RAMSEY CROOKALL & CO
18 MARCH 2011
MIDDAY REPORT
Buoyed by a strong performance last night on Wall Street and the recovery this
morning of Tokyo, London has started the day on the front foot.
Miners are pushing the blue-chip index higher, with Xstrata, African Barrick and
BHP Billiton to the fore.
Elsewhere, power and gas grid operator National Grid that is the best performer,
however, after OfGem published details of its new price review regime which it said
will provide strong incentives and penalties to encourage smarter, more sustainable
networks, delivering improved customer service.
Bookmaker William Hill has been granted an extension to the injunction preventing
Playtech from selling its stake in William Hill Online. In court yesterday, it was
agreed the injunction will stay in place until a further court hearing which is
expected to occur in May or shortly thereafter.
Finally, London and south-east housebuilder Berkeley continues to benefit from the
region's position as a pocket of strength in an otherwise gloomy housing market.
"Berkeley anticipates reporting earnings at the high end of its expectations for the
year ended 30 April 2011 and the investment in work in progress will enable a further
growth in earnings in 2011/12 if overall market conditions permit," it said.
THE FTSE 100 AT NOON IS UP 29 @ 5725
HE DOW JONES CLOSED UP 161 @ 11774
THE NASDAQ COMP CLOSED UP 19 @ 2636
Exchange Rates
GBP – USD 1.6075
GBP - EURO 1.1444
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