RAMSEY CROOKALL & CO
7th June 2012
Morning Report
The FTSE 100 trades 0.3% higher, maintaining mild gains after UK services PMI
for May comes in at 53.3, versus expectations of a reading of 52.5. In individual
stocks, Johnson Matthey is the biggest riser, up 3.3% as its FY results please
investors. The BOE rate decision comes at 11:00 , while US initial jobless claims
are announced before the US open at 12:30.
Shares in Tullow Oil PLC opened 2.6% higher Thursday, outperforming the wider market,
after the company announced it had found oil at its first deepwater offshore well in
Cote d'Ivoire.
Platinum refiner Johnson Matthey jumped after hailing another year of strong growth as
it delivered numbers ahead of market expectations and a special divi worth a quid a
share. Revenue in the year to March 31st rose 20% to £12,023m from £9,985m the year
before, comfortably ahead of market expectations of £11,213m.
Banks were also providing a lift early on, with Royal Bank of Scotland, Lloyds and
Barclays making decent gains. Luxury brand Burberry was also a high riser after Credit
Suisse upgraded the stock to outperform.
Telecoms giant Vodafone fell slightly after announcing an agreement with Telefonica to
create one national grid in the UK by pooling together parts of their network infrastructure.
Gold miner African Barrick Gold (ABG) retreated after yesterday's near-15% jump. Its parent
company Barrick Gold announced on Wednesday afternoon that President and CEO Aaron Regent has
been replaced with the group citing disappointment over its recent share price performance.
Regent has now left ABG as Chairman.
THE FTSE 100 @ 10:00 Up 21 @ 5,405
THE DOW JONES closed Up 286 @ 12414
THE NASDAQ closed Up 66 @ 2844
Exchange Rates
GBP – USD @ 10:00 1.5478
GBP - EURO @ 10:00 1.2324
*** RBS completed a 1 for 10 Consolidation 6th June 2012 ***
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