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Latest Stock Market Update

by isleofman.com 4th April 2011
RAMSEY CROOKALL & CO

4 APRIL 2011 EVENING REPORT

The FTSE 100 closed up 0.1%, supported by heavily-weighted mining stocks, due mainly to firm base metals prices. Fresnillo was up 2.9% and Antofagasta 1.9%. Aggreko was the biggest riser, up 5.3% after signing a power contract in Japan, however, gains were capped by worries about this week’s key rate decisions.

It has been a morning for asset sales with both telecoms giant Vodafone and oil colossus BP pressing on with their respective asset sale programmes.

Vodafone’s sale of what it considers non-core minority stakes continues with the sale of its 44% holding in French mobile phone group SFR to French media group Vivendi for €7.75bn (£6.8bn) in cash. The shares are higher.

BP is to sell its wholly owned subsidiary ARCO Aluminium to a consortium of Japanese companies for $680m in cash.

Elsewhere in the oil and gas sector BG Group has made a third gas discovery in Tanzania. The oil and gas group made the discovery about 18km off southern Tanzania at a depth of about 950 metres. The discovery is about 200km south of BG’s previously announced Pweza and Chewa discoveries.

Finally, east Yorkshire-based pork supplier Cranswick said results for the year to 31 March 2011 will be broadly in line with expectations. Underlying like-for-like sales for the year to 31 March 2011 increased by 4% while volumes during the period gained 6% on the same basis. Underlying sales in the fourth quarter were in line with those of the previous year. Operating margin was in line with management's expectations.

THE FTSE 100 CLOSED UP 7 @     6016

THE DOW JONES  AT 4.40 IS UP   19   @      12,396

THE NASDAQ COMP  AT 4.40 IS    UP   2 @      2791

Exchange Rates

GBP – USD            1. 6124 GBP - EURO           1.1327







Posted by isleofman.com
Monday 4th, April 2011 05:10pm.

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