RAMSEY CROOKALL & CO
13 APRIL 2011 Evening Report
The FTSE 100 closed up 0.75%, following the release of US retail sales
which showed continuing improvement in consumer spending and a rally from
mining stocks early in trading.
Rio Tinto said first quarter production in Australia was hit by the extreme
weather in the region but most of its operations are now recovering and
benefiting from strong prices. Global iron ore production of 42m tonnes
attributable was down 3% on the first quarter of 2010 and down 16% on the
fourth quarter of 2010. Operations in the Pilbara were disrupted by three
tropical cyclones and widespread flooding.
Smaller gold miners were also in focus today. Shares in Ireland’s Conroy
Gold were shining after it reported positive results from a drilling programme
at its Clontibret gold project.
Shares in ARM Holdings were in demand today, helped by some positive comments
from the broker ING, which expects ARM to meet its guidance. ARM closed up 34p
at £5.94.
Oil and gas firm Tullow Oil has had another success off the coast of Ghana,
with the Tweneboa-4 appraisal well in the Deepwater Tano licence encountering
gas condensate in good quality sandstone reservoirs. The company added that it
is resuming its exploration and appraisal campaign in Uganda. The company
expects to have a five-rig drill-out campaign on the go in the second half of
this year.
THE FTSE 100 CLOSED Up 45 @ 6010
THE DOW JONES AT 4:45 IS Up 8 @ 12271
THE NASDAQ COMP AT 4:45 IS Up 17 @ 2762
Exchange Rates
GBP – USD 1. 6288
GBP - EURO 1.1250
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