RAMSEY CROOKALL
10 th August
Afternoon Report
The FTSE 100 is up 0.8%, paring gains further and well off earlier highs as investors
continue to digest the BOE's quarterly Inflation Report. The bias remains on the upside,
in what investors are calling a relief rally. Among individual stocks, Man Group is up
8% after a well-received update on its AHL fund.
This seems to have spurred demand for commodities, with nearly all major resource prices
making gains. As such, miners Xstrata and Kazakhmys are higher, joined by commodities
trader Glencore.
Standard Life was among the best performers after operating profits at the savings,
investments and pensions firm jumped by 44% in the first half.
Global banking giant HSBC was higher after revealing that US lender Capital One is the
buyer of its card and retail services business in the US. HSBC said its post-tax gain
on the sale is estimated to be $2.4bn.
FTSE 250 travel firm TUI Travel said it is on track to meet full-year expectations after
operating profits surged in the group's third quarter. The package tour firm saw a 13%
increase in revenue and a 57% increase in operating profit for its third quarter (to June 30)
compared to 2010, when the effects of the Icelandic volcano ash cloud were disrupting travel
plans across Europe.
Meanwhile, shareholders in wounded bid target Micro Focus got some good news on Wednesday
as the legacy software specialist said it is trading ahead of expectations. Shares jumped
by a fifth early on. The upbeat trading statement makes a change from profit warnings, of
which there have been two this year.
Greene King, Northumbrian Water and Pennon were the heaviest fallers on the FTSE 250 after
going ex-dividend.
THE FTSE 100 at 12:00 Up 51 @ 5216
THE DOW JONES closed Up 429 @ 11239
NASDAQ COM closed Up 142 @ 2482
Exchange Rates
GBP – USD 1.16252
GBP - EURO 1.1300
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