RAMSEY CROOKALL & CO
15th June 2012
Evening Report
The FTSE 100 closed 0.3% lower at 5467.05, though pares losses into the
close as hopes for further quantitative easing for the US intensify. Miners
also fall on general concerns about the global economy and following sluggish
base metal prices.
The threat facing the Spanish Government was evident again today as the
benchmark 10 year government bond yield surpassed their eurozone record reaching
7%. Italian government debt yields were also elevated.
British Sky Broadcasting (BSkyB), which more or less built its business in
the UK on live football, is paying the FA £2.3bn to broadcast live 116 matches
over a three year period, starting from the 2013-14 season. The shares are sharply
lower, with Numis Securities reacting to the cost of the deal by downgrading BSkyB
to "add", although Citi is sticking with its "buy" recommendation.
BT, the telecoms giant, has paid a pretty penny to muscle in on the Premiership action,
paying £738m for the right to broadcast 38 games, around half of which it will be allowed
to cherry-pick before Sky. BT is also lower, though its fall is not so severe as that
experienced by Sky.
Commodities producer and trader Glencore is on the slide again, along with its proposed
merger partner Xstrata. Concerns persist about the proposed merger, which is dependent
on shareholders giving the thumbs-up to an eye-popping package of incentives for top
executives at Xstrata.
Gold miner Polymetal tracked the price of gold higher, although the majority of the sector
was heading south.
First quarter revenues and profits were down at electronics components supplier Premier
Farnell, but the group said sales are stabilising. The share price was up despite total
revenue in the February to April quarter was down 5.0% at £241.0m from £252.5m the year before.
THE FTSE 100 closed Down 16 @ 5467
THE DOW JONES @ 17:00 Up 104 @ 12600
THE NASDAQ @ 17:00 Up 19 @ 2837
Exchange Rates
GBP – USD @ 17:00 1.5535
GBP - EURO @ 17:00 1.2318
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