RAMSEY CROOKALL & CO
13th May 2011 Evening Report
The FTSE 100 closed down 0.3%, sliding into the red as losses on Wall Street deepen
due to concern over the volatility in commodity prices. Worries about Greece's debt
escalated after the EC said country's economy is expected to contract more than previously
expected this year. The announcement offset earlier stronger than expected euro-zone GDP
data and put pressure on banking stocks.
Shares of Scottish & Southern Energy were the biggest decliners on the index, dropping 2.9%
after Citigroup cut its rating to hold from buy, citing valuation.
Also among today’s fallers was Stobart after the distribution group hit back at an article
in the Daily Telegraph saying the Financial Services Authority (FSA) is examining a deal that
will see Stobart buy a property portfolio from its chief executive
Retailer Next was another faller. The stock dropped 2% today, after outperforming the broader
market up to Thursday with a 5% gain since the start of May.
Oil services group Petrofac announced today that it is “increasingly confident” that it will
deliver profit growth in line with previous guidance after a strong performance so far this year.
The stock closed up 2.2%.
Bourses operator London Stock Exchange (LSE) closed higher after it hailed a 22% increase in
adjusted operating profit and said a packed pipeline of new issues promises more to come.
THE FTSE 100 closed Down 19 @ 5925
THE DOW JONES at 4:45 Down 73 @ 12622
THE NASDAQ COMP at 4:45 Down 22 @ 2840
Exchange Rates
GBP – USD 1.6187
GBP - EURO 1.1431
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