RAMSEY CROOKALL & CO
May 15th 2012
Evening Report
The FTSE 100 closed 0.5% lower at 5437.62, following its European peers into
the red after talks among Greek politicians ended in failure. Basic resources
stocks fall as concerns about the health of the global economy accelerate,
despite better-than-expected 1Q GDP data for the euro zone. Banks also fall,
though their declines look insignificant compared to European peers. the BOE's
inflation report will be closely watched tomorrow morning.
Airline company IAG was pressured into the bottom spot after JP Morgan Cazenove
downgraded its recommendation from overweight to neutral.
Miners were also pushed lower as metal prices took a hit, with Vedanta, Kazakhmys
and Rio Tinto all in the bottom 10.
Meanwhile, international security solutions firm G4S was riser despite saying that
profits in the first three months of 2012 were, as expected, at similar levels to
the corresponding period of last year. Looking forward, the company said organic
growth has continued to improve in developed markets and remains strong in developing
markets, and the organic growth rate is expected to continue to improve during 2012.
Russian steel giant Evraz climbed despite saying that revenue, prices and sales
volumes were all flat in the first quarter of 2012, with currency movements making
operations more expensive.
Medical devices group Smiths Group was in demand after saying that full-year
expectations remain in line with earlier guidance. Both sales and underlying headline
operating profit in the nine months to April 28th were ahead of last year.
Telecoms titan BT Group also rose after Espirito Santo upgraded its rating on the
stock from sell to neutral.
THE FTSE 100 closed Down 27 @ 5,437
THE DOW JONES @ 17:00 Up 48 @ 12744
THE NASDAQ @ 17:00 Up 17 @ 2920
Exchange Rates
GBP – USD @ 17:00 1.6025
GBP - EURO @ 17:00 1.2551
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