RAMSEY CROOKALL & CO      23rd  March 2012      Morning Report

The FTSE 100 is trading flat at 5845.62. Worries about peripheral euro-zone countries such as Spain and Portugal, and broader concerns about global growth seem to  be holding back investors. Miners are the biggest drag.

Telecoms titan BT is to make a lump sum payment of £2bn into the pension scheme to nearly halve the £4.1bn pension deficit before the end of March. That will then be followed by inn separate payments of £325m in March of every year to 2021. The agreement "reflects BT's financial strength and re-affirms our commitment to the scheme," said Chief Executive Ian Livingston. Shares jumped over 5% early on.

On the FTSE 250, Phoenix Group, the insurance consolidation company which has attracted the interest of private equity, was in demand after cash generation beat its own targets in 2011. However, net income declined to £6,490m from £7,543m in 2010, while profit before finance costs and tax dipped to £247m from £280m the year before.

Meanwhile, Randgold Resources was the worst performer on the blue chip index for a second day, plagued by disruption concerns in Mali. Yesterday, shares sank as much as 15% on the back of reports of a military coup in Mali, the country where two of its three main projects are located. While the firm has assured that operations are still running normally, the stock was hit by a downgrade from Citigroup this morning.

Capital Shopping Centres Group was also feeling the effects of a downgrade from Societe Generale.

THE FTSE 100 @ 10:05                  Up            1        @      5,846 THE DOW JONES closed                 Down         78        @    13046 THE NASDAQ closed                     Down         12        @      3063

Exchange Rates

GBP – USD       @     17.00                      1.5869 GBP - EURO     @      17:00                      1.1968

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