RAMSEY CROOKALL & CO
27th May 2011 Morning Report
The FTSE 100 is up 1.1%, taking its cue from a mostly positive Asian
session and after US stocks managed to claw back some ground into the close.
Upbeat UK consumer confidence data released overnight is also helping to
lift the mood. In terms of sector, banks bounce back from recent losses.
Elsewhere, Burberry up 2.2% following heavy falls in the previous session.
The miners are in demand, 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.
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 9.45 Up 66 @ 5947
THE DOW JONES Up 8 @ 12402
THE NASDAQ COMP Up 21 @ 2782
Exchange Rates
GBP – USD 1.6423
GBP - EURO 1.1531
Friday 27th, May 2011 11:10pm.
