RAMSEY CROOKALL & CO
24th May 2011 Evening Report
The FTSE 100 ended 0.4% higher, bouncing back from Monday's losses. Miners lead the gains
after a bullish note from Goldman Sachs on commodities and oil.
The banking sector came under pressure during the session, with Moody’s considering
downgrading Lloyds Banking, Royal Bank of Scotland and 12 others. The ratings agency is
worried that credit risk may increase after the withdrawal of government support.
The miners were in demand as precious metals prices continue to ascend. Fresnillo was
the highest riser, gaining over 4%. Cairn Energy, Antofagasta, Kazakhmys, Randgold Resources,
Xstrata and Rio Tinto also closed higher.
Oil groups BG and BP also rose, along with crude oil prices.
In company news, HHHhh fejwfigh street stalwart Marks & Spencer eased even after it said
it was winning market share in both clothes and food sales as it posted pre-tax profits in
line with expectations for the year to 31 March. Underlying pre-tax profits totalled £714.3m,
up from £694.6m the previous year. Revenue rose to £9.7bn from £9.5bn.
Cable & Wireless Worldwide announced that it saw underlying profit before tax jump 23% to
£143m in the year to 31 March from £116m the year before. The board said it intends to hold
the annual dividend at 4.5p until it is covered by free cash flow.
THE FTSE 100 closed Up 22 @ 5858
THE DOW JONES at 4:45
Down 3 @ 12378
THE NASDAQ COMP at 4:45 Down 4 @ 2754
Exchange Rates
GBP – USD 1.6191
GBP - EURO 1.1474
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