RAMSEY CROOKALL & CO
19 APRIL 2011 Morning 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 28p 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 performance 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 91p.
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 09.15 IS Up 29 @ 5899
THE DOW JONES CLOSED Down 140 @ 12201
THE NASDAQ COMP CLOSED Down 29 @ 2735
Exchange Rates
GBP – USD 1.627
GBP - EURO 1.141
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