RAMSEY CROOKALL & CO
8 APRIL 2011 Morning Report
.
The FTSE 100 opened up, after a late dive yesterday, tracking gains across
Asia overnight. Investors' reassessment of the relative interest rate outlook
following Thursday's ECB rate hike helped the tone. Although the BOE kept its
policy unchanged, traders say investors are expecting the BOE to follow the ECB's
moves in the year ahead.
Mining stocks have advanced as metal prices gained in Asia with copper rising
to its highest level in a month. Antofagasta is up circa 1.5% and Xstrata circa
1.5%.
Elsewhere in the sector, Vedanta Resources, up around 1.%, 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.
Trading in the year to end-March was in line with management expectations at information
technology services firm Phoenix IT. Strong cash flow saw net debt subside to £62.4m at
the end of March, down from £67.9m the year before.
Landkom’s crops were largely unaffected by the severe winter weather, the Ukrainian
grain and oilseeds grower said. Just 2.14% of its crops planted during autumn were lost,
the company said, with the winter wheat remaining completely unscathed.
THE FTSE 100 AT 9:30 UP 38 @ 6045
THE DOW JONES CLOSED DOWN 17 @ 12,409
THE NASDAQ COMP CLOSED DOWN 3 @ 2796
Exchange Rates
GBP – USD 1.6415
GBP - EURO 1.1396
Researching your Manx family history can be a very interesting and rewarding hobby. Trace your roots in the Isle of Man with our helpful of guide.
