @ 5866
THE DOW JONES @ 17:00 Down 9 @ 13016
THE NASDAQ @ 17:00 Up 1 @ 3011
Exchange Rates
GBP – USD @ 17:00 1.6100
GBP - EURO @ 17:00 1.2318
Gold USD/Oz $1,717
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