RAMSEY CROOKALL & CO
24th May 2011 Morning Report
The FTSE 100 is up 0.29%, led higher by strength in the heavily-weighted mining sector,
despite ongoing worries about European sovereign debts.
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 has 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 is rising 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 9:30 Up 23 @ 5859
THE DOW JONES closed Down 130 @ 12381
THE NASDAQ COMP closed Down 44 @ 2758
Exchange Rates
GBP – USD 1.6147
GBP - EURO 1.1460
Tuesday 24th, May 2011 11:10pm.
