RAMSEY CROOKALL & CO
9th May 2011 Afternoon Report
The FTSE 100 is down 0.6%, pushing lower with banking stocks on the back foot as
investors reacted negatively to earnings from HSBC. Debt worries in Europe have added
further pressure on the market, with worries over Greece's future in the euro-zone
hitting nerves. Mining stocks remain largely positive following a recovery in base metal
prices overnight.
Energy supplier Centrica is down after saying it expects profits growth in 2011 to be
more subdued than previously anticipated due to the new tax regime on UK oil production.
The increase in the Supplementary Charge rate from 20% to 32% on UK production announced
in March in the government’s budget offsets the benefit of higher commodity prices on its
production business, the group claimed.
Inmarsat has risen after the Satellite communications giant said total quarterly revenue
rose 15% boosted by payments from its agreement with US telecom group LightSquared.
Anglo-Dutch household goods giant Unilever has received regulatory clearance to acquire
US personal care and household brands firm, Alberto Culver, after agreeing to divest the
Alberto VO5 and Rave brands in the US.
Outsourcing giant Serco is drawing comfort from its £29 bn pipeline of identified
opportunities despite some short-term headwinds in the UK, and is on course to hit its
2011 targets.
THE FTSE 100 at 12:00 Down 35 @ 5941
THE DOW JONES closed Up 54 @ 12638
THE NASDAQ COMP closed Up 12 @ 2827
Exchange Rates
GBP – USD 1.6353
GBP - EURO 1.1368
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