RAMSEY CROOKALL & CO
24th May 2011 Afternoon Report
The FTSE 100 is up 0.5%, edging further into the black as mining
and energy stocks advance. Despite the generally positive tone,
sovereign debt concerns still remain. U.S. futures currently point
to a moderately higher open on Wall Street.
The banking sector is under pressure, 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.
In company news, high street stalwart Marks & Spencer eases 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 is posting big gains after it said 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.
Plastics group Victrex, which serves transport, electronics and other
markets, hailed a recovery in all its main areas as it posted a rise
in revenues and profits.
Shares in EMED Mining soared after it said it received formal approval
from the Andalucian government to restart its Rio Tinto copper mine.
THE FTSE 100 at 12.00 Up 27 @ 5863
THE DOW JONES closed Down 130 @ 12381
THE NASDAQ COMP closed Down 44 @ 2758
Exchange Rates
GBP – USD 1.6171
GBP - EURO 1.1463
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