RAMSEY CROOKALL & CO
7 APRIL 2011 Morning Report
The FTSE 100 is trading flat as investors wait for the Bank of England rate
announcement at 11.00.
The BoE is expected to keep rates unchanged at a record low of 0.5%, but later
today the ECB is expected to press ahead with its first rate rise since they
were slashed following the 2008-09 financial crisis.
The financial sector led U.S. stocks higher Wednesday, as investors were
encouraged by capital-raising plans from several European banks, but disappointment
over earnings from Monsanto limited the climb.
The retail sector has come back down to earth following a brief respite yesterday
when M&S unexpectedly posted quarterly sales growth.
Bicycle and car part retailer Halfords predicted a continuing tough trading
environment as it posted a sharp fall in like-for-like sales in the 13 weeks to
1 April. Like-for-like sales from the company’s retail outlets were down by 6.8%
from the same period the previous year.
Paper and packaging firm Mondi is to hive off its South African packaging business.
Mondi will demerge Mondi Packaging South Africa (MPSA) as it believes MPSA’s future
growth plans, especially with regard to its rigid plastics business, are constrained
by the Mondi Group's differing strategic focus.
Anglo-Swedish drugs leviathan AstraZeneca has received approval from the US Food
and Drug Administration (FDA) for its thyroid cancer treatment Vandetanib.
THE FTSE 100 AT 9:40 DOWN 2 @ 6015
THE DOW JONES CLOSED UP 32 @ 12,426
THE NASDAQ COMP CLOSED UP 8 @ 2799
Exchange Rates
GBP – USD 1.6333
GBP - EURO 1.1426
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