RAMSEY CROOKALL & CO
25th May 2011 Evening Report
The FTSE 100 index slipped almost 0.4% in afternoon trading before recovering, closing up
0.2%. Most European markets were flat to lower, and Wall Street opened down after disappointing
durable-goods figures but has since recovered.
UK economic data failed to provide much inspiration. First-quarter gross domestic product
expanded by an unrevised 0.5%, offsetting an identical decline in the final three months
of 2010.
Banks were the biggest gainers on the top index, with Barclays up 2.33 %. A day earlier,
banks fell after Moody’s Investors Service said it put ratings of 14 firms on review for
a possible downgrade as it reassessed the level of government support factored into their
ratings.
Oil groups Essar Energy and Cairn Energy were among the risers, on the back of rising
crude prices. However, sector peer Tullow Oil closed down following yesterday's acquisition
of Nuon Exploration and Production for €300m cash from the Vattenfall Group.
Shares of luxury goods company Burberry fell 1.78% ahead of full-year results due Thursday.
The company preannounced sales in April, and investors will be looking for any outlook on
the luxury sector for this year.
Vodafone fell lower after Nomura downgraded the telecoms giant from 'buy' to 'neutral'.
THE FTSE 100 closed Up 11 @ 5870
THE DOW JONES at 4:45 Up 40 @ 12396
THE NASDAQ COMP at 4:45 Up 10 @ 2756
Exchange Rates
GBP – USD 1.6289
GBP - EURO 1.1544
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