RAMSEY CROOKALL & CO 13th November 2012 - Morning Report

The FTSE 100 is down 0.6% at 5731.65, remaining in the red after data showing UK consumer prices rose 2.7% on the year in October, the highest rate since May, from 2.2% in September. This was driven by a jump in university tuition fees and higher food prices. Concerns about Greece continued to weigh on sentiment on Tuesday morning. Meanwhile, there was news that China is "actively studying" the expansion of the property tax programme on concerns that transaction volumes and home prices could increase "substantially", according to the Minister of Housing and Urban-Rural Development, Jiang Weixin. Mining stocks are the worst performers.

Advertising revenue (NAR) at ITV fell in the third quarter, but not as much as the rest of the market, the broadcaster said. The company took a hit from the Olympics and Paralympics, which were shown on the BBC. Shares surged by over 5% in the opening hour.

Telecoms giant Vodafone fell after plunging into the red after being hit by a huge £5.9bn impairment charge during the half year ended September 30th, related to its operations in Spain and Italy.

Continuing delays on Anglo American's Minas-Rio iron ore project in Brazil are likely to push up the cost of the project more than the market had been expecting, causing shares to tank early on.

Building materials giant CRH rose despite scaling back its earnings forecast this year on the back of ongoing weakness in Europe and Hurricane Sandy disrupting its operations in eastern America.

Outsourcing firmCapita gained after saying it is confident it will deliver 3% organic growth for the year and an improved cash conversion rate for 2012 as compared to 2011. Bank note printer De La Rue fell sharply after saying that while banknote print volumes were up 4.0% to 2.9bn notes in the six months ended September 29th, banknote paper volumes declined 15% to 4,500 tonnes.

House builder Persimmon fell after saying that the UK housing market continues to be challenging and mortgage availability remains the key constraint; however it is still confident about future growth.

Afren, the energy firm focused on Africa and the Middle East, has seen revenue smash through the billion dollar in the first nine months of the year, but shares fell.













THE FTSE 100             @ 10:00          Down           37         @      5730 THE DOW JONES            closed          Flat             @     12815                                THE NASDAQ                closed          Flat                      @      2904                                                          

Exchange Rates GBP – USD         @ 10:00          1.5893 GBP - EURO       @ 10:00          1.2532

Gold $/ OZ       $1725