RAMSEY CROOKALL
21st October 2011
Morning Report
The FTSE 100 index advanced 0.5% as shares of Weir Group rallied 5.4%. U.K. banks also
posted gains, with Barclays PLC up 2.4% and Royal Bank of Scotland up 2.2%. Euro-zone debt
remains in focus ahead of this weekend's EU summit, and amid reports of another summit
next week.
Thomas Cook rose after the troubled travel group said it had reached agreement with its
bankers to amend the terms of its existing facilities while securing an extra £100m of
headroom. Thomas Cook’s shares have fallen sharply after earnings were hit by a range of
factors including economic weakness and turmoil in the Arab world.
Aggreko is lower despite the provider of temporary power for events such as sports contests and
concerts, raising its profit guidance for the full year after a strong performance in the third
quarter. It now says pre-tax profits for the full-year will be at least £320m, up slightly
from its prediction in August that it would be around £315m.
Casino and bingo group Rank said that revenues in the 16 weeks to 16 October were flat compared
with the corresponding period last year, as strong growth from online and mobile gaming was met
with continued weakness from its Spanish operations. A lower win margin in its London venues also
held back revenue growth.
Provident Financial has warned that as a result of rising food and utility costs, both customer
and agent behaviour remains cautious which has "moderated the demand for credit" in the third
quarter. Nevertheless, the firm confirmed that it anticipates a "good result" for the full-year
and current trading is in line with targets.
THE FTSE 100 at 10:00 Up 23 @ 5407
THE DOW JONES closed Up 37 @ 11541
NASDAQ COMP closed Down 5 @ 2598
Commodities
Spot Gold $/Oz $1621 Up 0.17 %
Brent Crude Oil $109.49 Down 0.30 %
Exchange Rates
GBP – USD 1.5792 GBP - EURO 1.1482
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