RAMSEY CROOKALL
8th July
Evening Report
The FTSE 100 closed down 1% lower, hit by weaker-than-expected nonfarm payrolls data
which bring into question the strength of the U.S. economic recovery. Payrolls rose 18,000
last month, barely adding jobs for a second month in a row. As a result of the poor reading,
the FTSE is back below 6000. Banking stocks fell on worries about the health of Italy's
banking sector with Barclays down 3.2%, HSBC off 1%.
Satellite broadcaster BSkyB closed down this afternoon. The recent turmoil at Rupert Murdoch’s
News International, which has closed down its Sunday tabloid the News of the World, has sparked
fears concerning a delay, or worse, of its proposed takeover of the satellite broadcaster.
Opponents of the Murdoch empire are arguing that the events surrounding the News Of The World,
which appears to have run an industrial-scale illegal phone hacking operation, show the Murdoch
family are not “fit and proper people” to take full ownership of BSkyB.
Meanwhile the retailers were on the rise ahead of a busy week for the sector. Associated British
Foods (owner of Primark) and Marks & Spencer, which are due to announce updates next week, were in
demand. Next and Tesco also closed higher.
Mining stocks Vedanta, Antofagasta, Kazakhmys, ENRC and Xstrata are among the fallers.
British Land and Hammerson also finished in the red after announcing acquisitions. Property group
British Land is paying £179m for 17 premium racket clubs, almost half of which are located within
London's M25 orbital motorway. Meanwhile, real estate investment trust Hammerson has acquired a
999-year leasehold interest in a prime London location for £100m, including costs.
THE FTSE 100 closed Down 63 @ 5990
THE DOW JONES at 4:45 Down 117 @ 12601
NASDAQ COMP at 4:45 Down 6 @ 2835
Exchange Rates
GBP – USD 1.6025
GBP - EURO 1.1248
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