RAMSEY CROOKALL & CO
31st May 2011 Morning Report
The FTSE 100 is up 1.00%, nudging higher. Wolseley is the top gainer, up 3.6%, on
reports it is looking to sell three of its UK divisions. Meanwhile, reports Greece
will step up its austerity measures is helping sentiment. Otherwise, the market is
rather quiet with no UK specific economic data on the agenda Tuesday.
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 9:40 Up 60 @ 5999
THE DOW JONES closed Up 38 @ 12441
THE NASDAQ COMP closed Up 13 @ 2796
Exchange Rates
GBP – USD 1.6510
GBP - EURO 1.1453
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.
