RAMSEY CROOKALL & CO
6 APRIL 2011 Afternoon Report
The FTSE 100 is up 0.8%, remaining in the black as mining
stocks advance on firm metals prices.
Inflationary concerns and a weak dollar have pressured a rise
in precious metals prices, sending shares in African Barrick
Gold, BHP Billiton, Anglo American, ENRC, Kazakhmys and Rio
Tinto up.
Indian mining giant Vedanta is edging higher after it produced
record volumes of metals in the fourth quarter as it sought to
benefit from soaring commodity prices. In its Indian zinc-lead-
silver operations, mined metal production was a record 231,000
tonnes in the fourth quarter and 840,000 tonnes for the full year,
respectively 19% and 9% higher than the same period last year.
Mining peer Rio Tinto has finally managed to get majority control
of Australian mining company Riversdale, bringing to an end a bid
aga that has been running since Christmas. Rio said its shareholding
has passed 50% of coal miner Riversdale, and may grow further as
the company’s offer remains open until 20 April.
Energy supplier Scottish & Southern Energy is the best performer on
the blue chip index after an upgrade from Credit Suisse to ‘outperform’,
from ‘neutral’. The broker said that while last year’s results will see
many adverse earnings impacts, earnings growth could be strong from here.
THE FTSE 100 AT 12:00 UP 52 @ 6059
THE DOW JONES ClOSED UP 17 @ 12,409
THE NASDAQ COMP CLOSED UP 3 @ 2796
Exchange Rates
GBP – USD 1. 6358
GBP - EURO 1.1346
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