RAMSEY CROOKALL & CO
30 MARCH 2011 MORNING REPORT
Miners are driving the top share index towards 6,000 points, although the retail
sector is under pressure following a profit warning from Dixons Retail.
Vedanta, BHP Billiton, Antofagasta and Kazakhmys are among the big names in the
mining sector posting gains.
Elsewhere in the FTSE 100, oil company Tullow Oil has sold off two-thirds of the
interests it holds in numerous assets in Uganda for a cash sum of $2.9bn, with CNOOC
and Total snapping up a third each.
Dixons Retail has slumped more than 10% after a profit warning. The PC World and Currys
owner says consumer confidence has deteriorated, particularly in Britain and Ireland.
That does not bode well for the high street and elsewhere in the retail sector, M&S,
Next, Argos owner Home Retail Group and Comet owner Kesa Electricals are suffering.
Domino’s Pizza is also lower. Growth continued to slow at the pizza delivery company,
blamed on tough comparatives and weakness in the Republic of Ireland. Like-for-like
sales in 608 mature stores rose 4.2% in the 13 weeks to 30 March, down from 10.5% a
year ago. They’d risen 4.7% in the first seven weeks and 11.9% in 2010.
Finally, housebuilder Bellway posted higher profits in the six months to 31 January
after selling more homes at higher prices, but warned that consumer confidence remains
fragile. Pre-tax profits rose to £24m from £19m, on turnover that was up to £407.9m
from £360.8m. The interim dividend climbs to 3.7p from 3.3p
THE FTSE 100 AT 10.15 UP 27 @ 5959
THE DOW JONES CLOSED UP 81 @ 12,279
THE NASDAQ COMP CLOSED UP 26 @ 2756
Exchange Rates
GBP – USD 1.6063
GBP - EURO 1.1393
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