RAMSEY CROOKALL & CO
19 APRIL 2011 Midday Report
The top share index has won back some of yesterday’s heavy losses, with
company updates tempting buyers.
Brewing giant SABMiller has frothed higher after it said organic year on
year growth in lager sales in the 12 months to 31 March 2011 was 2%, with
the fourth quarter seeing a 3% growth rate. The group's overall financial
performance is in line with the board's expectations and the shares are up
27p on the news.
Burberry is in fashion after saying it expects profits for the financial
year to March 31 to be at the top end of expectations after a strong
erformance in the final few months. Total revenues rose by 30% from the
previous year on an underlying basis to £860m. The shares top the leader
board with a gain of 73p.
However, Tesco is lower even after new chief executive Philip Clarke
delivered profits and sales that were in line with expectations as he
unveiled the supermarket giant’s results for the year to 26 February.
Pre-tax profits climbed by 11.3% from the same period a year ago to £3.53bn,
on sales that climbed by 8.1% to £67.57bn.
Finally, business and academic publisher Reed Elsevier saw underlying
revenue growth in each of its business groups once the effects of biennial
events in its exhibitions group are taken out of the equation. The group is
sticking by its earlier forecast of a gradual recovery in 2011.
THE FTSE 100 AT NOON IS Up 35 @ 5905
THE DOW JONES CLOSED Down 140 @ 12201
THE NASDAQ COMP CLOSED Down 29 @ 2735
Exchange Rates
GBP – USD 1.629
GBP - EURO 1.141
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