RAMSEY CROOKALL & CO
3rd June 2011
Evening Report
The FTSE 100 closed up 0.1%, having moved into positive territory as stronger than expected US ISM data offered investors some comfort after a recent raft of poor data led many to fear that the world's largest economy was in danger of falling back into recession.
Oil firm Cairn Energy has proceeded with its West Greenland offshore drilling campaign, with drilling commenced on two wells.
Go-Ahead and Stagecoach, which have been initiated with an "overweight" rating by JP Morgan, are posting gains, but National Express, slapped with an "underweight" tag by the broker, is firmly in the red.
Fashion and homewares retailer Laura Ashley said UK sales fell 4.5% in the 17 weeks to 28 May 2011 as it closed more unprofitable stores and expects to post full year results in line with expectations. The retailer, known for its floral style, said like-for-like sales fell 1.3% while total UK sales for the first 17 weeks of the current financial year fell by 4.5%.
Platinum miners Aquarius and Sylvania are joining forces to test the feasibility of extracting and processing ore from an area in South Africa. The two companies are establishing a feasibility committee to examine and update an existing study on the potential for processing platinum group metals at Sylvania’s Everest North processing area in the eastern limb of South Africa’s Bushvelt complex, the source of most of the world’s platinum.
Tantalum miner Noventa, whose shares dived yesterday when it reported that problems with funding and other issues meant that it will not meet its production targets, says it will need to raise £15.3m to bring its Marropino mine in Mozambique into full production. The shares are lower again.
Shares of video equipment firm Scotty have fallen 14% after it posted a pre-tax loss for the 17 months to 31 December 2011. The group reported a pre-tax loss of £2.4m after an exceptional impairment charge compared to a profit of £0.5m. Operating profit fell to £166,000 from £490,000 in 2009. Revenue slumped to £4.9m from £7.1m previously.
THE FTSE 100 closed Up 7 @ 5855
THE DOW JONES at 4:50 Down 84 @ 12163
THE NASDAQ COMP at 4:50 Down 21 @ 2752
Exchange Rates
GBP – USD 1.6389
GBP - EURO 1.1230
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