RAMSEY CROOKALL & CO
12 APRIL 2011 Afternoon Report
The FTSE 100 is down around 0.9%. The market is weak as Japanese nuclear concerns,
poor U.K retail sales data and a sharper-than-expected decline in U.K. inflation,
combine to hurt market sentiment.
Goldman Sachs has ended its recommendation to buy crude oil, cotton and copper. The
end of the recommendation has hurt miners. Kazakh pair Kazakhmys and ENRC, South
America-focused Antofagasta and global titan Rio Tinto are among the worst hit in
the sector.
Turning to company announcements, there was more good news from Brazil for BG Group
as the oil and gas firm said a test of its offshore Guara Norte well confirmed
productivity of about 6,000 barrels of oil per day (bopd). “Production potential from
this well is estimated at around 50,000 bopd,” the company said.
Ultra Electronics is on the attack after the defence electronics supplier won a contract
worth about $25m (£15m) to supply the US Navy with sonobuoys, which detect submarines
Investment company Alliance Trust saw its net asset value per share rise 16.2% over the
year to 439.0p, With full year dividend payments of 8.395p factored in the total return
for the year was 18.7%. The full year dividend has been hiked by 3.0% from the previous
year, representing the 44th consecutive year of dividend growth.
THE FTSE 100 AT 12:00 Down 60 @ 5992
THE DOW JONES ClOSED Up 1 @ 12,381
THE NASDAQ COMP CLOSED Down 8 @ 2771
Exchange Rates
GBP – USD 1. 6261
GBP – EURO 1.1238
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