RAMSEY CROOKALL & CO
18 APRIL 2011 Evening Report
The FTSE 100 closed down 2.1%, heading further into the red after US stock markets declined.
The DJIA and S&P 500 are down 1.7%% and 1.8% respectively, following the move by Standard & Poor's
to cut the US debt outlook. S&P believes that there is a material risk US policymakers might not
reach an agreement on how to address medium- and long-term budgetary challenges.
European sovereign debt concerns also weighed on sentiment. Banks and miners lead the declines,
with Barclays closing down 4.3% and Antofagasta 3.4%.
Reckitt Benckiser was among the best performing stocks on the blue chip index as the household
products group recovered from last week’s sell-off.
In a longstanding multi-party tax dispute, London-listed Heritage Oil announced today that
it will vigorously defend itself against a claim from Tullow Oil PLC seeking $313.45 million
for alleged breach of contract in Heritage's sale of some of its Ugandan interests to Tullow.
Falklands oil explorer Desire Petroleum crashed to a 52-week low after plugging and abandoning
the 14/15-3 well on the Ninky prospect in the North Falkland basin. Oil shows were encountered
while drilling but not enough to justify continuing with the project.
THE FTSE 100 AT 4:45 Down 125 @ 5870
THE DOW JONES CLOSED Down 211 @ 12130
THE NASDAQ COMP CLOSED Down 50 @ 2713
Exchange Rates
GBP – USD 1.6222
GBP - EURO 1.1410
Monday 18th, April 2011 05:10pm.
