RAMSEY CROOKALL
4th July
Morning Report
The FTSE 100 is up 0.2%, maintaining small gains. Banks are in the red and add downward
pressure. The FTSE 350 banks index is down 0.9% as Greece remains in focus in light of
comments made by S&P, which warned the latest Greek debt restructure plan could be
classified as a default.
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.
Shares in John Wood Group, which today announced the admission of new shares, are sharply
lower.
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 9:50 Up 11 @ 6001
THE DOW JONES closed Up 168 @ 12582
THE NASDAQ COMP closed Up 42 @ 2816
Exchange Rates
GBP – USD 1.6126
GBP - EURO 1.1101
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