RAMSEY CROOKALL
October 2011
Afternoon Report
The FTSE 100 is down 2.6%, sinking deep into the red and trading below the psychologically
key 5000 level as debt worries escalate. This follows news that euro-zone finance ministers
have proposed that Greek debt holders will face larger writedowns and have delayed the timing
of the next round of loans to the country. Against this backdrop, banks and miners are
feeling the pressure. Eyes turn to U.S. industrial new orders figures announced before the
US open.
Supermarket peers Tesco and Morrison were the sole risers early on, ahead of the former's
interim results due on Wednesday. Tesco rose 2.5%, helped by a ratings upgrade by UBS from
neutral to buy, as the Swiss broker added the stock to its 'Key Calls' list.
Meanwhile, financials are still providing a drag, as sentiment is dragged lower by the ongoing
debt crisis in Europe. Man Group, Barclays and Legal & General are among the worst performers.
Royal Bank of Scotland was also out of favour on reports that a £1.4bn deal between itself and
Blackstone to dispose of the bank's troubled property loans could fail.
Heating and plumbing giant Wolseley fell despite resuming its final dividend for the year ended
31 July as it swung to a pre-tax profit of £391m, up from a loss of £328m the year before.
On the FTSE 250, Home Retail was in demand on the back of takeover rumours. Among the possible
suitors which are being talked about are Wal-Mart and a US private equity fund.
Heritage Oil is lower after spending $19.5m buying the rights to provide oil field services in
Libya.
THE FTSE 100 at 12:00 Down 133 @ 4942
THE DOW JONES closed Down 258 @ 10655
NASDAQ COMP closed Down 79 @ 2335
Commodities
Spot Gold $/Oz $1668 Up 0.51 %
Brent Crude Oil $100.65 Up 0.05 %
September Delivery
Exchange Rates
GBP – USD 1.5377
GBP - EURO 1.1659
Researching your Manx family history can be a very interesting and rewarding hobby. Trace your roots in the Isle of Man with our helpful of guide.
