RAMSEY CROOKALL & CO

EVENING REPORT 10 February 2011

Miner Rio Tinto finished lower even though it had plenty to please shareholders, with record full-year profits, a $5bn share buyback and 20% increase in the dividend.

The Anglo-Australian group made a net profit of US$14.3bn in 2010, up from $4.9bn the year before, as prices improved for almost all Rio’s major commodities. Price hikes added $9.5bn to underlying earnings.

Elsewhere in mining, profits soared at Aquarius Platinum in the six months to for cars soared in line with the global recovery.

Aquarius, which operates in South Africa, saw pre-tax profits rise to $130m (£80.9m) from $21.3m over the same period the previous year on revenues that climbed to $336.2m from $206.1m.

In the insurance sector Prudential, Standard Life and Aviva were friendless as global stock markets continued their dismal run this week.

Engine maker Rolls-Royce made slightly more money than expected in 2010 and predicts good profit growth this year despite government spending squeezing customers in the defence business. The Qantas engine problems cost it £56m.

Finally, oil firm Tullow Oil has discovered oil and gas in its Teak-1 exploration well in the West Cape Three Points licence offshore Ghana. Tullow Oil closed down 4p at £13.99.

THE FTSE 100 CLOSED DOWN 32 @ 6020

THE DOW JONES AT 4.30 IS DOWN 15 @ 12,224

THE NASDAQ COMP AT 4.30 IS DOWN 1 @ 2788

Exchange Rates

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