RAMSEY CROOKALL & CO
1st June 2012
Morning Report
The FTSE 100 is down 0.2% at 5310.85, surrendering gains after UK manufacturing
PMI data fell short of expectations. Following weak China and euro-zone manufacturing
PMI figures, the UK measure for May falls to 45.9, versus 50.2 in April. As a result,
the London market pares gains and the UK pound trades below $1.53 for the first time
since mid-January this year. Elsewhere, the 10-year UK gilt yield falls to a new
record low of 1.523%.
BP surged early on after revealing that it wants to sell-up at TNK-BP, the joint venture
it set up with a consortium of Russian investors, as speculation has run rampant in
recent days of a breakdown in the relationship between the British oil firm and its
partners. The group said this morning that it has received "unsolicited indications of
interest" regarding its stake in TNK-BP.
Financial stocks were in demand in the opening hour with Man Group, Barclays, Admiral,
Standard Life, Lloyds and RBS among the better performers. Admiral fell steeply yesterday
after the Office of Fair Trading said it would refer the private motor insurance market
to the Competition Commission.
Telecoms giant BT Group rose after saying that it has sold its application development
services business in France to the Paris-listed IT services company, Osiatis.
On the FTSE 250, RIT Capital Partners rose after announcing a big increase in its
dividend despite reporting a drop in its net asset value (NAV).
Edinburgh Investment Trust edged higher after reporting a resilient performance in the
year to March 31st, growing NAV by a tenth in spite of volatile market conditions
THE FTSE 100 @ 10.00 Down 14 @ 5306
THE DOW JONES closed Down 26 @ 12393
THE NASDAQ closed Down 10 @ 2827
Exchange Rates
GBP – USD @ 10:00 1.5281
GBP - EURO @ 10:00 1.2391
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