RAMSEY CROOKALL & CO
31st May 2011 Afternoon Report
The FTSE 100 is up 1%, off highs but continuing to flirt with the key 6000 level.
Wolseley is the leading gainer, up 4.3% on news reports that the company plans to sell
three U.K. divisions. Still to come on the data front, the Chicago PMI reading for May
and U.S. consumer confidence data for the same month.
On a relatively quiet day for company news, Serco, the outsourcing company whose activities
include running prisons and London’s Docklands Light Railway, has announced the acquisition
of India-based service provider Intelenet for up to £385m.
Elsewhere in the sector, outsourcing specialist Capita has acquired specialist healthcare
recruitment firm Team24 for £24m, with up to £2m more payable depending on the firm's
performance in the year to 31 March, 2012. Team24 made a pro forma operating profit for
its financial year to 31 March 2011 of £4.2m on turnover of £32.7m.
In the FTSE 250, Pace is higher after it announced that the chairman of set-top box maker
is stepping down after a troubled end to his five years in charge of the company. Mike
McTighe will be replaced by Allan Leighton, former non-executive chairman of the supermarket
Asda. Leighton joins the board today and is expected to take over as chairman in summer.
THE FTSE 100 at 12:00 Up 57 @ 5996
THE DOW JONES closed Up 38 @ 12441
THE NASDAQ COMP closed Up 13 @ 2796
Exchange Rates
GBP – USD 1.6501
GBP - EURO 1.1455
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