RAMSEY CROOKALL & CO
13th June 2011
Evening Report
The FTSE 100 closed up 0.1% higher, supported by mining sector M&A but weighed
by worries about European sovereign debt and global growth prospects.
Eurasian Natural Resources Corp (ENRC) advanced on speculation that commodities
trading house Glencore is drawing up a bid. The Sunday Times said that Glencore’s
Chief Executive Ivan Glasenberg has held talks in recent weeks with ENRC's three
founders and key shareholders Alexander Mashkevitch, Patokh Chodiev and Alijan
Ibragimov, citing a source with knowledge of the discussions.
Lloyds and Barclays were in demand. Barclays is higher despite announcing that
it is to compensate those who were mis-sold PPI loan insurance “as a gesture of goodwill.”
Aggreko was today's laggard. The temporary power supplier was hit by a downgrade
to 'hold' from 'buy' at Numis.
Oil and gas firm Tullow Oil was under the weather after it said its shares will
be floated on the Ghana stock exchange at 31 Ghana cedi per share, a 2.57% discount
to the closing price of the UK shares on the last trading day prior to the announcement
of the flotation price.
Imperial Tobacco closed lower after it slashed profit expectations for its Spanish
business as competition in the country forced it to cut prices for cigarettes. Imperial,
whose brands include Lambert & Butler and Gauloises Blondes cigarettes, said operating
profits in Spain could fall short of previous expectations by up to £110m.
THE FTSE 100 closed Up 7 @ 5773
THE DOW JONES at 4:55 Up 9 @ 11960
THE NASDAQ COMP at 4:55 Up 2 @ 2646
Exchange Rates
GBP – USD 1.6300
GBP - EURO 1.1369
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