RAMSEY CROOKALL & CO
27 APRIL 2011 Morning Report
Shares have edged slightly lower in early dealings with some big name company updates
getting a poor reception, though there are some significant risers.
Banking giant Barclays is lower after the bank saw adjusted profit before tax rise
10% in the first quarter of 2011, despite a 15% slide in top-line income at Barclays
Capital, its high profile investment banking arm. Adjusted profit before tax grew to
£2,004m from £1,822m in the first quarter of 2010. Net operating income dipped 1% to
£6,478m from £6,557m a year earlier.
British Sugar and Primark owner Associated British Foods turned a little sour after it
saw adjusted earnings per share grow by 7.9% year on year at the interim stage, ahead
of some brokers' expectations, but warned full year results will only be roughly on a
par to last year. Group revenue rose 9% to £5,207m in the 24 weeks to 5 March, up from
£4,976m in the corresponding period a year earlier and ahead of the £5.16bn predicted
by broker Charles Stanley.
And controversial oil major BP saw its first quarter profit advance to $7,124m from
$6,079m the year before. Replacement cost profit dipped to $5,481m from $5,598m, however.
Including the impact of the Gulf of Mexico oil spill, net cash provided by operating
activities for the first quarter was $2.4bn, compared with $7.7bn in the same period
of last year. BP shares are up 4p at 468p.
THE FTSE 100 AT 9.15 IS Down 19 @ 6049
THE DOW JONES CLOSED Up 115 @ 12,595
THE NASDAQ COMP CLOSED Up 21 @ 2847
Exchange Rates
GBP – USD 1.645
GBP - EURO 1.121
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