RAMSEY CROOKALL & CO
3rd July 2012
Evening Report
The FTSE 100 closed 0.8% higher at 5687.73, with hopes of further BOE asset purchases
reinforced by weak UK construction PMI data. Barclays ends down 0.8% after a volatile day,
following the resignation of both its CEO and COO. Overall, the next session is likely to
be pretty quiet and volumes low as US markets are closed for Independence Day.
Crude oil futures continue to climb higher amid hopes that the recent string of weak
macroeconomic releases in the U.S., Europe and Asia will make the central banks introduce
new stimulus packages, boosting oil demand.
The oil equipment, services and distribution sector was one of the best performing
categories on Tuesday afternoon with Petrofac and AMEC among the stocks providing a
lift. Petrofac, which specialises in the design of hydrocarbon processing plants, was
up over 1% after Liberum Capital upgraded its rating on the stock to 'buy'. AMEC, the
engineering consultancy and project management group, was also on the up after Nomura
named it as its top pick in the European oilfield services (OFS) sector.
Aberdeen Asset Management lead the fallers on the benchmark index after reports in the
FT´s Alphaville blog that Credit Suisse has carried out a placement in the company´s
shares.
Hedge fund manager Man Group was hit with a downgrade by Credit Suisse from 'outperform'
to 'neutral', with the broker estimating that assets under management have fallen by 12%
in the second quarter owing to a "tough" market environment.
Resource group Talvivaara plunged after saying that it is unlikely to hit its nickel
production targets this year as a result of flooding, scheduled maintenance and a
fatality-related stoppage during its second quarter.
THE FTSE 100 closed Up 47 @ 5,687
THE DOW JONES @ 17:00 Up 63 @ 12934
THE NASDAQ @ 17:00 Up 20 @ 2971
Exchange Rates
GBP – USD @ 17:00 1.5702
GBP - EURO @ 17:00 1.2443
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