RAMSEY CROOKALL & CO
25th July 2012
Evening Report
The FTSE 100 ends flat at 5498.32, hurt by dire UK GDP data for 2Q. In addition,
earnings news has been mixed.
Cambridge-based computer chip designer ARM Holdings beat market expectations with its
second-quarter results, as demand for its intellectual property continues to make it
a British technology success story.
Outsourcing behemoth Capita advanced after saying it is confident of growing revenue
this year and beyond as it takes advantage of a buoyant outsourcing market in the UK
public sector. Revenue in the first half was up 15%.
Meanwhile, Tullow Oil dropped despite hailing an "excellent" first half. Revenues grew
by 10% on the back of increased sales volumes, average production and sustained high oil
prices. Pre-tax profits surged by 48% but growth was held back by increased exploration
write-offs and higher costs.
Utilities group SSE was a faller after going ex-dividend; from today onwards, investors
will not have the right to the group's latest dividend payment.
Telecoms titan BT dropped after saying that while underlying earnings grew in the first
quarter, its corporate customer-focused Global Services unit having a tough time of
it in Europe and London's financial district.
Shares in speciality chemicals group Johnson Matthey slipped after the firm reported
weakness in its precious metals division as a result of lower commodity prices.
Drugs giant GlaxoSmithKline fell after it reported flat revenues at constant exchange
rates (CER) in the first half, and a decline in turnover in the second quarter as growth
from key investments areas was offset by pressure on mature products in Europe and the US.
THE FTSE 100 closed Flat @ 5,498
THE DOW JONES @ 17:00 Up 38 @ 12655
THE NASDAQ @ 17:00 Down 11 @ 2851
Exchange Rates
GBP – USD @ 17:00 1.5480
GBP - EURO @ 17:00 1.2756
Researching your Manx family history can be a very interesting and rewarding hobby. Trace your roots in the Isle of Man with our helpful of guide.
