RAMSEY CROOKALL & CO
MIDDAY REPORT 7 February 2011
After an uncertain start, the FTSE 100 has now pushed on through the 6,000 barrier
as miners rally from some early profit taking.
Miners are finding progress harder with early falls for ENRC, BHP Billiton and Antofagasta.
AstraZeneca's run of disappointing drug development results has continued with the early end
to a trial of prostate cancer treatment zibotentan.
Banks are going well after weekend reports suggested big bonuses won't spark a crackdown from
the government. RBS and Lloyds are the best of the sector so far.
Housebuilder Bellway has been encouraged by the pick up in site visits and reservations in 2011
following the cold snap in December. The group said it sold 2,332 homes in the six months to
end-January, an increase of 85 on the corresponding period a year earlier. The average sales price
over the period rose to £168,000 from £155,871 a year earlier, largely as a result of selling
more traditional two storey homes and fewer flats.
Bid target 888 ended the year strongly as talks continue with bookmaker Ladbrokes over a possible
takeover of the online gamer. Operating Income rose 18% to $71m in the three months to December,
up 18% on the previous three months.
THE FTSE 100 AT NOON IS UP 42 @ 6040
THE DOW JONES CLOSED UP 29 @ 12,092
THE NASDAQ COMP CLOSED UP 16 @ 2769
Exchange Rates
GBP – USD 1.61
GBP - EURO 1.18
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Monday 7th, February 2011 01:11pm.
