RAMSEY CROOKALL & CO
MIDDAY REPORT 8 MARCH 2011
Oil and Libya are set to dominate again after yesterday's frantic trading on oil
markets.
US light crude for April delivery is currently down $1.60 at $103.84 a barrel. Saudi
Arabia and others are going to raise output to keep the global economic recovery on
track. That has taken some of the pressure off, but markets remain jittery.
Elsewhere, Old Mutual has been through the mill this last six months, but strong growth
in new business sales, cost cutting and favourable exchange rates pushed profits up by
14% in 2010.
Copper miner Antofagasta is to pay a huge special dividend after profits last year
smashed through the $1bn mark as output rose and prices soared. Net profits last year
rose by 58% to $1.05bn, from $668m, on revenues up by 55% at $4.58bn from $2.96bn.
Global engineering solutions provider Weir Group enjoyed record margins in 2010 as order
input rose by almost two-fifths from the year before. Order input, calculated using
average exchange rates for 2010, rose 39% £1,904m in 2010 from £1,366m in 2009, and was up
36% on a like for like basis.
Finally, BT and Vodafone are going well after a bullish note yesterday from Morgan Stanley.
“Telecommunications is our preferred defensive sector,” the US broker said “It offers greater
potential for a positive growth surprise as well as offering a substantial dividend yield
boost over other sectors.” Vodafone and BT are both classed as “overweight”, with price
targets of 225p and 260p respectively.
THE FTSE 100 AT NOON IS DOWN 13 @ 5959
THE DOW JONES CLOSED DOWN 79 @ 12,090
THE NASDAQ COMP CLOSED DOWN 39 @ 2745
Exchange Rates
GBP – USD 1.6173
GBP - EURO 1.162
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