RAMSEY CROOKALL & CO

22nd  November 2012

Evening Report

The FTSE 100 ends 0.7% higher at 5791.03, recording its fourth consecutive session of gains. Impressive Chinese manufacturing data helped sectors such as miners and industrials. Well-received results from SABMiller help push the stock to a 5.79% gain.

However, the FTSE 100 suffered from low volumes Thursday as Wall Street remains closed for the Thanksgiving holiday. Volumes could be thin again tomorrow as Wall Street reopens for just a half-day trading.

SABMiller, one of the world's largest brewers, managed to beat analysts' forecasts for revenue and earnings in the first half as its hiked its interim dividend by 12%. Investors shrugged off the group's comments that it has seen a "moderation of growth" in some emerging markets. 

Mining stocks performed well on the back of the Chinese manufacturing data:Vedanta, EVRAZ, ENRC, Glencore, Xstrata and Kazakhmys were among the highest risers early on. 

Following a sharp fall yesterday after its first-half figures, chemicals group Johnson Matthey rebounded after Credit Suisse upgraded the stock from 'neutral' to 'outperform' and lifted its target from 2,300p to 2,400p. The broker said: "We think the short-term negatives have now been flagged and are in the share price. Mid-term, we forecast good growth, and believe the shares are at a reasonable price." 

Meanwhile, global insurer RSA was in demand after appointing a Lloyds Banking Group executive, Martin Scicluna, as its new Chairman. 

Consumer goods giant Reckitt Benckiser gained after signing a definitive merger agreement with healthy snack maker Schiff Nutrition International.



THE FTSE 100    Closed    Up  39 @ 5791 THE DOW JONES   Closed   THE NASDAQ      Closed

Exchange Rates GBP – USD       @ 17:00   1.5925 GBP - EURO      @ 17:00  1.2369

Gold USD/Oz            $1,730