RAMSEY CROOKALL & CO
25th May 2011 Morning Report
The FTSE 100 is down 0.1% , but reverses most of its earlier losses as UK 1Q GDP is
left unchanged, +0.5% on an annual basis. The FTSE traded much lower in early trading,
on the heels of a lower close for Wall Street and a retreat for the Asian markets, with
resource and technology sectors leading declines.
Resource stocks fell across Europe, as crude oil slipped and metals prices steadied.
Among miners, BHP Billiton is down around 0.8% and Anglo American has dropped 0.3%.
Glencore is also under the weather, on its debut on the top-share index.
On the FTSE 250, Cable & Wireless Communications has taken a tumble after the results
from its first year of independence. Earnings remained virtually static at the telecoms
group, largely as a result of a more difficult Caribbean market than expected.
Valerie Gooding, the former chief executive of health insurance firm BUPA, is to be the
new chairman of Premier Farnell, the electronic and industrial components distributor.
Share are off the mark this morning.
Engineering software firm Aveva has taken a hit despite registering record revenues in
the year ended 31 March, helped by a strong performance in the emerging markets, mainly
driven by growth in the oil and gas sector.
THE FTSE 100 at 9:45 Down 6 @ 5851
THE DOW JONES closed Down 25 @ 12356
THE NASDAQ COMP closed Down 12 @ 2746
Exchange Rates
GBP – USD 1.6152
GBP - EURO 1.1482
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