RAMSEY CROOKALL & CO

21st  November 2012

Evening Report

The FTSE 100 closes flat at 5752.  The release of the latest Bank of England minutes weighed on the index, as the policy makers voted 8-1 against expanding their current bond-buying program.

Shares in platinum refiner Johnson Matthey tumbled after it reported a six per cent drop in profits in the first half, while warning that it doesn't expect things to pick up in the latter part of the fiscal year and announcing a lower-than-expected dividend increase. 

Chief Executive Neil Carson said: "Whilst precious metal prices have improved from their lows during the summer, largely due to the labour unrest in South Africa, the outlook in some of our other markets has weakened and visibility remains limited. We therefore expect that the group's performance in the second half will be similar to the first half of the year." 

Vodafone shares were heading back down after getting a boost on Tuesday following an upgrade by Citigroup to buy.Miners were also in retreat, helped by a decline in copper futures. Vedanta was the biggest sector faller, with ENRC, Randgold, Anglo American and Rio Tinto.  Meanwhile, shares in BG Group climbed higher on the back of renewed takeover rumours. 

United Utilities rose 2.05% after water industry regulator Ofwat clarified proposed changes to water companies' licences. “The softening of Ofwat’s stance on a Competition Commission referral reduces the near-term risk of negative newsflow," said analysts at JPMorgan Chase & Co. Sector peer Pennon was also in demand. 

Real estate peers Land Securities and British Land were high risers this morning after Morgan Stanley upgraded its ratings on the stocks to 'overweight'. 

Life assurer Aviva continued to rise after appointing a new Chief Executive Officer on Tuesday. Mark Wilson admitted to investors that there is 'substantial work to do', but promised he will listen to stakeholders.

Looking ahead, the US Market will be closed on Thursday for Thankgiving Day.











THE FTSE 100       closed     Up       3.93    @       5752 THE DOW JONES      @ 16:45    Up       29      @      12818                                                    THE NASDAQ         @ 16:45    Up       3.5     @       2920

Exchange Rates GBP – USD          @ 16:45    1.5934 GBP - EURO         @ 16:45    1.2426

Gold USD/Oz            $1,728