RAMSEY CROOKALL & CO

23rd May 2011 Morning Report

The FTSE 100 is down 1.5% after weak sessions in the US and Asia and as apparently persistent concerns about the European debt crisis dog sentiment. No domestic data is due during the session.

Metals prices have taken a knock, hurting the share prices of mining stocks such as South American copper group Antofagasta and Aquarius Platinum. Property group British Land reported continuing strong demand for its retail and office properties in spite of economic weakness as it posted a rise in profits and net asset value (NAV) in the year to 31 March. At £256m, underlying pre-tax profits were 9.9% higher than in the previous year. The value of the company’s portfolio climbed by 6.9% to £9.6bn, which lifted NAV per share by 12.5% to 567p.

House builder and contractor Kier Group has trimmed its portfolio of Private Finance Initiative (PFI) projects with the sale of stakes in two ventures for £9.2m in cash. The group has sold 50% stakes in the Oldham and Norwich Schools projects to an HICL Infrastructure Company Limited and Kajima Partnerships Limited joint venture.

Stobart Group is higher after revenue topped the half billion pounds mark but underlying profits at the logistics firm eased a tad in a year characterised by a tough operating environment. Revenue rose to £500.4m from £447.7m the year before. Market consensus had been for revenue of £489.3m. Underlying earnings before interest, tax, depreciation and amortisation slipped to £57.2m from £57.4m, while underlying profit before tax fell to £34.5m from £36.0m the year before.

THE FTSE 100 at 9:45                                                Down       91        @   5856

THE DOW JONES closed                                                Down       93        @   12512

THE NASDAQ COMP closed                                              Down       19        @   2803   Exchange Rates

GBP – USD            1.6150 GBP - EURO          1.1531