RAMSEY CROOKALL & CO

EVENING REPORT 19th January 2011

Property giant Land Securities was higher after it reported good lettings across its London and retail portfolios over the past three months. Voids in the like-for-like portfolio were down 5.7% in the quarter to December (5.9% in the previous three months).

Bookmaker William Hill was another high flyer as it confirmed full-year results would be at the top end of expectations as strength in the online business and gaming machines during the fourth quarter made up for weather-hit sports fixtures. Rival bookie Ladbrokes rises in sympathy.

Elsewhere, pub chain JD Wetherspoon was wanted after it grew like for like sales by more than expected during the second quarter despite the snow and predicts a “reasonable” outcome for the full year.

Bid speculation has lit a fire under the share price of sweeteners firm Tate & Lyle, with rumour mongers saying 750p a share will be the take-out price and US foods group Cargill, which has announced plans to sell off its stake in fertiliser firm Mosaic, the most likely predator.

There was further gloom for the retail sector from HMV. Further question marks over the viability of its business have been raised after suppliers to the CD and DVD retailer had their credit insurance, which would protect them in the event of HMV going bankrupt, withdrawn. The news sent shares in HMV sharply lower and prompted HMV to claim that it still has excellent relations with its suppliers.

Finally, rapid expansion at its international businesses helped online fashion group ASOS rack up more big sales over the Christmas period. Revenue in the three months to end December overall rose by 59% to £100m, with a 156% improvement overseas to £43.7m.

THE FTSE 100 CLOSED DOWN 79 @ 5976

THE DOW JONES AT 4.30 IS UP 3 @ 11,841

THE NASDAQ COMP AT 4.30 IS DOWN 26 @ 2739

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