RAMSEY CROOKALL & CO
30th July 2012
Morning Report
The FTSE 100 is up slightly, though underperforming compared with its European peers at
the start of Monday's session. On the Focus is on events in Europe following comments
last week from various EU leaders, including the German chancellor, that everything will
be done to protect the euro area.
Financials were among the best performers in the opening hour as risk appetite increased.
Barclays was helped by a ratings upgrade to 'buy' by Societe Generale.
Cillit Bang maker Reckitt Benckiser fell after reported revenues fell 1% in the second
quarter. Nevertheless, net revenue in the first half of the year was £4,669m, up 1% year-
on-year using actual exchange rates and up 4% on a constant exchange rates (CER) basis.
Electricity and gas provider National Grid edged higher after saying it achieved a "solid
operational and financial performance" in its first quarter and is keeping its positive
outlook for the full year unchanged.
Trading systems developer Fidessa dropped after top line growth was below forecasts in
the first half, as falling sales in Europe dampened revenues at the group level. Revenues
rose 3% during the six months to June 30th from £137m to £141.3m, short of Peel Hunt's
£144m estimate.
THE FTSE 100 @ 10:00 Up 16 @ 5,643
THE DOW JONES closed Up 187 @ 13075
THE NASDAQ closed Up 64 @ 2958
Exchange Rates
GBP – USD @ 10:00 1.5689
GBP - EURO @ 10:00 1.2790
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