RAMSEY CROOKALL & CO
27th May 2011 Afternoon Report
The FTSE 100 is up 0.8%, still firmly above 5900 territory. Positive broker comments
on the U.K. bank sector have helped Lloyds Banking Group and Royal Bank of Scotland,
rise 2.7% and 2.1% respectively. The miners are also in demand, underpinning the FTSE’s
performance, with Lonmin, Rio Tinto, Xstrata and Kazakhmys heading higher.
The latter announced this morning that it's proposed listing on the Hong Kong stock exchange
will not involve the issue of any new shares. The board of Kazakhmys believes that issuing
new shares at current share price levels would not create value for existing shareholders and
the Hong Kong listing will, therefore, be by way of introduction.
Electronics and maintenance products supplier Electrocomponents is wanted after sales and profit
came in slightly ahead of expectations on the back of strong sales growth in all geographic regions
and online.
Shares of luxury-goods company Burberry Group PLC up 2.5%, partially rebounding from sharp losses
in the prior session after an in-line set of results left some investors disappointed. The shares
have had a strong run in recent weeks. Other retailers have also got a boost, with Kingfisher 2.1%
and Next gaining 1.7%.
Food ingredients group Tate & Lyle is edging higher after it managed to offset reduced selling
prices for its SPLENDA Sucralose brand to grow sales by 7% in the year ended 31 March, while
profits surged.
THE FTSE 100 at 12:00 Up 47 @ 5928
THE DOW JONES Up 8 @ 12402
THE NASDAQ COMP Up 21 @ 2782
Exchange Rates
GBP – USD 1.6417
GBP - EURO 1.1534
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