RAMSEY CROOKALL
24th October 2011
Evening Report
The FTSE 100 ends 1.1% higher, following a choppy session, with traders noting increased
commitment from E.U. officials over leveraging of the EFSF. Miners were the biggest risers.
Well-received 3Q results from Caterpillar in the U.S. also helped underpin sentiment.
Miners dominated the top risers on Monday, after the sector was given a boost from rising
metal prices. Positive manufacturing data from China lifted copper prices, with copper
futures up 4.19% at $335.80. Gold and silver prices were up 0.90% and 1.56%, respectively.
Kazakhmys, Antofagasta, Rio Tinto, Xstrata, Fresnillo, BHP Billiton, and Vedanta
Resources all closed up.
Banks also rose following continued progress towards a resolution to the Eurozone debt
crisis which put traders in a happy frame of mind from the outset this morning. Barclays
PLC up 2.58% and Lloyds Banking Group PLC up 5.2%.
Kesa Electricals saw its share price rocket on rumours that it is to delist from the FTSE
index. In a report from the Sunday Telegraph, Kesa is set to leave the London Stock
Exchange and is also considering changing its name following the sale of its UK retail chain, Comet.
Debenhams headed lower after UBS kept its neutral rating on the stock, saying that there is
"little on the horizon" for the current year. Even though UBS raised its target price for the
department store chain (after the earnings beat in the year ended 30 September), the broker
said that it expects a "barren year ahead" for the group
THE FTSE 100 closed Up 59 @ 5548
THE DOW JONES at 16:00 Up 97 @ 11906
NASDAQ COMP at 16:00 Up 53 @ 2690
Commodities
Spot Gold $/Oz $1654 Up 0.90 %
Brent Crude Oil $110.95 Up 1.18 %
Exchange Rates
GBP – USD 1.5986
GBP - EURO 1.1471
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