RAMSEY CROOKALL & CO
11 APRIL 2011 Morning Report
Shares are subdued in early dealings, though banking stocks have moved ahead following
the publication of the Independent Commission on Banking’s interim report. Barclays and
RBS are setting the pace in the FTSE 100.
In the FTSE 250, CPP, the identity theft and credit card insurer that is under investigation
by the Financial Services Authority, is slightly lower after it said that Barclaycard is
conducting a review of CPP's 'call to confirm' offering to Barclaycard customers, during
which time the service will be suspended.
Automotive and aerospace engineer GKN said its car operations have been affected by the recent
earthquake in Japan, though market conditions have otherwise been as expected in the first
quarter. Sales were up by 14% from the same period a year ago to £1.49bn, while pre-tax
profits rose by more than 50% to £107m.
Catering titan Compass has added to its Indian operations with the acquisition of two catering
outfits in the fast growing Asian economy. It has bought Delhi-based Vipul Facility Management
(VPM), which has gross assets of 342.2m Indian rupees (£5.2m) and Hyderabad-based Ultimate
Hospitality Services (UHS) for 42.1 rupees
THE FTSE 100 AT 9:30 Down 3 @ 6050
THE DOW JONES CLOSED Down 29 @ 12380
THE NASDAQ COMP CLOSED Down 15 @ 2780
Exchange Rates
GBP – USD 1.6333
GBP - EURO 1.1301
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