RAMSEY CROOKALL & CO
30th November 2012
Morning Report
The FTSE 100 is flat, nudging up and down in a tight range. Yet again, there have been
mixed messages from US politicians on the debt negotiations, which is not helping with
direction for markets. Meanwhile, Johnson Matthey is up following an upgrade by Credit
Suisse and Kingfisher slips after being downgraded by UBS
B&Q owner Kingfisher was a heavy faller this morning after UBS cut its rating on the stock
to 'neutral' and reduced its target price from 300p to 290p following yesterday's third-
quarter results. The company reported that third-quarter revenue was up 0.8% at constant
currency to £2.7bn.
In contrast, water supplier Pennon was higher after Citigroup upgraded the shares to 'neutral'
and quality and safety testing group Intertek rose after Berenberg upped to stock to 'buy'
and raised its target price from 2,710p to 3,340p.
Mining giant Rio Tinto was on the rise after Jefferies recommended to buy the stock, saying
that the group can deliver around 40% earnings per share growth from 2012 to 2015 "even if
commodity prices do not increase from average 2012 levels as significant volume growth and
cost cutting should lead to better unit margins and higher overall profitability for the
company."
Sector peers ENRC, Polymetal, Kazakhmys and Vedanta were also in demand after industrial
production figures from Japan beat forecasts overnight and the Japanese government approved
a $10.7bn stimulus package.
Real estate investment group British Land gained after letting 24,392 square foot of office
space at its new West End development at 10 Portman Square.
Coal and coke producer New World Resources jumped despite announcing that a 23-year-old worker
died at its CSM Mine in the Czech Republic yesterday.
THE FTSE 100 @ 10:00 Up 6 @ 5876
THE DOW JONES closed Up 36 @ 13021
THE NASDAQ closed Up 20 @ 3012
Exchange Rates
GBP – USD @ 10:00 1.6027
GBP - EURO @ 10:00 1.2325
Gold $/ OZ $1728
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