RAMSEY CROOKALL & CO 19th March 2012

 Evening Report The FTSE 100 closed down 0.1% at 5961.11, off early lows, as investors paused for breath after last week's rally. Some goods new from Apple in the US helped to lift the mood in the afternoon. The tech bellwether said it will start paying a dividend - the last time was in 1995 - and buy back some of its shares. 

Insurance group Resolution closed higher  after JP Morgan Cazenove raised its target price from 251p to 267p. However, the broker did maintain its underweight position on the stock, while Oriel Securities reiterated its hold rating.

Telecoms giant Vodafone was on the up after the Sunday Times said that the it could save up to £1bn in taxes if it succeeds in its takeover of Cable & Wireless Worldwide. CWW's shares were also advancing on the second-tier index.

Construction giant CRH was under the weather ahead of Wednesday's Budget. In a research note this morning, Jefferies said that potential stamp duty reforms could adversely affect commercial property. Northern Russia-focused oil producer Exillon Energy was in the bottom spot on the FTSE 250 leader-board having delayed its short-term output target while reporting that losses widened significantly in 2011 due to higher operating costs and selling expenses.

financial software developer Misys has announced that it has reached agreement on the terms of a recommended 350p-per-share cash offer by Magic Bidco, an investment vehicle indirectly owned by Vista Funds.

THE FTSE 100 closed                     Down         4        @      5,961 THE DOW JONES @ 17:00                   Up          26        @     13,258 THE NASDAQ @ 17:00                      Up          23        @      3079

Exchange Rates

GBP – USD       @      17:00                     1.5897 GBP - EURO     @      17:00                     1.2005

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