RAMSEY CROOKALL & CO
8th June 2011
Evening Report
The FTSE 100 closed down 0.9% , weak but closing slightly off session lows as stocks on Wall Street perk up a little and UK bank shares gain after Lloyds Banking Group's asset disposal news. Additionally a recovery in oil prices have helped, with Nymex crude breaching the $100 per barrel mark. Sentiment in London was depressed after Federal Reserve Chairman Ben Bernanke gave a cautious economic outlook for the U.S. economy, saying it’s been “frustratingly slow,” especially where job seekers were concerned. In addition, London markets were weighed by an earlier report by Market News International in which a Moody’s analyst reportedly suggested the nation’s Aaa rating could be under threat owing to growth concerns.
Antofagasta fell 5%, after warning that the ramp-up of the Esperanza plant in northern Chile is taking longer than expected, causing the group to scale back its total copper production guidance for 2011. Fresnillo, Kazakhmys, Xstrata, Vedanta Resources and BHP Billiton were also lower, tracking metals prices down.
Banking giant Lloyds Banking Group was one of the best performers after selling Hill Hire, the truck and trailer rental solutions provider, for £151m to US-based Ryder System. Sector peer Barclays also made gains, albeit slight.
Smiths Group, the maker of medical devices, airport scanners and other equipment, closed down after reporting weak sales from its Detection division. Nevertheless, these were offset by revenue growth in its John Crane division, which supplies advanced industrial technology products.
THE FTSE 100 closed Down 55 @ 5808
THE DOW JONES at 4:45 Down 10 @ 12059
THE NASDAQ COMP at 4:45 Down 16 @ 2685
Exchange Rates
GBP – USD 1.6367
GBP - EURO 1.1226
Researching your Manx family history can be a very interesting and rewarding hobby. Trace your roots in the Isle of Man with our helpful of guide.
