RAMSEY CROOKALL & CO
2nd June 2011
Afternoon Report
The FTSE 100 is down 0.7%, in the red but off lows as investors take some heart from a
successful bond auction in Spain, which helps assuage slightly concerns about a resolution
to the sovereign debt crisis. Nevertheless, mining stocks continue to weigh on the index.
Elsewhere, Still to come on the data front, US weekly jobless claims just after midday.
B&Q owner Kingfisher is lower even after it saw year-on-year like-for-like sales growth of
3.3% in the 13 weeks ended 30 April. Total sales were also up 3.3%, while retail profit rose
19.1% in comparison with the year before. The number were boosted by warm weather and
bank holidays, but the company is still decidedly cautious.
Elsewhere in retail, online fashion store ASOS is down even after it reported a profit before tax
and exceptional items of £28.65m in the year to 31 March, up 41% from £20.34m achieved the
year before, ahead of market consensus expectations of £27.5m.
Speciality chemicals group Johnson Matthey notched up pre-tax profits of £260.6m in the year to
31 March on revenue of £9,985m. Underlying profits before tax were £345.5m, up 36% from
£254.1m the year before. Market expectations were for adjusted profits of £334.6m.
Engineering support services group Redhall sinks after it reported a weak set of first
half figures following the loss of the Vivergo contract but it expects trading in the
second half and beyond to be much improved. The niche engineer said adjusted pre-tax
profit fell 70% at £1m during the six months ended 31 March 2011.
Revenue for the half year fell to £64.3m from £65.4m in 2010.
THE FTSE 100 at 12:00 Down 42 @ 5886
THE DOW JONES closed Down 279 @ 12290
THE NASDAQ COMP closed Down 66 @ 2769
Exchange Rates
GBP – USD 1.6382
GBP - EURO 1.1317
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