RAMSEY CROOKALL & CO
12th November 2012
Evening Report
The FTSE 100 closed down 2 points, paring earlier gains as finance minister met to discuss
Greek aid after the country’s lawmakers approved its 2013 budget.
Defence technology supplier Cobham fell after predicting a drop in revenues in 2013 as it is
hit by the fall in US defence spending. The firm also said that a change in its sales mix and
new investments would mean lower operating margins next year than are expected in 2012.
Mining firm Polymetal International announced that it has extended the life-of-mine projections
for its Khakanja and Omolon mines in Russia by two years after releasing the first set of ore
reserves estimates for its Tsokol, Ozerny, Avlayakan, and Dalniy deposits.
UBS has raised its target price for UK banking group Lloyds from 44p to 46p, saying that the
bank's third-quarter results showed "solid progress and improving momentum", providing a lift
to the shares this morning. The broker maintained its 'neutral' stance though.
Hotels group InterContinental gained after Exane BNP Paribas upgraded its recommendation to
'outperform' and raised its target price from 1,630p to 1,900p.
Security giant G4S was lower after Morgan Stanley downgraded its rating on the stock to 'equal
weight' and cut its target price from 320p to 280p.
After a poor start to the day, some mining stocks recover edby the afternoon, although both Anglo
American and Xstrata persisted lower after worse-than-expected contraction in Japan.
AMEC shares fell despite both Seymour Pierce and Investec keeping their buy rating on the stock.
THE FTSE 100 closed Down 2 @ 5767
THE DOW JONES @ 17:00 Down 23 @ 12792
THE NASDAQ @ 17:00 Down 6 @ 2898
Exchange Rates
GBP – USD @ 17:00 1.5869
GBP - EURO @ 17:00 1.2482
Gold USD/Oz $1,729
Researching your Manx family history can be a very interesting and rewarding hobby. Trace your roots in the Isle of Man with our helpful of guide.
