RAMSEY CROOKALL

4th  July   

Afternoon Report

The FTSE 100 up 0.3%, nudging higher, helped by firmer mining and energy stocks amid higher commodity prices. No major data is expected and U.S. markets are closed for July 4 Independence Day celebrations.

Bank stocks  are lower, the falls come after Standard & Poor’s said proposals put forward by French banks to roll over some of their Greek debt would likely be considered a default under the rating agency’s criteria.

Among the risers is Essar Energy, the India-focused integrated energy company. It said the general meeting to rubber stamp its proposed acquisition of the oil refinery and other associated assets at Stanlow, near Ellesmere Port, Cheshire, will be held in London on 18 July.

Newspaper distributor John Menzies is higher. It said it is on track to exceed expectations for the full year after seeing the positive start to the year continue. The company said its aviation division has experienced “increased contract win momentum and generally positive trading.”

South West Water owner Pennon is to build a new plant to generate energy from waste in Exeter. The ‘Energy from Waste’ plant will process 60,000 tonnes of municipal waste a year and will require Pennon to stump up £45.6m in capital investment.

THE FTSE 100  at 12:00                                    Up               21          @    6011

THE DOW JONES closed                                   Up               168         @    12582

THE NASDAQ COMP closed                             Up              42          @    2816   Exchange Rates GBP – USD           1.6102 GBP - EURO          1.1087