RAMSEY CROOKALL & CO
18th June 2012
Evening Report
The FTSE 100 ends a choppy session well off highs, up 0.2% at 5491.09
as initial euphoria over the New Democracy win in Greek elections fades.
There are doubts about whether the party will be able to convince Pasok to
create a coalition. Meanwhile, attention shifts to Spain and Italy as
borrowing costs for the troubled peripheral nations surge. Banks are the
worst performers, with RBS down 4.32% and Lloyds 3.96%.
Steel giant Evraz rose after Alexander David Securities reiterated its
'buy' recommendation for the stock, while precious metals miner Polymetal
was being boosted by an 'overweight' rating from Morgan Stanley.
Tesco PLC signaled an end to its attempts to break into the Japanese
retail market by selling 50% of Tesco Japan to Aeon Co. Ltd. (8267.TO)
for a nominal sum, but the U.K. supermarket giant said it will first have
to pay 40 million pounds ($62.8 million) to restructure the business.
Power systems group Rolls-Royce closed up after signing a submarine contract
worth over £1.0bn with the Ministry of Defence.
Media giant WPP rose after acquiring a majority stake in Slovakian advertising
agency Communication Group.
Orbis, which owns around a fifth of Cable & Wireless Worldwide stock, said it
would not try to block a takeover bid for the firm by Vodafone, boosting the
shares early on. Despite initially saying the offer of 38p a share was too low,
Orbis said it now believed the deal was inevitable.
Engineering buy-out firm Melrose has confirmed speculation that it is in
discussions to buy German group Elster, sending shares lower. Reports said
the deal could be worth over $2bn, but the firm is so far keeping the terms
of any deal to itself.
THE FTSE 100 closed Up 12 @ 5,491
THE DOW JONES @ 17:00 Down 23 @ 12743
THE NASDAQ @ 17:00 Up 7 @ 2880
Exchange Rates
GBP – USD @ 17:00 1.5660
GBP - EURO @ 17:00 1.2457
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