RAMSEY CROOKALL & CO
MORNING REPORT 11 MARCH 2011
FTSE 100 down, falling sharply into negative territory. The decline is far greater than
expected by spreadbetters, largely due to the devastating earthquake and tsunami in Japan,
with the FTSE 350 non-life insurance index down 1.6%. On the FTSE 250, Lloyd's insurer Amlin
is down 4.2%. Munich Re is down 4.5% in Europe. Meanwhile, the negative sentiment continues
regarding the geopolitical situation in North Africa and the Middle East. Also, miners slip
after a higher-than-expected inflation reading from China.
Bus and train group FirstGroup remains on track to hit full-year to earnings and cash targets,
but warns it’s been a bumpy journey for the school bus business. The UK Bus division is
expected to deliver like-for-like (LFL) passenger revenue growth for the year of 1.4%, while
the UK Rail unit has performed above expectations, and is set to deliver LFL passenger revenue
growth of 5.1%.
Elsewhere, pub group JD Wetherspoon posted record interim sales but profits fell as a ‘pernicious
combination of increasing taxes and regulation’, higher costs and higher interest charges took
their toll. Pre-tax profits for the six months to 23 January fell 11% to £32.2m, in line with
market forecasts.
There is to be a new senior number cruncher at property giant British Land after finance director
Graham Roberts announced his intention to stand down from the board at the end of June. Roberts
spent nine years in the role. His replacement will be the deputy finance director, Lucinda Bell.
Finally, no problems with recession for the rich and famous or their suppliers such as posh
handbag and accessory maker Mulberry, which now expects to beat market forecasts for the current
year.
THE FTSE 100 AT 9.50 IS DOWN 34 @ 5810
THE DOW JONES CLOSED DOWN 228 @ 11,984
THE NASDAQ COMP CLOSED DOWN 50 @ 2701
Exchange Rates
GBP – USD 1.6
GBP - EURO 1.16
Researching your Manx family history can be a very interesting and rewarding hobby. Trace your roots in the Isle of Man with our helpful of guide.
