RAMSEY CROOKALL & CO 23rd  November 2011

Evening Report

The FTSE 100 slipped 1.28% in afternoon trading. Other European markets also dropped as Germany saw poor investor demand in an auction of 10-year bonds. The euro also slumped 1.1% against the dollar to $1.3369.

Rio Tinto fell 1.47%, despite receiving the all-clear from the Canadian Competition Bureau for its offer to purchase uranium developer Hathor Exploration for £402m.

Anglo American declined in line with the mining sector overall, buoyed by news that it has completed the first copper production from the huge expansion project at its Los Bronces mine in central Chile.

Contract caterer Compass saw its underlying profits before tax burst through the billion pounds barrier for the full year ended 30 September. The firm achieved a 10.6% increase in underlying profit from £922m to £1.02bn (reported profit before tax: £958m from £913m). Revenue rose 9.4% from £14.47bn to £15.83bn.

Water group United Utilities was lower after first-half underlying profits fell from £195m to £185m.

Scottish engineer Weir was also off the pace after announcing it is to pay $675m for the US well-head specialist Seaboard.

Oil and gas firm Premier Oil said it has abandoned a well off the coast of Norway and would now move its focus onto UK waters.

THE FTSE 100 Closed                               Down      67      @      5,139

THE DOW JONES          @ 16.40               Down      182     @     11,311

THE NASDAQ COMP  @ 16.40               Down      49      @     2,472

Exchange Rates GBP – USD      @ 16.40        1.5516 GBP - EURO   @ 16.40        1.1626