RAMSEY CROOKALL & CO
1st June 2011
Evening Report
The FTSE 100 closed down 1.0% , maintaining losses as the ISM manufacturing numbers were added to the list of today’s disappointing data releases. May's ISM manufacturing report came in at 53.5, below expectations of about 57 and down from 60.4 last month. That's the lowest level for ISM since September 2009. Companies with stock going ex-dividend added pressure on the UK benchmark index. National Grid, Vodafone and Marks & Spencer were among the blue chips that went ex-dividend today, providing a drag over the lunchtime period.
Mining giant Rio Tinto traded higher after announcing today that it is to establish a large-scale presence in commodity-hungry China with the formation of a joint venture with state-owned aluminium producer Chinalco to explore for deposits in the country.
Anglo-Australian mining giant BHP Billiton was wanted after scoring a victory against the tax man in the Australian High Court. The court ruled in favour of BHP Billiton in a dispute with the Australian Taxation Office over certain tax issues relating to BHP Billiton's former Hot Briquetted Iron project at Port Hedland.
Wolseley, the plumber’s merchant, closed firmer after third quarter revenue grew 1%, or 6% on a like-for-like basis, to £3,271m from £3,252m in the corresponding quarter of 2010.
Cruise operator Carnival has placed an order for a massive 141,000-ton, 3,611-passenger cruise ship, set to be the largest in its P&O Cruises fleet. The share price, however, took a knock.
Drugs company AstraZeneca edged higher after Health Canada approved Brilinta, its ticagrelor tablet product, for the secondary prevention of atherothrombotic events in patients with acute coronary syndromes.
THE FTSE 100 closed Down 61 @ 5928
THE DOW JONES at 4:45 Down 142 @ 12427
THE NASDAQ COMP at 4:45 Down 23 @ 2811
Exchange Rates
GBP – USD 1.6400
GBP - EURO 1.1350
Wednesday 1st, June 2011 05:10pm.
