RAMSEY CROOKALL & CO
1st August 2012
Evening Report
The FTSE 100 ends 1.4% higher at 5712.82, gaining on the back of some healthy
corporate releases, and overlooking yet more disappointing economic data. Investors
are now looking ahead to the FOMC meeting, at 18:15, then Thursday's BOE and ECB rate
announcements, amid hopes that these central banks will ease policy again.
Mining stocks fell as China's manufacturing data provided no more encouragement for
bulls of the sector than did the UK's. Russian steel giant Evraz turned lower on the
data, as did miners Randgold, Vedanta, Fresnillo and ENRC, the last mentioned after
a run of the mill production update.
Chilean copper miner Antofagasta defied the trend, however, rising after it reaffirmed
full year production guidance in its second quarter output update.
Emerging markets focused bank Standard Chartered rose after it saw profit before tax
for the six months to the end of June was up 9% to $3,636m from $3,139m the year before,
in line with operating income, which improved to $9,511m from $8.764m in the first
half of 2011.
Fashion firm Next continues to march to a different drum in the retail sector, with
its online and catalogue sales coming to the rescue in a period when umbrellas were
the must-have accessory to any outfit. Total sales for the first half of 2012 were
up 4.5% against last year, the firm said, topping its prediction of growth between
1% and 4%.
Shares in Cape, the support services firm focused on the energy sector, plunged
following a profit warning. The group is unlikely to meet previous expectations for
2012, with problems likely to continue into 2013, despite a restructure of the
Australian part of its business.
THE FTSE 100 closed Up 77 @ 5,712
THE DOW JONES @ 17:00 Up 32 @ 13041
THE NASDAQ @ 17:00 Down 4 @ 2935
Exchange Rates
GBP – USD @ 17:00 1.5595
GBP - EURO @ 17:00 1.2680
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