RAMSEY CROOKALL & CO
22 MARCH 2011 MIDDAY REPORT
Schroders and Prudential are two of the best performers so far after the Dow rose again
overnight to climb back through the 12,000 mark.
Cairn Energy has yet to reach an agreement with the Indian authorities over the proposed sale
of its Rajasthan assets to Vedanta. Hopes had been raised that Cairn would announce a deal had
been struck with today’s results, but the group just repeated that the sale of its 51% stake in
Cairn India is awaiting approval. Cairn posted a net profit of $1.08bn in 2010, up from $53m.
Elsewhere, Punch Taverns, the biggest pubs group in Britain, is to split itself in two by the
end of the summer and sell thousands of boozers. The review, which started in October, has
concluded that the way forward is to separate the Spirit managed pubs business from the
struggling leased operation - Punch. This will create two independent public companies and
allow the investment and development needed to speed up its operational turnaround and drive
growth.
Ports operator Forth Ports has agreed a bid worth 1,630p a share from major shareholder, the
Arcus European Infrastructure Fund. Shareholders will also get to keep the proposed final
dividend of 20p a share expected to be paid on 13 May. "The Arcus offer gives Forth Ports
shareholders the opportunity to realise their investment for cash at a fair price,”
chairman David Richardson said.
THE FTSE 100 AT NOON IS DOWN 7 @ 5778
THE DOW JONES CLOSED UP 178 @ 12,036
THE NASDAQ COMP CLOSED UP 48 @ 2692
Exchange Rates
GBP – USD 1.6365
GBP - EURO 1.1489
Tuesday 22nd, March 2011 12:10pm.
