RAMSEY CROOKALL & CO
MIDDAY REPORT 14 February 2011
The departure of Egypt's president Hosni Mubarak and gains on Asian markets have given
the FTSE 100 an early lift.
Miners are going well after strong trade figures from China. Xstrata and Rio Tinto
lead the sector higher. Reports that China's inflation numbers tomorrow may be better
than expected has also lifted the mining sector.
Engine maker Rolls-Royce has won a $2.2bn (£1.4bn) contract with Emirates to look after
its Trent engines on 70 of the airline’s new Airbus A350XWB aircraft.
Elsewhere, Cable & Wireless Communications has been downgraded by UBS to “sell” from
“neutral.”
National Express has denied weekend reports that hedge fund Elliott wants the bus and train
group to put itself up for sale or to merge with Stagecoach or SNCF of France.
Recruiter Harvey Nash's trading in the second half has been strong and results this year
will be ahead of market expectations. Total revenue for the year to January will be £425m,
gross profit of £68m and profit before tax of circa £6m, up 46% on the previous comparable
year.
Finally, LED lighting developer Dialight doubled profits in 2010 – “a very satisfactory
performance” – following progress in ultra efficient lighting and signalling. The group,
which said last month that full-year results would beat expectations, posted a profit
before tax of £11.3m, up from £5.3m in 2009. Revenue jumped 28% to £99.2m.
THE FTSE 100 AT NOON IS DOWN 16 @ 6046
THE DOW JONES CLOSED UP 43 @ 12,273
THE NASDAQ COMP CLOSED UP 14 @ 2379
Exchange Rates
GBP – USD 1.6025
GBP - EURO 1.1893
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