RAMSEY CROOKALL & CO
14 APRIL 2011 Afternoon Report
The FTSE 100 is down 1.0%, extending session losses with mining stocks leading the declines
as fears grow over further interest rate increases in China due to reports that Chinese consumer
inflation may have accelerated in March weigh.
Elsewhere, Reckitt Benckiser is down 6.7%, after the CEO announced his retirement. Banks are in
decline as analysts say JPMorgan's 1Q earnings, announced yesterday, and are not as strong as
headline figures indicate.
Swiss commodities giant Glencore International Plc formally announced its intention to float in
London and Hong Kong, in a keenly anticipated deal that could be valued at up to $60 billion and
making it one of the U.K.'s 10 largest listed companies.
More evidence of the threadbare state of the UK consumer's wallet came from consumer goods outfit
PZ Cussons, which said trading conditions in the UK remain challenging. As a whole, the group has
been trading broadly in line with management expectations in 2011, despite margin pressures from
burgeoning raw material costs.
THE FTSE 100 AT 12:00 Down 60 @ 5949
THE DOW JONES ClOSED UP 7 @ 12,276
THE NASDAQ COMP CLOSED Up 16 @ 2761
Exchange Rates
GBP – USD 1. 6301
GBP - EURO 1.1316
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