RAMSEY CROOKALL & CO
7th June 2011
Evening Report
The FTSE 100 closed flat, edging up from session lows helped by firmer shares on Wall Street. Sentiment remains fragile as potential for a further bailout of Greece continue to hamper the upside. Poor retail sales data from the British Retail Consortium, earlier today, weighed on retailers. Tesco shares were down 1.3% and J Sainsbury down 0.8%. By contrast, insurers rose as investors welcomed news from Resolution on a share repurchase program.
Struggling CD and DVD retailer HMV moves ahead after it struck a refinancing deal with its banks worth £220m that represents an “important milestone” in securing the company’s financial stability.
Findel, the home shopping group behind the cleaning products brand Kleeneze and supplier of education supplies, delivered a share price rise after it said a resilient performance left it well-placed for the future, despite a fall in profits. In the year to 1 April, pre-tax profits slipped to £7m from £11.7m the previous year on revenues down to £532.6m from £547m.
Oil rig services group Lamprell said that the positive trends seen last year have continued into 2011 and its year-to-date performance has been in line with management expectations.The firm noted that its strong performance in 2010 was driven by elevated oil prices and a turnaround in the new build jackup market which was triggered by the "post-Macondo effect".
Healthcare outsourcer Synergy Health said its provision of critical healthcare services is helping it to cope with tough economic circumstances as it posted a rise in profits and revenues. Adjusted pre-tax profits in the year to 3 April were up to £38.3m from £32.6m the previous year on revenues that rose to £287.3m from £286.4m. The company, a provider of sterilisation services, lifted its full-year dividend to 15.84p from 13.2p.
THE FTSE 100 closed Up 1 @ 5864
THE DOW JONES at 4:45 Up 49 @ 12139
THE NASDAQ COMP at 4:45 Up 9 @ 2711
Exchange Rates
GBP – USD 1.6431
GBP - EURO 1.1200
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.
