RAMSEY CROOKALL & CO
18 APRIL 2011 Afternoon Report
The FTSE 100 is down 1%, extending session losses with banking stocks leading the
index lower amid rekindled sovereign debt concerns.
China has raised it banks´ required reserve ratio by 50 basis-points, to 20.5%,
effective from April 21. This is the fourth such decision so far this year and comes
on the heels of stronger than expected macroeconomic data published last Friday.
Medical devices maker Smith & Nephew is the worst performing blue-chip, however, on
fears that one of its rivals, Swiss company Synthes, could soon become part of the
empire of Johnson & Johnson, the massive US healthcare conglomerate.
Upstream exploration and production company Heritage Oil has been slapped with a
$313.45m lawsuit by Tullow Oil related to the sale of Heritage's 50% interest in
Blocks 1 and 3A in Uganda.
Engineering software firm Aveva said it expects full year results to be in line
with expectations after a good performance in Asia Pacific Oil and Gas and Power
sectors. "The group has continued to perform well in its key vertical markets and
geographies, consistent with the trends identified in January 2011," the group
said in company update.
THE FTSE 100 AT NOON Down 58 @ 5937
THE DOW JONES CLOSED Up 56 @ 12341
THE NASDAQ COMP CLOSED Up 4 @ 2764
Exchange Rates
GBP – USD 1.6263
GBP - EURO 1.1366
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