RAMSEY CROOKALL & CO
21 APRIL 2011 Morning Report
The FTSE 100 opened slightly higher following positive U.S. and Asian sessions.
European stocks rose in early trading today as paints and chemicals group Akzo
Nobel NV rallied after reporting a sharp rise in earnings, while a profit warning
from KPN NV weighed on the telecoms sector.
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 9:45 Up 6 @ 6029
THE DOW JONES Closed Up 183 @ 12453
THE NASDAQ COMP Closed Up 57 @ 2802
Exchange Rates
GBP – USD 1.6534
GBP - EURO 1.1300
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