RAMSEY CROOKALL & CO
May 25th 2012
Morning Report
The FTSE 100 edged higher in early trade on Friday morning on a relatively quiet
day for company news after German consumer confidence data lifted sentiment.
Financial stocks were making gains on the FTSE 100 in early trading, with Aviva,
Man Group, Barclays and Royal Bank of Scotland among the highest risers. Heading
the other way were the miners with Xstrata, Glencore and Randgold registering
slight losses.
Investors of Holiday Inn and Crowne Plaza owner InterContinental Hotels Group (IHG)
seemed to welcome the news that former Unilever CEO Patrick Cescau would be
replacing IHG Chairman David Webster at the end of 2012.
United Utilities was extending gains made yesterday when it said that it has seen
a marked improvement in customer satisfaction in the last year or so, and it is
on track to meet regulatory out-performance targets.
The big mover of the day was on the FTSE 250; Cape, the energy and mineral
resources services provider, plummeted after it revealed that its full-year
profits will be held back by a £14m one-off charge related to its GL3-Z LNG
(liquified natural gas) Project in Arzew, Algeria. Revenue guidance is unchanged.
International Public Partnerships (IPP), the infrastructure investment company,
rose after announcing that it is tapping the market for funds to pay down its debt
and stock up its war-chest. The company is raising £180m through an open offer
of shares to be issued at 116.25p each, with any unsold new shares being
disposed of via a subscription offer and a placing.
Construction and maintenance firm Interserve was wanted after announcing
two contracts in the north of England, worth a combined £200m.
THE FTSE 100 @ 10:00 Up 17 @ 5,367
THE DOW JONES closed Up 33 @ 12529
THE NASDAQ closed Down 10 @ 2839
Exchange Rates
GBP – USD @ 10:00 1.5660
GBP - EURO @ 10:00 1.2448
??
??
??
??
Researching your Manx family history can be a very interesting and rewarding hobby. Trace your roots in the Isle of Man with our helpful of guide.
