RAMSEY CROOKALL & CO
2nd August 2012
Evening Report
The FTSE 100 ends 0.9% lower at 5662.30, weighed down by events on the continent. The
disappointing ECB announcement overshadowed the earlier rate setting meeting of the
BOE, with the UK's central bank leaving both its key rate and the QE total unchanged.
The banking sector suffers as a result, with Royal Bank of Scotland and Lloyds Banking
Group lower. Resource stocks also weakened, with Vedanta and Antofagasta dropping.
U.K. asset management company Schroders warned that its business will continue to
be affected by market uncertainties after it posted a 17% drop in first-half net
profit, hit by weaker performances by its key asset-management and private-banking
operations, although it maintained positive net inflows.
BHP Billiton’s head of iron ore told staff in an internal email that it's reviewing
the development timetable of its major growth projects, but denied he singled out any
postponement of a US$20 billion expansion of its Port Hedland harbor.
U.K. non-life insurer RSA Insurance Group said it remains confident about its business
despite tough economic conditions, after posting a 23% drop in operating profit due to
losses from adverse weather conditions in the U.K. and two earthquakes in Italy in May.
Healthcare Locums ,a recruitment company focused on the healthcare sector, Thursday said
U.K. gross profit was below management expectations in the first half after delays in the
tendering processes of several national and regional procurement frameworks affected the
timing of the company signing supply agreements.
Thomas Cook Group said it has seen strong sales in recent weeks as poor weather in the
U.K. and much of Europe triggered a later-than-usual booking pattern.
Maker of Pop Tarts and Rice Krispies, Kellogg, posts 2Q profit of $301 million, or 84c a
share, hurt by integration charges, while international sales drop. Overall sales rise
3% to $3.47 billion. Excluding items, profit tops estimates. Shares rise 2%.
Crude-oil futures fell around 25 cents per barrel after the European Central Bank leaves
the euro zone's key interest rate unchanged, but quickly recovers and even headed slightly
higher.
THE FTSE 100 closed Down 50 @ 5,662
THE DOW JONES @ 17:00 Down 143 @ 12828
THE NASDAQ @ 17:00 Down 19 @ 2901
Exchange Rates
GBP – USD @ 17:00 1.5499
GBP - EURO @ 17:00 1.2757
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