RAMSEY CROOKALL & CO

 18th November 2011

Evening Report

The FTSE 100 lost groundtoday, pressured by ongoing worries over whether euro-zone leaders will be able to get a grip on a debt crisis that poses a growing risk to the region’s banking sector and the world economy. The FTSE 100 index closed down 1.1%.

Capita  fell after saying it expects to see organic revenue growth decline 7% in 2011. Following the statement, Investec slashed its target price to 630p from 725p and maintained its hold rating.

ARM Holdings was among the worst performers after the firm’s president yesterday gave a cautious outlook for 2012. The microchip designer expects research and development (R&D) spending growth to slow next year.

The miners were also out of favour on the back of worries about the global economy. Fresnillo, BHP Billiton, Antofagasta, Anglo American and Xstrata were among the worst performers of the day Sector peer Rio Tinto also fell after increasing its offer for uranium developer Hathor Exploration.

Meanwhile, International Consolidated Airlines was on the up, rising along with US peer American airlines, which was higher after a week of losses on Wall Street.

Military decoy flare and mine detection firm Chemring fell after it said that unexpected delays in customer orders means full-year revenues will be around 5% below the board's expectations, while operating profit will be shy of market projections.

THE FTSE 100 Closed                    Down      60       @      5,362

THE DOW JONES         @ 16.40          Up       34       @    11,805

THE NASDAQ COMP   @ 16.40         Down       1        @     2,586

Exchange Rates GBP – USD     @ 16.40        1.5782 GBP - EURO    @ 16.40        1.1678