RAMSEY CROOKALL & CO
12 APRIL 2011 Morning Report
The FTSE 100 is trading lower, down around 0.7%, dragged down by heavily weighted
mining stocks. The expansion of the Fukushima exclusion zone and disappointing
earnings from Alcoa in the US are also weighing on sentiment.
Miners are in the firing line amid a metals sell-off. Kazakhmys and ENRC, South
America-focused Antofagasta and global titan Rio Tinto are among the worst hit
in the sector.
However, the lower oil price has lifted British Airways owner IAG and budget
airline easyJet. Cruise operator Carnival is also buoyant.
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.
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 9:45 Down 48 @ 6004
THE DOW JONES CLOSED Up 1 @ 12381
THE NASDAQ COMP CLOSED Down 8 @ 2771
Exchange Rates
GBP – USD 1.6250
GBP - EURO 1.1247
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