RAMSEY CROOKALL & CO
11 APRIL 2011 Evening Report
The FTSE 100 retreated from early gains, with traders largely rangebound amid
a paucity of fresh data or corporate news. However, the banking sector performed
well today after a report from the Independent Commission on Banking (ICB).
The ICB stopped short of recommending that banks that have investment banking arms
should demerge those operations. Instead, it has recommended that banks' retail operations
should be protected by a “firewall” from the investment banking division. Barclays, RBS
and Lloyds were all firmer at the close.
Burberry dropped as news of another earthquake in Japan threatened sales in the region.
Burberry closed down 1.8%.
GKN moved higher, offsetting any negative impact sourcing from a Charles Stanley downgrade
to ‘reduce’, from ‘hold’. The engineering group saw sales rise by 14% in the first quarter
to £1.49bn. GKN closed up 2p at £2.04.
Finally, BHP Billiton quashed speculation it is preparing a multibillion-dollar bid for Woodside
Petroleum Ltd, however, Billiton announced that it has repurchased 6 billion Australian dollars
(US$6.3 billion) worth of its Australian-listed shares at a discount to the market price, which
it expects will have a positive impact on earnings per share, cash flow and return on equity.
THE FTSE 100 CLOSED DOWN 2 @ 6053
THE DOW JONES AT 4:50 IS UP 52 @ 12432
THE NASDAQ COMP AT 4:50 IS DOWN 1 @ 2778
Exchange Rates
GBP – USD 1. 6390
GBP - EURO 1.1335
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