RAMSEY CROOKALL & CO
14 APRIL 2011 Morning Report
The FTSE 100 is trading 0.4% lower after weak sessions in both the U.S.
and Asia overnight and as weakening copper prices push down basic resource
stocks. Antofagasta is 1.3% lower, while BHP Billiton is trading down
around 1.2%. On an individual basis, Reckitt Benckiser leads the declines
after the company’s says Chief Executive Bart Becht announced his shock
retirement.
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.
Department store Debenhams posted a rise in profits for the half year to
26 February and said that a focus on value – possibly assisted by a fall
in cotton prices – should help it to cope with tough economic conditions.
Pre-tax profits of £129.2m before exceptional items were up 4.5% from the
same period the previous year and in line with market expectations, the
company said.
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 9:45 Down 26 @ 5983
THE DOW JONES CLOSED Up 7 @ 12270
THE NASDAQ COMP CLOSED Up 16 @ 2761
Exchange Rates
GBP – USD 1.6345
GBP - EURO 1.1285
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