RAMSEY CROOKALL & CO
MORNING REPORT 9 MARCH 2011
London slipped lower in early dealings, despite good numbers from Prudential and a
strong performance on Wall Street overnight as oil prices fell back.
Insurer Prudential made 20% more in 2010 than it did the year before as Asia raced
ahead of the US as the UK company’s biggest earner. Group operating profit before tax
on a European Embedded Value (EEV) basis jumped to £3.70bn in 2010 from £3.09bn the
year before.
Africa-focused oil company Tullow Oil ramped up profits in 2010, broadly in line with
City expectations, as oil prices jumped by almost a third. Profit before tax soared
to $152m from $33m in 2009 and rose 137% to $73m after taxes. Sales revenue was 19%
better at $1.09bn.
Banks are never far from the headlines and after bonus payments to Barclays' Bob
Diamond and yesterday's disclosure of RBS chief Stephen Hester's incentives for 2010,
Lloyds is in the spotlight today. Chief executive António Horta-Osório has stamped
his authority with a shake-up of the retail bank and insurance divisions and the
departure of two senior directors.
Elsewhere, Daimler and Rolls-Royce have confirmed they intend to take over German-listed
engineer Tognum through a tender offer by a joint venture company. Daimler and Rolls-Royce
will offer Tognum shareholders €24 per share in cash representing a total consideration
of approximately €3.2bn, about 30% above Friday’s closing price. Daimler currently owns
28.4% of Tognum.
Finally, tourists flocking to its Garfunkel’s outlets in Central London helped The
Restaurant Group come though the weather, ash clouds and recession last year in decent
shape. Profits in 2010 rose by 17% to £56.5m, from £48.3m, on revenues up 7% at £466m.
Like-for-like sales fell by 1%.
THE FTSE 100 AT 9.30 IS DOWN 5 @ 5971
THE DOW JONES CLOSED UP 124 @ 12,214
THE NASDAQ COMP CLOSED UP 20 @ 2765
Exchange Rates
GBP – USD 1.6164
GBP - EURO 1.1631
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