RAMSEY CROOKALL & CO 23rd November 2012

Morning Report

The FTSE 100 is down, drifting between positive and negative territory in early trade. ENRC leads the upside, gaining 0.9%, after its board extends the responsibilities of its chairman with immediate effect.

Mining giant ENRC rose after announcing that it is putting more on its Chairman's plate in order to let its Chief Executive Officer focus more on operations, "notably cost and operational efficiencies across the group's assets."

Sector peer Xstrata was also higher after saying that its nickel division has completed the construction of the first production line at the Koniambo project has been completed, with first metal anticipated in January. It was announced yesterday afternoon that Xstrata's merger with commodities giant Glencore has won the blessing of the European Commission.

However, Anglo American, EVRAZ and Rio Tinto were bucking the trend, registering slight losses this morning.FTSE 250 precious metals group Hochschild Mining was also lower this morning after saying that it now expects to get the construction permits for its Inmaculada and Crespo projects in the second half of 2013 following delays by the Peruvian government.

Utilities giant Severn Trent was lower after voicing concerns with Ofwat's proposed water price controls in response to a statement by the regulator this week which welcomed "constructive" criticism.







THE FTSE 100     @ 10:00   Up   11   @    5802 THE DOW JONES    closed    Up   48   @     12836                                THE NASDAQ       closed    Up    9   @     2926                                                         

Exchange Rates GBP – USD       @  10:00    1.5938 GBP - EURO      @  10:00    1.2349

Gold $/ OZ       $1733