RAMSEY CROOKALL & CO
MORNING REPORT 14 MARCH 2011
Mining stocks are shoring up the FTSE 100 but the blue-chip index is still in the red,
despite the price of oil ebbing.
Miners Rio Tinto, Xstrata, African Barrick and ENRC are the pick of the mining sector.
Also going well is temporary power solutions provider Aggreko, which may find its services
called upon extensively in the aftermath of the Japanese earthquake.
The statement has prevented the company’s share price from suffering the severe mark down
that has affected fellow underwriters Catlin and Beazley.
Elsewhere in the insurance sector Aviva and RSA Insurance are both off the pace.
The dangers associated with nuclear power stations seems to have persuaded the market to
reassess the merits of coal fired power stations, judging by the demand for shares in power
station operator Drax Group.
Housebuilder Bovis Homes didn’t disappoint with full-year results towards the top end of
forecasts, a first dividend since 2008, and an “encouraging” start to the current year. It
made a pre-tax profit of £18.5m, up from £7.5m in 2009, driven by higher volumes, price
increases and cost cutting. Revenue rose to £298.6m from £281.5m last time.
Finally, troubled sportswear retailer JJB Sports has responded to press speculation about
its fund raising plans, and said the company expects its impending share placing will raise
around £65m.
THE FTSE 100 AT 9.45 IS DOWN 2 @ 5826
THE DOW JONES CLOSED UP 59 @ 12,044
THE NASDAQ COMP CLOSED UP 14 @ 2715
Exchange Rates
GBP – USD 1.5081
GBP - EURO 1.1567
Monday 14th, March 2011 10:10pm.
