RAMSEY CROOKALL & CO
MORNING REPORT 17 February 2011
The FTSE 100 has moved higher in early dealings, with miners helping to offset weakness
on the back of company updates, however, the FTSE 10 has started to tail off mid morning.
African Barrick Gold, which yesterday announced strong sales figures for the full year,
is leading the mining sector – and the FTSE 100 – higher.
B&Q owner Kingfisher expects full-year profit to be at the top end of expectations after
strength in the international business helped the DIY retailer shrug off weather and
economy-related difficulties in Britain and Ireland in the fourth quarter. Like-for-like
sales in the UK & Ireland were flat for the three months compared with a year ago, broadly
in line with expectations, while total sales were up by 0.6% to £954m.
Sports Direct leads the FTSE 250 higher after its chief executive Dave Forsey provided
some reassurance to those worried that the VAT rise and economic austerity will keep
shoppers away from the high street, saying that trading at the sports shop chain has been
strong since January. The sports shop chain will hit its targets for the full year, he said.
In the 13 weeks to 23 January, sales were up by 12.1% from the same period a year ago to
£416m, while gross profit jumped by 8.4% to £167m.
A brief statement issued on Thursday morning was enough to spark buying interest for telecoms
titan Cable & Wireless Worldwide. It said that it continues to trade in line with expectations.
The largely UK focused part of the old Cable & Wireless, said it continued to make progress
through the second half in delivering its objectives for the current year, with further
contract wins in UK enterprise and UK public sector and the renewal of important contracts
in the Global business.
THE FTSE 100 AT 10.00 IS DOWN 4 @ 6080
THE DOW JONES CLOSED UP 61 @ 12,288
THE NASDAQ COMP CLOSED UP 21 @ 2825
Exchange Rates
GBP – USD 1.6118
GBP - EURO 1.1876
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