RAMSEY CROOKALL
3rd August
Morning Report
The FTSE 100 trades down 1.1% , remaining in the red despite a positive surprise
from the UK CIPS services PMI index, which comes in at 55.4 in July, from 53.9 in
June. European sovereign debt woes and concerns about the US economy weigh, but
stocks are off earlier lows. The Swiss National Bank moved to stem the franc's
rise this morning. Cairn Energy is down 3.2% after a disappointing well update,
but Rexam is up 5% following well-received 1H results. Attention will now turn to
the US ADP Employment report announced early this afternoon.
Standard Chartered, the bank focused on emerging markets, was the high riser after
it topped market expectations with record first half profits for the ninth successive
year.
High street retailer Next edged lower after announcing that total sales rose 3.2%
in the first half of the year, as strong growth in Directory offset a moderate
decline in Retail.
Kazakhstan-focused miner Eurasian Natural Resources Corporation (ENRC) fell despite
saying that production for the second quarter was at effective full capacity, with
volumes in line with expectations.
A Carillion joint venture, Hospital Infrastructure Partners, has been selected as the
preferred bidder to finance, design, build and provide facilities management and
life-cycle maintenance services for the new replacement Oakville Hospital in Ontario.
Carillion's shares fell over 2.5% lower.
Property listings web site Rightmove was higher after revenue in the first half of
2011 jumped 20% to £47m, from £39.2m.
International infrastructure group Balfour Beatty was out of favour despite bagging a
street light contract from Northampton shire County Council worth £230m.
THE FTSE 100 at 9:45 Down 63 @ 5654
THE DOW JONES closed Down 265 @ 11866
NASDAQ COM closed Down 75 @ 2669
Exchange Rates
GBP – USD 1.6358
GBP - EURO 1.1468
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