RAMSEY CROOKALL & CO 12th November 2012

      Morning Report

The FTSE 100 is up 0.2% , after having fluctuated between small gains and losses in earlier in the session following mixed cues from Asia.  

Mining stocks were broadly lower early on after the worse-than-expected contraction in Japan. Anglo American, Antofagasta, Xstrata and Kazakhmys were registering losses this morning.

Bucking the trend was Polymetal after extending 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.

Drugs giant AstraZeneca declined despite announcing a clutch of positive test results relating to its naloxegol product, a treatment for opioid-induced constipation (OIC).

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. In contrast, hotels group InterContinental gained after Exane BNP Paribas upgraded its recommendation to 'outperform' and raised its target price from 1,630p to 1,900p.

Defence technology supplier Cobham fell after predicting a drop in revenues in 2013 as it is hit by the fall un 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.

Support services and construction group Interserve rose after maintaining full-year guidance after an 'in-line' second half so far.

THE FTSE 100              @ 10:00        Up           10      @      5779 THE DOW JONES            closed          Up            4      @     12815                                THE NASDAQ               closed          Up            9      @      2904                                                          

Exchange Rates GBP – USD        @       10:00                 1.5884 GBP - EURO      @       10:00                 1.2506

 Gold/$ oz                               $1734