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Latest Stock Market Update

by isleofman.com 19th September 2012
RAMSEY CROOKALL & CO 19th September 2012

Morning Report

The FTSE 100 trades flat despite  a surprise move by the BOJ to ease monetary policy further. BOE minutes are set to be released with most investors expecting an indication of further   accommodative monetary policy by year end.

Striking workers at Lonmin's Marikana operations are to return to work on Thursday after a settlement was reached late on Tuesday night. The agreement includes a signing bonus of R2,000 and an average rise in wages of between 11% and 22% for all employees falling within the "Category 3-8" bargaining units, effective from 1st October 2012. This includes the previously agreed 9-10% rises for these employees due to come into effect in October 2012. It also addresses issues of promotion for some categories of workers as well as other allowances. 

Technology company Smiths Group saw top line growth across all of its divisions last year, as revenue broke through the £3bn barrier. Revenue for the year ended July 31st rose 7%, or an underlying 5%, to £3,038m from £2,842m the year before, beating the £2,978m expected by the market. Headline profit before tax was also above market expectations, rising 7% to £554m from £517m the year before.

International engineering firm AMEC is buying a stake in a Brazilian oil and gas company as it builds its presence in the largest deep-water market in the world. The agreement will mean AMEC acquires a 50% stake in Kromav Engenharia from its owner managers for $12.5m in cash. Kromav is a privately owned Brazilian offshore oil and gas and marine engineering company based in Rio de Janeiro.

Online fashion and beauty store ASOS continued its recent barnstorming performance, boosting revenues by a third in the last quarter. Retail sales were up 31% year-on-year, with a 15% rise in the UK and a 42% jump in international trading.

THE FTSE 100              @ 10:00       Up         1         @      5868 THE DOW JONES            closed         Up        11         @     13564 THE NASDAQ               closed          Flat       @      3177

Exchange Rates GBP – USD        @       10:00                 1.6237 GBP - EURO      @       10:00                 1.2461

Posted by isleofman.com
Wednesday 19th, September 2012 11:23pm.

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