RAMSEY CROOKALL & CO
26th May 2011 Evening Report
The FTSE 100 ended up 0.2%, off earlier highs. The resurfacing of concerns over Greece
hurt sentiment, though the FTSE outperformed other European bourses. Weir Group was the
biggest gainer up 5.3%, after an equity rating upgrade.
The mining sector dominated the risers, with Antofagasta, Lonmin, Anglo American and
Fresnillo in demand.
Strong sales of non-clothing items such as leather handbags helped the luxury fashion
group Burberry to a sharp rise in sales in the year to 31 March. Adjusted pre-tax profit
rose by 39% from the previous year to £298m on revenue that climbed by 27% to £1.5bn. The
full-year dividend has been increased by 43% to 20p. Despite the strong figures, Burberry,
which also announced plans to ramp up capital expenditure, closed lower.
British American Tobacco announced that it is to buy Colombia’s second biggest cigarette
company for $452m (£279m). The acquisition of Productora Tabacalera de Colombia (Protabaco)
will elevate the Lucky Strike firm from third to second place in the cigarette market in
Colombia, where 17bn cigarettes are sold a year. Protabaco sold 5.5bn cigarettes in 2010.
United Utilities edged higher after profits came in better than expected, albeit still
down on last year's figures, as a result of increased price regulation in the water
supplying industry.
THE FTSE 100 closed Up 10 @ 5880
THE DOW JONES at 4:45 Down 42 @ 12352
THE NASDAQ COMP at 4:45 Up 3 @ 2764
Exchange Rates
GBP – USD 1.6340
GBP - EURO 1.1593
Thursday 26th, May 2011 05:10pm.
