RAMSEY CROOKALL & CO
16 MARCH 2011 MIDDAY REPORT
Hopes of a rally after a bounce in Tokyo overnight have been dashed by more worrying
news from the crippled Fukushima Dai-ichi nuclear plant.
A fire at the plant's fourth reactor sent radiation levels soaring and forced what
few workers are left battling the potential disaster to retreat. Japan’s Emperor
Akihito made a rare public statement and said he was “deeply worried” by the
situation at the Fukushima Dai-ichi plant.
In the UK, there has been a brace of executive departures in the leisure industry
with the chief executives of hotels group Intercontinental Hotels and pubs group
Mitchells & Butlers settling their tabs and moving on.
InterContinental Hotels’ chief executive Andrew Cosslett shocked the Crowne Plaza
and Holiday Inns chains owner by handing in his notice. Long-serving Cosslett will
stand down on 30 June to be replaced by finance director Richard Solomons, who has been
on the board since 2003. Solomons is also Head of Commercial Development.
Sausage roll fans filed into Greggs in record numbers during 2010, pushing profits up
almost 8%, and like for like sales growth so far in 2011 is double what it was for all of
2010. The Newcastle-based company, which runs over 1,480 value bakers shops up and down the
country, made £52.5m in the 52 weeks to 1 January, a record high and up from £48.8m in 2009.
Finally, fashion retailer French Connection made even more in the 12 months to 31 January
than the hefty increase promised at last month’s trading update. Profit before tax from
continuing operations leapt to £7.3m from £0.7m the year before. It had predicted “at least
£6.8m” in February. Sales rose 2% to £205m
THE FTSE 100 AT NOON IS DOWN 30 @ 5665
THE DOW JONES CLOSED DOWN 137 @ 11,855
THE NASDAQ COMP CLOSED DOWN 33 @ 2667
Exchange Rates
GBP – USD 1.6091
GBP - EURO 1.1523
Wednesday 16th, March 2011 01:10pm.
