RAMSEY CROOKALL & CO
EVENING REPORT 18th January 2011
Share prices came off the boil slightly over the lunch time session though the FTSE
100 remained up for the day as things continue to look rosier in the eurozone.
In a firm mining sector, Rio Tinto moved higher after it said its global iron ore
operations set a new quarterly production record in the final three months of 2010.
The group produced 65m tonnes in the final quarter of last year, up from 50m tonnes
the year before, taking 2010 production up to a record 239m tonnes, versus 185m
tonnes in 2009.
Fourth quarter production levels at miner African Barrick were merely in line with
management expectations, however. On the plus side, the group enjoyed a 27.5%
increase from a year earlier in the average realised price of the gold it sold.
Elsewhere, brewer SABMiller helped more drinkers in Africa and China quench
their thirst during the third quarter, sending organic lager volumes up 3%.
The owner of Peroni and Grolsch says volumes, stripping out the effects of
acquisitions and disposals, were up 2% in the first nine months of the financial
year.
Barclays Bank has been fined £7.7m and will have to make redress of £60m to
customers after “very serious” mis-selling of two investment funds.
Finally, Mobile phone retailer Carphone Warehouse lifted its full-year
guidance following a strong performance from its partnership with the US
electronics group Best Buy. It raised its guidance for Best Buy Europe's
full-year profit share from Best Buy Mobile US to £90m to £100m from £85m
to £95m previously.
THE FTSE 100 CLOSED UP 70 @ 6056
THE DOW JONES AT 4.30 IS UP 66 @ 11,853
THE NASDAQ COMP AT 4.30 IS UP 1 @ 2757
Exchange Rates
GBP – USD 1.59
GBP - EURO 1.19
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