RAMSEY CROOKALL & CO
21 APRIL 2011 Afternoon Report
The FTSE 100 is trading up 0.2% supported by banking stocks has
investors take speculative positions ahead of earnings from Morgan
Stanley. Barclays is up 2.0% and HSBC up 1.3%. Volumes are
unspectacular with traders winding down positions as the long Easter
weekend approaches
The volume of retail sales in the United Kingdom grew by 0.2% month
on month (1.3% on year) in March, according to the Office of National
Statistics (ONS). Consensus estimates were calling for a fall of 0.5%
month on month.
Mining giant Anglo American saw rainfall hinder production of iron ore,
metallurgical coal and copper in the first quarter, though output of
platinum, nickel, thermal coal and diamonds increased.
The picture has brightened at housebuilder Persimmon since the turn of
the year, when bad weather and economic uncertainty were clouding the
outlook. However, sales rates have picked up since then with the total
value of new sales reservations taken in the year to date increasing by
12% from the same period last year.
Beazley said the net cost of catastrophes in Australia, New Zealand and
Japan is estimated to be $154m. Insurance underwriter Lancashire Holdings,
which has more than recovered from the share price tumble it suffered in
the wake of the Japanese earthquake, said it expects to take a $75m hit
from claims arising from the natural disaster.
THE FTSE 100 at 12:00 Up 15 @ 6037
THE DOW JONES Closed Up 183 @ 12453
THE NASDAQ COMP Closed Up 57 @ 2802
Exchange Rates
GBP – USD 1.6560
GBP - EURO 1.11321
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