RAMSEY CROOKALL & CO
24th July 2012
Morning Report
The FTSE 100 trades flat as markets weigh positive manufacturing data from China
against continued worries about the health of the euro-zone economy, as Moody's
changes its outlook on Germany to negative from stable. Also in focus will be the
Troika's visit to Greece Tuesday, with international officials appraising the
country's progress on reforms and austerity measures.
Fund manager Aberdeen Asset Management was a strong performer early on following
yesterday's third-quarter update in which it reported assets under management slipped
1%. This morning, Societe General upgraded the stock to 'buy', JP Morgan Cazenove
raised its target price, while UBS and Morgan Stanley maintained their positive ratings.
Strong demand for its speciality chemicals in America offset weaker trading conditions
in Europe for Croda International in the first half of 2012, causing shares to rise.
Imperial Tobacco fell after saying that while net revenue was up 3% in the first nine
months of the year, stick equivalent volumes fell 3%. The group also noted "challenging
conditions" in some markets.
Financials were still feeling the effects of risk aversion today with RBS, Barclays and
Lloyds among the worst performers.
Hedge fund manager Man Group surged despite funds under management falling from $58.4bn
to $52.7bn and adjusted profits almost halving. The firm said it was on track to achieve
its cost-cutting target of $95m and said it will save further in the next 18 months.
Flooring retailer Carpetright fell after saying that total sales in the UK fell 2.1% due
to the reduction in the number of stores year-on-year.
Wireless technology and computer chip group CSR edged lower after its first-half results,
saying that "order patterns have been more cautious with respect to the second half of 2012.
THE FTSE 100 @ 10.00 Up 7 @ 5,541
THE DOW JONES closed Down 101 @ 12721
THE NASDAQ closed Down 35 @ 2890
Exchange Rates
GBP – USD @ 10:00 1.5511
GBP - EURO @ 10:00 1.2803
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