RAMSEY CROOKALL & CO
2nd August 2012
Morning Report
The FTSE 100 is up 0.2% at 5724.12, maintaining small gains. BOE's rate announcement
is the next big event on the calendar, expected at 11 o’clock.
Medical devices specialist Smith & Nephew rose despite reporting a slight decline in
second-quarter trading profit and revenue, as it whacked up its dividend, embarking
on a progressive dividend policy on the back of the success of its recent restructuring.
Asset manager Schroders also gained after reporting an increase in assets under management
over the first half; however, profits slipped year-on-year.
Heading the other way was temporary power and temperature control group Aggreko which said
that underlying first-half revenues were affected by weakness in Europe, where growth is
"patchy".
Also lower was defence contractor BAE Systems which is suffering from reduced military
spending in both the US and UK, while a crucial fighter jet deal with Saudi Arabia has
been hit by delays. First-half sales were down 11%.
RSA Insurance Group advanced after claiming a solid performance in a challenging environment
in the first half of 2012, even though profits fell by more than a third.
Industrial property group SEGRO rose strongly after saying that pre-tax profits gained 5.3%
in the first half despite net rental income falling by 3.4%. The firm also reported today
that it has completed the sale of a portfolio of 10 non-core UK industrial estates for £110m
THE FTSE 100 @ 10:00 Up 14 @ 5,727
THE DOW JONES closed Down 32 @ 12976
THE NASDAQ closed Down 19 @ 2920
Exchange Rates
GBP – USD @ 10:00 1.5531
GBP - EURO @ 10:00 1.2661
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