RAMSEY CROOKALL & CO
20th May 2011 Evening Report
The FTSE 100 closed down 0.1%, moving off earlier gains as peripheral euro-zone
debt worries rattled sentiment after Fitch's downgrade of its rating for Greece to B+
from BB+. The euro slipped further following Fitch's move and pressure mounts on the
market about the outcome of weekend elections in Spain. Banks turned lower as a result,
with Royal Bank of Scotland now down 1.7% and Barclays off 1.2%. The risk-averse move
sends commodity prices lower, adding pressure on mining stocks.
BP rose today after saying that MOEX, part of the Japanese trading house Mitsui and the
10% owner of the Macondo oil well that blew up so disastrously last year, has agreed to
pay the British oil giant $1.1m (£680,000) in relation to the oil spill.
Indian mining giant Vedanta edged higher after announcing its intention to issue bonds
to qualified investors with the intention of, among other things, financing part of the
cost of its proposed acquisition of 40% Cairn India.
Rio Tinto fell after it revealed that is has again extended its takeover offer for Africa-
focused coal miner Riversdale Mining by a further two weeks.
Income investors holding Scottish and Southern Energy shares were kept happy as the utility
company bumped up the dividend a bit more than anticipated on the back of better than
expected results. The full year dividend has been hiked 7.1% to 75p from 70p last year, a
shade above market expectations of a 74.8p pay-out.
THE FTSE 100 closed Down 7 @ 5948
THE DOW JONES at 4:45 Down 88 @ 12522
THE NASDAQ COMP at 4:45 Down 23 @ 2799
Exchange Rates
GBP – USD 1.6221
GBP - EURO 1.1435
Researching your Manx family history can be a very interesting and rewarding hobby. Trace your roots in the Isle of Man with our helpful of guide.
