RAMSEY CROOKALL & CO

23 October 2012

Evening Report

The FTSE 100 ends down 1.4% at 5797.91, but marginally off earlier lows. The index feels the drag from miners and energy stocks as global growth worries weighed after a slew of weak corporate results from various sectors.

Luxury brand Burberry was among the worst performers along with mining giants ENRC and Antofagasta. 

Whitbread disappointed despite first-half revenues topping the one-billion-pound mark after strong performances from Premier Inn and Costa Coffee. Heading the other way was information services firm Experian after increasing its holding in Serasa, Brazil's leading personal credit checker. 

Chip designed ARM Holdings jumped after sales and profits beat forecasts in the third quarter. The firm's outlook for the final three months was also upbeat as it boosted a record order backlog and robust opportunity pipeline. 

Building materials group CRH was a faller after HSBC downgraded its rating on the stock to 'neutral'. Consumer products firm Unilever was also lower after Oriel Securities cut its recommendation to 'hold'. 

Banking group Lloyds was lower this morning. Credit Suisse reiterated its 'neutral' rating for the lender ahead of its third-quarter results on November 1st. The broker said that "given recent strength the stock should give back some of the gains".

Technology group Laird gained after expressing confidence that it will meet its expectations for the full year on the back of a solid third quarter. 

Meanwhile, AIM-listed upmarket handbags and leather accessories group  Mulberry plunged after its said that full-year revenues would be below expectation.

THE FTSE 100            closed                  Down                    85        @      5797 THE DOW JONES           @ 17:00                 Down                    243        @     13102 THE NASDAQ              @ 17:00                 Down                    36         @      2980

Exchange Rates GBP – USD         @       17:00                                    1.5929 GBP - EURO      @       17:00                                    1.2278

Gold USD/Oz                                                              $1,709