RAMSEY CROOKALL & CO
15 MARCH 2011 MIDDAY REPORT
The FTSE 100 fell deep into the red this morning, initially shedding over 100 points
following considerable declines across Asia.
A third explosion at the Fukushima Daiichi nuclear power plant has raised concerns of
a major radiation leak. People within 30 kilometres of the plant are being told to
stay indoors, while a no-fly zone has been set up around the plant to stop the radiation
spreading.
Only a handful of blue chips are in the blue, mainly retailers after steady results
from Debenhams. Marks & Spencer and Next are the best of the bunch. Miners are taking
a beating led by ENRC and Kazakhmys.
Sales fell at Debenhams in the first half, though by a little less than forecast, and
headline profit at the department store is expected to beat last year’s effort and meet
estimates. Like for like sales for the 26 weeks to 26 February fell 1.5% excluding VAT,
but were flat including the tax.
Royal Dutch Shell made “good progress” in 2010 and 2011 has started well, with the oil
giant on track to hit its strategic targets by next year. Shell, which hosts its annual
Investor Day in London today, is one year in to a three-year strategic plan and should
increase cashflow from operations 2009-2012.
Security firm G4S saw profit before interest, tax and amortisation rise 4.2% in 2010 to
£527m from £506m the year before. Turnover rose 4.1% to £7.4bn from £7.1bn. Organic
turnover growth was 2.1%, down from a growth rate of 3.7% in 2009.
THE FTSE 100 AT NOON IS DOWN 144 @ 5630
THE DOW JONES CLOSED DOWN 51 @ 11,993
THE NASDAQ COMP CLOSED DOWN 14 @ 2700
Exchange Rates
GBP – USD 1. 6016
GBP - EURO 1.1538
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